Tape Storage Global Market Report 2024

The tape storage market size has grown rapidly in recent years. It will grow from $5.25 billion in 2023 to $5.85 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be attributed to several factors, including regulatory compliance, the increasing volume of data in enterprises, a focus on energy efficiency, integration with cloud services, the archival of big data, and advancements in tape technologies. Significant trends expected in the forecast period involve the creation of energy-efficient tape storage technologies, improvements in data encryption and security features, the utilization of tape storage in hybrid multi-cloud environments, the introduction of tape storage as a service (TaaS), and collaborative efforts for standardization and interoperability.

The tape storage market size is expected to see rapid growth in the next few years. It will grow to $9.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The expansion observed during the historic period can be ascribed to various factors, including the necessity for data archiving to meet regulatory requirements, the demand for long-term data retention solutions, the importance of robust backup and disaster recovery mechanisms, the pursuit of cost-effective data management strategies, and an increased focus on ensuring security and data integrity.

The anticipated surge in the adoption of tape storage by large enterprises globally is expected to drive the growth of the tape storage market in the future. Large enterprises employ tape storage for the storage of various business files, benefiting from features such as longevity and portability. This storage method proves advantageous in compactly storing significant amounts of data. In 2021, leading technology-related companies such as Hewlett Packard Enterprise, IBM, and Quantum reported a new record in LTO (Linear Tape Open) tape capacity shipments. According to the LTO Consortium report, total tape capacity shipped in 2021 reached 148 Exabytes (EB), marking a 40% increase from the previous year's 105 Exabytes. Hence, the growing adoption of tape storage by large enterprises contributes significantly to the expansion of the tape storage market.

The increasing demand for IoT (Internet of Things) devices is another factor expected to propel the growth of the tape storage market. IoT devices, equipped with sensors, software, and connectivity features, generate vast amounts of data that require efficient storage solutions. Tape storage emerges as a cost-effective, scalable, secure, and reliable option for managing the substantial data volumes produced by IoT devices. It plays a crucial role in the comprehensive data storage and management strategy for IoT deployments. According to Exploding Topics, an online platform providing insights into emerging trends, it is projected that by 2030, there will be approximately 25.4 billion IoT devices. Consequently, the escalating demand for IoT devices serves as a driving force for the tape storage market.

Technological advancements are prominent trends in the tape storage market, with major companies introducing innovative technologies to maintain their market positions. An example is UNITEX Corporation, a Japan-based computer storage space company, which, in January 2022, unveiled the SB LTO tape drive. This technology, operating on LTO-9 technology, provides secure storage solutions, meeting the evolving requirements for storing less active data. Leveraging LTO-9, it facilitates data transfer speeds of up to 300MB/second, with a native storage capacity of 18TB and a compressed storage capacity of 45TB at 2.5:1 compression ratio.

Companies in the tape storage market are also forging partnerships to enhance their service offerings. Collaborations in this market drive innovation, expand market presence, achieve cost efficiency, offer customer-centric solutions, and contribute to ecosystem development. For instance, in August 2023, Fujifilm, a Japan-based conglomerate, and IBM, a US-based technology company, jointly announced the development of a 50TB native tape storage system. This system, marketed by IBM as an enterprise tape storage solution, addresses the growing demand for high-capacity storage in various sectors, including scientific data, industrial data collection, and cloud service provider environments. The sixth-generation IBM 3592 JF tape cartridge incorporates newly developed technology to achieve the record-breaking 50TB native capacity.

In July 2021, Quantum Corporation, a US-based data storage and management company, acquired the video surveillance portfolio and assets of Pivot3 for $8.9 million. This strategic acquisition aims to diversify Quantum Corporation's portfolio in video surveillance appliances, network video recorders (NVRs), and management applications. It also strengthens Quantum Corporation's market position, expanding its customer base, sales channels, and technical expertise. Pivot3, the acquired company, is a US-based manufacturer specializing in hyper-converged infrastructure and storage appliances.

Major companies operating in the tape storage market report are Dell Technologies Inc., Hitachi Ltd., Sony Corporation, Lenovo Group Limited, International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Fujitsu Limited, Toshiba Corporation, Fujifilm Holdings Corporation, Western Digital Corporation, TDK Corporation, Seagate Technology Holdings PLC, NetApp Inc., Iron Mountain Incorporated, Qualstar Corporation, Maxell Holdings Ltd., Quantum Corporation, Barracuda Networks Inc., BDT Media Automation GmbH, Overland Tandberg EMEA, Spectra Logic Corporation, Tandberg Data GmbH, QStar Technologies Inc., Sphere 3D Corp., GlassBridge Enterprises Inc., Imation Corp., Advanced Digital Information Corporation, StorageTek Corp.

North America was the largest region in the tape storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tape storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the tape storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the tape storage market, components include tape cartridges and tape vault, with capacities for archiving and backup. Tape cartridges store various data types, such as corporate data and audio/video files. Technologies such as LTO-1 to LTO-9, DDS-1 to DDS-4, and DLT IV are used, serving end-users such as cloud providers, data centers, and enterprises in verticals such as IT and telecom, BFSI, media and entertainment, healthcare, oil and gas, government, and defense.

The tape storage market research report is one of a series of new reports that provides tape storage market statistics, including tape storage industry global market size, regional shares, competitors with an tape storage market share, detailed tape storage market segments, market trends and opportunities, and any further data you may need to thrive in the tape storage industry. This tape storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The tape storage market consists of revenues earned by entities by providing tape storage services such as preserving, protecting, maintaining, and securing data . The market value includes the value of related goods sold by the service provider or included within the service offering. The tape storage market also includes sales of linear tape and helical scan systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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