Global Tape Storage Market

Tape Storage Market Size, Share, Growth Analysis, By Component(Tape Cartridges, and Tape Vault), By Industry vertical(IT & Telecom, BFSI, Media & Entertainment, Healthcare), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2109 | Region: Global | Published Date: March, 2024
Pages: 197 |Tables: 65 |Figures: 66

Tape Storage Market Insights

Global Tape Storage Market size was valued at USD 5.14 billion in 2022 and is poised to grow from USD 5.54 billion in 2023 to USD 10.10 billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).

The global tape storage market serves as a resilient and cost-effective data storage solution amidst the evolving landscape of digital information management. Tape storage, often referred to as magnetic tape storage, involves the use of magnetic tape reels to store and archive large volumes of data. Despite the rise of modern storage technologies such as solid-state drives (SSDs) and cloud storage, tape storage maintains its relevance for specific use cases. Organizations across various industries, including enterprises, research institutions, and government agencies, continue to rely on tape storage for long-term data retention and backup purposes. Its advantages lie in its durability, energy efficiency, and low total cost of ownership compared to other storage alternatives.

Tape storage offers high capacity, enabling the storage of terabytes to petabytes of data, and its offline nature provides an added layer of data security against cyber threats. While tape storage is not as fast as some contemporary storage solutions, its sequential data access pattern makes it well-suited for archival purposes where rapid data retrieval is not a primary concern. The technology has evolved with the introduction of Linear Tape-Open (LTO) technology, which has seen multiple generations delivering increased capacities and data transfer rates. Furthermore, compliance regulations and data retention requirements in various industries drive the adoption of tape storage for ensuring data integrity and long-term archival compliance. The technology's green attributes, with reduced power consumption and physical footprint, align with sustainability initiatives.

US Tape Storage Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 5.14 billion

Largest Segment

Tape Cartridges

Fastest Growth

Tape Cartridges

Growth Rate

7.8% CAGR

Global Tape Storage Market ($ Bn)
Country Share for North America Region (%)

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Tape Storage Market Segmental Analysis

The global tape storage market is segmented on the basis of Component, Technology, Capacity, End user, Industry vertical, and region. By Component, the market is segmented into Tape Cartridges, Tape Vault. By Technology, the market is segmented 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. By Capacity, the market is segmented 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. By End user, the market is segmented into Cloud Providers, Data Center, and Enterprises. By Industry vertical, the market is segmented into IT & Telecom, BFSI, Media & Entertainment, Healthcare, Oil & Gas, and Government & Defense. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Tape Storage Market Analysis By Component

As per classification by component, the dominant segment is Tape Cartridges. These cartridges serve as the primary storage medium, offering a cost-effective and reliable solution for long-term data retention and backup. Many organizations utilize tape cartridges for archival purposes due to their durability, energy efficiency, and high storage capacities. Despite the emergence of newer technologies, tape cartridges continue to play a pivotal role in data management strategies, especially for industries with strict compliance and regulatory requirements.

On the other hand, the fastest-growing segment in this market is Tape Vault. As data volumes continue to soar, the need for efficient and secure data management solutions has become paramount. Tape vaulting services provide an offsite storage solution for tape cartridges, ensuring data redundancy and disaster recovery preparedness. With increasing concerns about data breaches and natural disasters, organizations are adopting tape vaulting services to safeguard their critical data assets. This segment's rapid growth is attributed to the heightened emphasis on data protection and the implementation of robust data management strategies across various industries.

Tape Storage Market Analysis By Industry vertical

The tape storage market serves various industry verticals, including Information Technology & Telecommunications (IT & Telecom) and Banking, Financial Services, and Insurance (BFSI). Within these segments, the IT & Telecom sector stands as the dominant market for tape storage solutions. IT & Telecom companies utilize tape storage for data backup, long-term archival, and disaster recovery purposes, leveraging its cost-effectiveness and reliability.

In terms of the fastest growing segment, the BFSI industry has shown notable growth in tape storage adoption. BFSI institutions require robust data retention and compliance solutions, making tape storage an attractive option for securely storing large volumes of sensitive financial data. As regulatory requirements and data management complexities increase, BFSI organizations are turning to tape storage to meet stringent data retention policies while managing operational costs.

Global Tape Storage Market By Component, 2023 (%)

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Tape Storage Market Regional Insights

The global tape storage market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America, which holds a significant share due to its established technological infrastructure and large-scale data storage requirements. The region's robust IT industry, coupled with the demand for reliable and cost-effective data backup and archival solutions, has contributed to the dominance of tape storage in North America.

