Tape Storage Market Size is projected to reach $9.39 billion by 2030
Growing at a CAGR of 7.8%
The global tape storage market size was worth $4,779 million in 2021. It is expected to generate $9,395 million by 2030, growing at a CAGR of 7.8% during the forecast period (2022–2030), North America commands the leading position in the market and is expected to grow at a CAGR of 7.5% by 2030.
Tape storage is a method of data storage that uses magnetic tape as the recording medium. It is a device that stores computer data and information on magnetic tape for backup and archival purposes. Like a typical tape recorder, a tape drive saves data on a loop of extensible celluloid-like material that can be read and erased. Tape storage is one of the early digital data storage techniques. It continues to be in high demand as a cost-effective, secure, and scalable tape storage technology for the long-term maintenance and protection of infrequently accessed but crucial data.
The key benefits of tape storage are its durability, low cost, and enormous capacity for storing data. Tapes are often less expensive than cloud storage. Further, they are an optimum alternative for more extensive capacity data storage. Tape storage is utilized as a backup in the event of a problem and for long-term data storage. It offers numerous benefits, including long-term storage, improved capacity, low running costs, and exceptional security and safety. The expansion of the worldwide tape storage market is majorly driven by the significant growth of data volumes and the rising use of tape storage by large organizations. In addition, the rise of ransomware attacks on enterprise networks leads to the expansion of the tape storage market.
Extensive Rise in Data Volumes and Widescale Use of Tape Storages by Large Organizations Drives Market for Tape Storage
Traditional business data and information recorded by humans and machines are presently seeing the highest global growth rate. The ever-increasing volume of data is predicted to stimulate demand for tape storage solutions with larger capacity. This boom in the volume of data is partly attributable to the change from paper to digital data storage, which needs efficient storage solutions. Due to the exponential increase rate of data, data preservation is a severe problem; hence, tape storage is frequently used to store data backups in a secure area. This factor is expected to be the leading growth driver for the global tape storage market.
Large organizations are experiencing an exponential expansion in the number of enterprise-grade data and a rise in the demand for backup and archiving storage with a large capacity. In addition, tape storage is the most popular option for large enterprises since it satisfies their low-cost and high-volume data storage needs. Moreover, the establishment of enterprise-grade tape storage development initiatives among major corporations supports the adoption of tape storage in large organizations.
Additionally, there has been a growth in ransomware attacks worldwide. Companies are re-evaluating their data protection technologies and protocols. Thus, archiving to storage tape is one of the best options for such businesses to utilize physical air gaps for ransomware protection. Moreover, many organizations have already used magnetic tape storage technology on their networks. Companies isolate their data from the network and avoid security threats by storing it on separate drives, such as tape drives. This element is a significant development driver for the global market tape storage market.
Dell Technologies Inc., IBM Corp., Hewlett Packard Enterprise Development LP, Quantum Corporation, Lenovo, Oracle Corporation, QStar Technologies, Inc., Spectra Logic Corporation, Qualstar Corp., Overland Tandberg.
North America holds the leading position in the market and is expected to grow at a CAGR of 7.5% by 2030. The landscape of the tape storage market in this region is constantly shifting and progressing. The primary factors driving the market’s growth are the strong foothold of tape storage technology developers in the region and their continued investments and research & development activities pertaining to advanced storage technologies. This region also fosters substantial expenditures in digital content and is home to essential participants in the market, such as IBM, Dell Technologies Inc., and HPE. Thus, propelling the expansion of the global tape storage market.
AsiaPac is anticipated to grow swiftly at a CAGR of 9.1% and generate $2,639 million by 2030. China, Japan, Thailand, India, and Indonesia, are making significant investments in tape storage. The Chinese market and the region’s robust industrialization are the primary drivers of tape storage market expansion in AsiaPac. Furthermore, the ongoing developments in the field of tape storage, in terms of cartridge capacity, as well as the surge in investments in storage solutions, fuel the tape storage market expansion across the region.
In addition, businesses operating in industries such as M&E, information technology and telecom, and banking, financial services, and insurance are struggling with the difficulties posed by rising data volumes, variety, and velocity, which has led to an increase in the demand for effective storage solutions, driving the tape storage market expansion in AsiaPac.
- The global tape storage market size was worth $4,779 million in 2021. It is expected to generate $9,395 by 2030, growing at a CAGR of 7.8% during the forecast period (2022–2030).
- Based on components, the global tape storage market is segmented into tape cartridges and tape vault. Tape cartridges are expected to hold the largest market share, growing at a CAGR of 7.9% during the forecast period.
- Based on technology, the global tape storage market is segmented into LTO-1 to LTO-5, LTO-6, LTO-7, LTO-8, LTO-9, DDS-1, DDS-2, DDS-3, DDS-4, and DLT IV. LTO-8 is expected to hold the largest market share, growing at a CAGR of 9% by 2030.
- Based on capacity, the global tape storage market is segmented into less than 1TB, 1TB to 200TB, 201TB to 999TB, 1PB to 100PB, and more than 100PB. 1TB to 200 TB is anticipated to hold the largest market share, growing at a CAGR of 8.8% during the forecast period.
- Based on the use case, the global tape storage market is segmented into backup and archiving. Backup will likely hold a more significant market share, growing at a CAGR of 8.4% during the forecast period.
- Based on end-user, the global tape storage market is segmented into cloud providers, data centers, and enterprises. Data centers are expected to hold the largest market share, growing at a CAGR of 7.8% during the forecast period.
- Based on the industrial vertical, the global tape storage market is segmented into IT and telecom, BFSI, M&E, healthcare, oil and gas, and government and defense. IT and telecom is expected to hold the largest market share, growing at a CAGR of 9% by 2030.
- Based on region, the global tape storage market is segmented into North America, Europe, AsiaPac, and LAMEA. North America will grow at a CAGR of 7.5% by 2030.