Tape Storage Market

The global tape storage market size was valued at USD 4.67 Billion in 2022 , is projected to reach USD 9.18 Billion by 2031 and expanding at a CAGR of 7.8% during the forecast period, 2023–2031. The growth of the market is attributed to extensive rise in data volumes and increasing adoption of tape storage enterprises.

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Tape storage, often known as magnetic tape data storage, is a method of storing digital data on magnetic tape via digital recording. A tape drive is a device that allows you to write or read data. It's based on one of the earliest digital information storage technologies, and it's still in high demand as a secure, affordable, and scalable tape storage solution for storing and protecting seldom accessed but critical data for the long term. Long-term durability, low cost, and great data storage capacity are the main advantages of tape storage.

The negative impact of COVID-19 pandemic on tape storage market share is predicted to last just a few months, and by early 2021, the tape backup market is likely to be fully recovered, with widespread demand for tape storage installation throughout data centers and organizations across the world. Businesses are likely to enhance their IT infrastructure and storage expenditures to mitigate pandemic harmful effects. This aspect is predicted to have a considerable impact on market growth.

Market Trends, Drivers, Restraints, and Opportunities

• Rising in threats of ransomware attacks on organization network is expected to drive the market.

• Increasing data volumes and growing adoption of tape storage by large enterprises is projected to propel the market during the forecast period.

• High initial investments for tape storage are anticipated to hinder the market.

• Maintenance of tape storage after data backup and recovery of the backup is expected to hamper the market in the coming years.

• Emergence of advanced technologies and applications is projected to create lucrative opportunities for market players. 

Scope of the Report

The report on the global tape storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

LTO-1 to LTO-5 segment to expand at a considerable CAGR

On the basis of technology, the tape storage market is segregated 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. The LTO-1 to LTO-5 segment is projected to expand at a considerable CAGR during the forecast period. LTO-5 is a tape format released in 2010. The LTO-5 tape drive has a capacity of around 3 TB and data transmission speeds of up to 280 megabytes per second (MBps).

The DDS-1 segment is anticipated to account for a major market share during the forecast period. DDS-1 stores up to 2 gigabytes of uncompressed data on a 120-minute cartridge.

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Tape vault segment to hold a significant share of the market

Based on components, the market is bifurcated into tape vault and tape cartridges. The tape vault segment is expected to hold a significant share of the market in the coming years. Tape vaulting keeps your documents safe for as long as your company and regulatory needs require. The tape cartridges segment accounts for a significant market share.

A tape cartridge is a storage device that comprises a spool of magnetic tape that may be used to store a variety of data types, including business data, audio, and video files.

More than 100 PB segment to expand at a substantial CAGR

On the basis of capacity, the tape storage market is segregated into less than 1 TB, 1 TB to 200 TB, 201 TB to 999 TB, 1 PB to 100 PB, and more than 100 PB. The 1 PB to 100 PB segment is anticipated to expand at a substantial CAGR during the forecast period. This increase in data quantities is due to the change from paper-based to electronic data, which necessitates the use of efficient storage solutions.

The more than 100 PB segment is expected to hold a significant share of the market, due to rising demand for high-capacity tape storage solutions.

Backup segment to register considerable market share

Based on use case, the tape storage market is divided into backup and archiving. The backup segment is projected to register considerable share of the market in the coming years. Human or machine generated data is expanding at an exponential rate, keeping it secure is a major concern; therefore, tape storage is widely utilized to maintain data backups safe.

The archiving segment is expected to hold substantial CAGR. Tape storage is the most cost-effective long-term storage option for archiving and retention, and offline storage for ransomware protection.

Enterprises segment to expand at a considerable CAGR

On the basis of end-users, the tape storage market is segmented into data center, cloud providers, and enterprises. The enterprises segment is projected to expand at a considerable CAGR during the forecast period, due to increasing need for high-capacity data back-up and archiving storage. The data center segment is anticipated to account for a major market share during the forecast period, owing to the increasing need for low-cost and high-volume data storage.

IT & telecom segment to hold a significant share of the market

Based on industry verticals, the tape storage market is divided into BFSI, media & entertainment, healthcare, oil & gas, government & defense, and IT & telecom. The IT & telecom segment is expected to hold a significant share of the market in the coming years, due to increasing need for tape storage in the sector. The healthcare segment accounts for a significant market share, to store the human and machine generated data for future reference.

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the tape storage market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to technological advancements and research & development initiatives to cater to the demand for enhanced storage capacity in the region.

The market in North America is anticipated to expand at a rapid pace during the forecast period, due to the presence of tape storage technology developers in the region.

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Segments

The global tape storage market has been segmented on the basis of

Technology

• LTO-1 to LTO-5
• LTO-6
• LTO-7
• LTO-8
• LTO-9
• DDS-1
• DDS-2
• DDS-3
• DDS-4
• DLT IV

Components

• Tape Vault
• Tape Cartridges

Capacity

• Less Than 1 TB
• 1 TB to 200 TB
• 201 TB to 999 TB
• 1 PB to 100 PB
• More Than 100 PB

Use Case

• Backup
• Archiving

End-users

• Data Center
• Cloud Providers
• Enterprises

Industry Verticals

• BFSI
• Media & Entertainment
• Healthcare
• Oil & Gas
• Government & Defense
• IT & Telecom

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Qstar Technologies, Inc
• Qualstar Corp
• Quantum Corporation
• Spectra Logic Corporation
• Dell Technologies Inc
• Hewlett Packard Enterprise Development LP
• International Business Machines Corporation
• Lenovo
• Oracle Corporation
• Overland Tandberg

Competitive Landscape

Key players competing in the global tape storage market are Qstar Technologies, Inc; Qualstar Corp; Quantum Corporation; Spectra Logic Corporation; Dell Technologies Inc; Hewlett Packard Enterprise Development LP; International Business Machines Corporation; Lenovo; Oracle Corporation; and Overland Tandberg.

Key players in the market adopt various growth strategies such as product launches, agreements, and partnerships. These companies also adopt acquisitions and collaborations to boost the market growth.