On the other hand, Asia-Pacific is the fastest-growing market for tape storage. The increasing adoption of data-intensive technologies, expansion of digitization initiatives, and the rapid growth of emerging economies like China and India are driving the demand for efficient and scalable data storage solutions. As organizations in this region strive to manage and preserve their data assets, tape storage offers an attractive solution due to its high capacity, durability, and cost-effectiveness. The Asia-Pacific market for tape storage is projected to experience significant growth as more businesses recognize the value of this technology in handling their expanding data requirements.

Global Tape Storage Market By Geography, 2024-2031
  • Largest
  • Fastest

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Tape Storage Market Dynamics

Tape Storage Market Drivers

Data Security and Compliance Requirements:

  • The tape storage market is driven by the increasing need for secure and compliant data storage solutions. Many industries, such as healthcare, finance, and government, have stringent data retention and privacy regulations. Tape storage offers an offline and isolated data storage option, reducing the risk of cyberattacks and unauthorized access. Organizations are adopting tape storage to ensure long-term data preservation while meeting regulatory requirements.

Cost-Efficiency and Scalability:

  • Tape storage remains a cost-effective solution for long-term data archiving and backup. It offers a lower cost per terabyte compared to other storage technologies like disk-based systems. As data continues to grow exponentially, tape storage's scalability becomes advantageous, allowing organizations to efficiently manage large data volumes without incurring significant expenses.

Tape Storage Market Restraints

Access Speed and Retrieval Times:

  • While tape storage is ideal for long-term data retention, it is not designed for rapid data access and retrieval. Unlike disk-based systems, accessing data from tapes can be slower and involve manual processes. In situations requiring frequent and fast data access, tape storage may not be the optimal solution, leading to potential operational challenges.

Technological Advancements in Other Storage Solutions:

  • The tape storage market faces competition from rapidly evolving storage technologies, such as cloud storage and solid-state drives (SSDs). Cloud storage offers convenient access to data from anywhere, while SSDs provide high-speed data retrieval. These alternatives may attract organizations seeking real-time accessibility and performance, diverting attention and investment away from tape storage solutions.

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Tape Storage Market Competitive Landscape

The global tape storage market features a competitive landscape characterized by several key players vying for market share. Prominent companies such as IBM, Hewlett Packard Enterprise, Quantum Corporation, and Oracle Corporation dominate the market with their robust tape storage solutions and extensive industry experience. These players focus on continuous innovation, offering high-capacity and cost-effective tape storage solutions to cater to the growing data storage demands of enterprises. New entrants and emerging players like Spectra Logic and Fujifilm also contribute to the competition by introducing advanced technologies and efficient storage solutions. As data volumes escalate, the competitive landscape is expected to drive further innovation, product diversification, and strategic partnerships to meet the evolving storage needs of various industries.

Tape Storage Market Top Player’s Company Profile

  • Hewlett Packard Enterprise - United States
  • International Business Machines Corporation (IBM) - United States
  • Oracle Corporation - United States
  • QStar Technologies Inc. - United States
  • QUALSTAR CORP. - United States
  • Quantum Corporation - United States
  • Spectra Logic Corporation - United States
  • Fujifilm - Japan

Tape Storage Market Recent Developments

  • In February 2023, Quantum announced the release of its new tape drive, the ExaScale T100. The ExaScale T100 is the first tape drive to offer a sustained transfer rate of 1TB per second.
  • In March 2023, Sony announced the development of a new tape format, the LTO-9. LTO-9 offers up to 185TB of capacity per cartridge, making it the most high-capacity tape format on the market.
  • The world's largest native data tape cartridge capacity will be available in a 50TB native tape storage system, which was jointly announced in August 2023 by US technology giant IBM and Japanese conglomerate Fujifilm. IBM is marketing the system as an enterprise tape storage solution. It is made to meet the growing need for high-capacity storage in a variety of industries, such as cloud service provider environments, industrial data gathering, and scientific data.

