Rise in data volumes, surge in adoption of tape storage by larges enterprises, and increase in threats of ransomware attacks on organizational networks have boosted the growth of the global tape storage market.
Allied Market Research recently published a report, titled, “Tape Storage Market by Component (Tape Cartridges and Tape Vault), Technology (LTO-1 to LTO-5, LTO-6, LTO-7, LTO-8, LTO-9, DDS-1, DDS-2, DDS-3, DDS-4, and DLT IV), Capacity (Less Than 1 TB, 1 TB to 200 TB, 201 TB to 999 TB, 1 PB to 100 PB, and More Than 100 PB), Use Case (Archiving and Backup), End Use (Cloud Providers, Data Center, and Enterprises), and Industry Vertical (IT & Telecom, BFSI, Media & Entertainment, Healthcare, Oil & Gas, and Government & Defense): Global Opportunity Analysis and Industry Forecast, 2020–2030”. As per the report, the global tape storage industry generated $4.31 billion in 2019 and is projected to reach $9.42 billion by 2030, growing at a CAGR of 7.8% from 2020 to 2030.
Drivers, restraints, and opportunities
Rise in data volumes, surge in adoption of tape storage by larges enterprises, and increase in threats of ransomware attacks on organizational networks have boosted the growth of the global tape storage market. Moreover, increase in industrialization supplemented the market growth. However, high initial investments hinder the market growth. On the contrary, advent of high storage capacity in tape storage and surge in demand for data storage and security would open opportunities for the market players in the coming years.
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- During the first phase of lockdown, the production facilities were temporarily closed.
- The Covid-19 outbreak resulted in a significant and protracted drop in manufacturing utilization. In addition, the travel bans & facility closures kept workers out of the factories.
- However, the demand for tape storage is expected to rise as governments have lifted the lockdown regulations.
The tape cartridges segment dominated the market
By component, the tape cartridges segment held the largest share in 2019, contributing to more than two-thirds of the global tape storage market, as it can be used to store different types of data from corporate data to video and audio files. However, the tape vault segment is estimated to portray the fastest CAGR of 8.3% from 2020 to 2030, as it is accurate, cost-effective, and the fastest method to restore the data.
The cloud providers segment to manifest the highest CAGR through 2030
Based on end use, the cloud providers segment is projected to register the highest CAGR of 8.3% during the forecast period, as they actively introduce tape storage options to their infrastructure to enable low-cost solution that could be effective for archiving the data. However, the data center segment held the largest share in 2019, contributing to more than two-fifths of the global tape storage market, owing to its largest capacity and longevity as compared to solid-state drives and hard disk drives.
North America held the lion’s share
Based on region, the market across North America held the largest share in 2019, accounting for around one-third of the market, due to increase in overall tape storage expenditures. Moreover, the global tape storage market across the Asia-Pacific region is projected to register the fastest CAGR of 8.9% during the forecast period, due to untapped potential in the region.
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Major market players
- Dell Technologies Inc.
- Hewlett Packard Enterprise
- International Business Machines Corporation
- Oracle Corporation
- Overland Tandberg
- QStar Technologies, Inc.
- QUALSTAR CORP.
- Quantum Corporation
- Spectra Logic Corporation