Tape Storage Market to Progress at a CAGR of 8.2% During the Forecast Period 2023-2033

PRESS RELEASE

Published March 17, 2023

The tape storage market is expected to generate sales of US$ 12,751.4 Mn by the end of 2033, up from an estimated demand of US$ 5,422.5 Mn in 2022. By 2023, the tape storage market is expected to reach US$ 5,780.4 Mn, and from 2023 to 2033, it is projected to grow at a CAGR of 8.2%.

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A common choice for long-term data storage, particularly for huge volumes of data that need to be stored, is tape storage, a technique for storing data that uses magnetic tape as the storage medium. 12.5% of the worldwide storage systems market is made up of tape storage.

The tape storage market is a segment of the larger data storage market, and it includes products such as magnetic tape cartridges, tape libraries, and tape drives used for backup, archiving, and long-term storage of digital data.

the tape storage market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for reliable and cost-effective long-term storage solutions for digital data, particularly in industries that generate and store large volumes of data.

Competitive Landscape

Companies invest in research and development to create new and improved tape storage technologies. Companies may offer a wide range of tape storage products to cater to different applications and industries. Companies may focus on building strong brand recognition and promoting their products through various marketing channels. Companies may strive to reduce costs and increase efficiency in order to offer competitively priced products.

In September 2021, The LTO data cartridge was launched by Fujifilm called ultrium 9, which increases the capacity and speed for the next generation of secure data storage in tape. This is quicker, higher-capacity tape storage media is a significant step towards its lower prices, energy use, and CO2 emissions while maximising the inherent security advantages of tape storage.
In September 2021, Hewlett Packard Enterprise (HPE) acquired Zerto, this acquisition will accelerate innovation and expand available services to support customers in managing and safeguarding their data from the edge to the cloud.

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Key Players:

Dell Inc.
Fujifilm Holding Corp
Hewlett Packard Enterprise Development LP
IBM Corporation
Lenovo
Oracle
Overland Storage
Qualstar Corporation
Quantum Corporation

Key Segments of Tape Storage Market Research

By Technology:

LTO-1 to LTO-5
LTO-6
LTO-7
LTO-8
DDS-1
DDS-2
DDS-3
DDS-4
DLT IV
SDLT

By Industry:

IT and Telecommunication
Banking, Financial Services and Insurance
Media and Entertainment
Research and Academia
Healthcare
Oil and Gas
Government and Defense
Others

By End User:

Cloud Providers
Data Centers
Enterprises
- Small & Medium Enterprises
- Large Enterprises
Others

By Component:

Tape Cartridges
Tape Vault

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

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About the Electronics, Semiconductors, and ICT Division at Persistence Market Research

Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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