Tape Storage Key Market Trends

  • Resurgence of Tape Storage for Long-Term Data Retention: Despite the rise of cloud-based and disk-based storage solutions, tape storage has experienced a resurgence as an efficient and cost-effective option for long-term data retention and archival. Organizations are recognizing the need for reliable, scalable, and durable storage solutions to meet regulatory compliance requirements and manage exponentially growing data volumes. Tape storage offers advantages such as low power consumption, high capacity, and data immutability, making it an attractive choice for data preservation over extended periods.
  • Tape Storage Innovation and Modernization: The tape storage industry is undergoing innovation and modernization efforts to adapt to evolving data storage demands. This includes the development of high-capacity tape formats, improved data transfer rates, and enhanced data management capabilities. Newer generations of tape technologies, such as LTO-9 and beyond, are pushing the boundaries of storage capacity and performance, making tape storage more competitive with other storage solutions. Additionally, integration with advanced data management software and hybrid storage architectures is enabling seamless data movement between tape and other storage tiers, optimizing overall data storage strategies for businesses.

Tape Storage Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global tape storage market analysis, the market has exhibited resilience and relevance despite the digital era's dominance. Primarily used for data backup, archiving, and secure storage, tape technology offers cost-effective, high-capacity solutions for businesses dealing with massive data volumes. The market's longevity is attributed to its reliability, data durability, and offline nature, making it immune to cyber threats. While disk and cloud solutions gain popularity, tape storage remains a strategic choice for long-term data retention, compliance, and disaster recovery purposes. The market's growth is propelled by industries with stringent data retention regulations and those needing large-scale, cost-efficient storage. Continued advancements in tape technology, including increased capacity and data transfer rates, sustain its relevance and ensure its position in the modern data storage landscape.

Report Metric Details
Market size value in 2023 USD 5.14 billion
Market size value in 2031 USD 10.10 billion
Growth Rate 7.8%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Tape Cartridges, and Tape Vault
  • Industry vertical
    • IT & Telecom, BFSI, Media & Entertainment, Healthcare, Oil & Gas, and Government & Defense.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Hewlett Packard Enterprise - United States
  • International Business Machines Corporation (IBM) - United States
  • Oracle Corporation - United States
  • QStar Technologies Inc. - United States
  • QUALSTAR CORP. - United States
  • Quantum Corporation - United States
  • Spectra Logic Corporation - United States
  • Fujifilm - Japan
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Tape Storage Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Tape Storage Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Tape Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tape Storage Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tape Storage Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Tape Storage Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Tape Storage Market size was valued at USD 5.14 billion in 2022 and is poised to grow from USD 5.54 billion in 2023 to USD 10.10 billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).

The tape storage market features a competitive landscape characterized by several key players vying for market share. Prominent companies such as IBM, Hewlett Packard Enterprise, Quantum Corporation, and Oracle Corporation dominate the market with their robust tape storage solutions and extensive industry experience. These players focus on continuous innovation, offering high-capacity and cost-effective tape storage solutions to cater to the growing data storage demands of enterprises. New entrants and emerging players like Spectra Logic and Fujifilm also contribute to the competition by introducing advanced technologies and efficient storage solutions. As data volumes escalate, the competitive landscape is expected to drive further innovation, product diversification, and strategic partnerships to meet the evolving storage needs of various industries. 'Dell Technologies Inc. - United States', 'Hewlett Packard Enterprise - United States', 'International Business Machines Corporation (IBM) - United States', 'Lenovo - China', 'Oracle Corporation - United States', 'Overland Tandberg - Norway', 'QStar Technologies Inc. - United States', 'QUALSTAR CORP. - United States', 'Quantum Corporation - United States', 'Spectra Logic Corporation - United States', 'Fujifilm - Japan'

The tape storage market is driven by the increasing need for secure and compliant data storage solutions. Many industries, such as healthcare, finance, and government, have stringent data retention and privacy regulations. Tape storage offers an offline and isolated data storage option, reducing the risk of cyberattacks and unauthorized access. Organizations are adopting tape storage to ensure long-term data preservation while meeting regulatory requirements.

Resurgence of Tape Storage for Long-Term Data Retention: Despite the rise of cloud-based and disk-based storage solutions, tape storage has experienced a resurgence as an efficient and cost-effective option for long-term data retention and archival. Organizations are recognizing the need for reliable, scalable, and durable storage solutions to meet regulatory compliance requirements and manage exponentially growing data volumes. Tape storage offers advantages such as low power consumption, high capacity, and data immutability, making it an attractive choice for data preservation over extended periods.

The tape storage market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America, which holds a significant share due to its established technological infrastructure and large-scale data storage requirements. The region's robust IT industry, coupled with the demand for reliable and cost-effective data backup and archival solutions, has contributed to the dominance of tape storage in North America.

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