Product Code: RP-ID-10352034 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: ICT & Telecom |
Report ID: 10352034
Market Overview:
Global Tape Storage Market Analysis & Outlook 2030
The global tape storage market is expected to mark revenue of USD 6 billion in 2021 with an annual growth rate of 8% from 2022 to 2030. Magnetic tape is a recorder tape that uses data to read and write data. It is based on one of the oldest concepts of digital data storage, and although it has not been used, it is still in demand as an inexpensive, secure, and scalable tape storage method for storing data for long periods of time.
The main advantages of tape storage are long-term durability, low cost, high data storage capacity, rapidly growing data volumes, and increased use of tape storage by large enterprises. Enterprises are the main growth drivers of the market. The market is also growing as the threat of ransomware attacks on corporate networks increases. Increasing production is also driving the tape storage trend in the market. However, the need for initial investment in high bandwidth is expected to limit market growth. Conversely, the emergence of larger storage capacity of tape storage systems should provide lucrative opportunities for the growth of the tape storage market. Additionally, growing demand for data storage and security with the advent of advanced technologies and applications is expected to provide growth opportunities for the tape market during the forecast period. The tape backup market has been hit hard by the outbreak of COVID-19. Electronics and semiconductor manufacturing facilities have been closed due to delays and lack of availability of a global workforce. The Covid-19 outbreak has slowed growth in production access, travel restrictions and factory closures through 2020, driving workers out of factories and increasing sales in the tape storage market.
Key Influencing Factors:
The key growth factors influencing the growth of the market are: This growing amount of data is expected to drive the demand for high-capacity tape storage solutions. This growth in data volume is due to the shift from paper data to automated data that requires efficient archiving solutions. As data grows exponentially, its important to keep it safe. Therefore, tape storage is often used for secure data backup. This factor should be the main driver of tape storage market growth. Growing storage acceptance in corporate bars: Enterprises are growing exponentially in terms of the amount of corporate data and the need to back up and archive large amounts of data. Additionally, tape storage is preferred by large enterprises because it helps meet the need for low-cost, high-capacity storage.
Additionally, the adoption of tape storage by large enterprises has increased as major players have made an enterprise-wide tape storage development strategy available. For example, the IBM 3592 Enterprise tape product is designed for large enterprise environments that require high-performance tape solutions.
The advent of high-capacity storage for tape storage:
Features such as durability, longevity, density, energy efficiency, and scalability support the development of high-capacity storage for tape storage to meet the growing demand for data storage. This is due to the continuous growth of data, the advent of 4K/8K HD video, the Internet of Things, and artificial intelligence-based big data analysis. According to a December 2020 IBM press release, about 2.5 trillion bytes of data are being generated per day.
Global data is projected to reach 175 ztabytes by 2025 at an annual growth rate of 61%. Therefore, the key players in the market provide advanced high-capacity tape storage solutions and provide valuable opportunities for market growth. For example, in December 2020, Fujifilm announced a partnership with IBM to record new magnetic particles with a recording density of 317 Gbit/s using strontium ferrite magnetic tape.
This represents an advance in technology to produce data cartridges with a capacity of 580 terabytes (terabytes), which is approximately 50 times the current cartridge capacity. This growth should drive the growth of the tape storage market. Tandberg and Q Star Technologies, Inc. and Qualstar Corp. and Quantum Corporation and SpectraLogic Corporation. product launch,
Key Benefits for Stakeholders:
This study provides an analytical approach to evaluate the global Tape Storage market size and forecasts that reflect current global Tape Storage market trends and future investment pockets. The most solid foundation of this report is the key incentives, limitations, and opportunities to measure the financial performance of the market by quantitatively analyzing the Tape Storage market forecasts from 2022 to 2030 with accurate impact analysis. 999 terabytes 1 to 100 petabytes per use 100 petabytes and more Archive 5th sector ICT enterprise data center end-of-use Cloud provider FSO Media and entertainment Oil and gas healthcare Government and defense.
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