IMARC Group has recently released a new research study “Tape Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Tape Storage Industry?
The global tape storage market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.
What Is A Tape Storage?
Tape storage represents a device that records and stores computer data on a magnetic tape for archiving and backup purposes. It mainly comprises of two components, including tape cartridges and tape vaults. Tape storage systems record information on a loop of flexible celluloid-like material, which can be erased or read depending on the requirement. They are extremely cost-efficient as compared to solid-state drives (SSDs) and offer multiple benefits, which include longevity, durability, energy efficiency, and scalability. As a result, tape storage solutions find extensive applications across numerous sectors, such as information technology (IT), telecommunication, banking, media and entertainment, healthcare, oil and gas, government and defense, etc.
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What Are The Key Factors Driving In The Tape Storage Market?
The growing volume of human and machine-generated data and the shifting preferences from paper-based data toward computerized data are among the key factors driving the tape storage market. In addition to this, the increasing employment of the devices by large enterprises for high-capacity data backup and the inflating investments by leading market players in research and development (R&D) activities for developing advanced high-storage data cartridges are acting as significant growth-inducing factors. Apart from this, the expanding digitization and industrialization and the elevating traction of high-definition 4K and 8K videos, the internet of things or IoT, and artificial intelligence or AI-based big-data analysis is further stimulating the market growth. Besides this, the escalating utilization of the product in the defense segment for securing sensitive data offline and for offline backup during system failure is expected to propel the tape storage market over the forecasted period.
Who Are The Key Players/Companies In The Global Tape Storage Market?
Dell Technologies Inc., FUJIFILM Holdings Corporation, Hewlett Packard Enterprise Company, International Business Machines Corporation, Lenovo Group Limited, Oracle Corporation, Overland-Tandberg, QStar Technologies Inc., Qualstar Corporation, Quantum Corporation and Spectra Logic Corporation
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
Tape CartridgesTape VaultBreakup by Technology:
LTO-1 to LTO-5LTO-6LTO-7LTO-8LTO-9DDS-1DDS-2DDS-3DDS-4DLT IVBreakup by Capacity:
Less Than 1 TB1 TB to 200 TB201 TB to 999 TB1 PB to 100 PBMore Than 100 PBBreakup by Use Case:
BackupArchivingBreakup by End Use:
Data CentersCloud ProvidersEnterprisesBreakup by Industry Vertical:
IT and TelecommunicationBFSIMedia and EntertainmentHealthcareOil and GasGovernment and DefenseBy Geography:
North America (United States, Canada)Europe (Germany, France, United Kingdom, Italy, Spain, Others)Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)Latin America (Brazil, Mexico, Others)Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)Ask An Analyst: https://www.imarcgroup.com/request?type=report&id=5993&flag=C
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