Tape Storage Market Significant Profits Estimated to be Generated by 2026
Persistence Market Research (PMR) recently published a market study titled “Tape Storage Market – Global Industry Analysis 2013-2017 and Forecast 2018-2026.” Tape storage technology finds common applications in small, medium, and large enterprises for the purpose of data back-up and data archiving. Tape storage equipment facilitates the back-up and archival of enterprise-grade digital data on a high-capacity magnetic tape. The tape storage technology is based on the traditional concept of digital information storage. The technology is well-suited for enterprise-grade digital data archival owing to features such as high data storage capacity, low procurement expenditure & power consumption, and long-term durability. In the tape storage market, several established vendors are offering specialized tape storage for different end-user verticals, such as government & defense, oil & gas, healthcare, research & academia, media & entertainment, BFSI, and IT & telecommunication.
The global tape storage market was valued at US$ 5,799.4 Mn in 2017. By the end of the forecast year 2026, the global tape storage market is expected to reach a market value of US$ 6,527.2 Mn. In the global tape storage market report, Persistence Market Research has segregated the global tape storage market by technology, by end user, by industry, by component, and by region. By technology, the global tape storage market can be segregated into SDLT, DLT IV, DDS-1, DDS-2, DDS-3, DDS-4, LTO-1 to LTO-5, LTO-6, LTO-7, and LTO-8. These tape storage technologies prevent the information stored on the tapes from falling prey to cyber-attacks as they are not connected to the network infrastructure of the enterprise. Tape cartridge and tape drive roadmaps are expected to continue the trend of supporting capacity doubling upgrades in a 24-month to 30-month cycle for 2+ generations in the tape storage market. Owing to these factors, LTO-7 and LTO-8 technology formats of tape storage are estimated to record growth rates of 2.0% and 7.9% respectively during the forecast period.
Based on end users, the global tape storage market is sub-segmented into enterprises, data centers, cloud providers, among other tape storage end users. The enterprise sub-segment is further classified into large enterprises and small & medium enterprises. As compared to the adoption rate expected from SMEs, large enterprises are estimated to record a larger market share by the end of the forecast period. The continuous rise in enterprise-grade digital data volumes and high digital data storage capacities offered by tape storage technology are estimated to be the primary drivers of the global tape storage market.
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Geographically, the tape storage market in North America is estimated to continue holding the largest market share of the global tape storage market by the end of the forecast year 2026 due to the high adoption of next-generation tape storage technologies in the region, especially in the U.S. The tape storage market in the Southeast Asia and Others of Asia Pacific region is expected to hold the second largest share of the tape storage market and is estimated to be the target market for established market players.
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According to PMR analysis, various motion picture production organizations are recording their footage media on tape to minimize expensive failures with flash drives as well as hard disks. Scientific research organizations leverage the back-up speeds and capacity of tape storage equipment to store the mass-produced data generated in a few microseconds. The oil and gas industry has been using the tape storage technology for several years for the storage and transportation of valuable data. Tape storage is an appropriate choice as it makes the transportation of data possible as processes such as oil exploration occur “out on the field” outside the data center. Some of the key market participants in the global tape storage market report are Spectra Logic Corporation, Sony Corporation, Seagate Technology PLC, Quantum Corporation, Qualstar Corporation, Overland Storage, Oracle, Lenovo, IBM Corporation, Hewlett Packard Enterprise Development LP, Fujifilm Holdings Corporation, and Dell Inc.