New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tape Storage Global Market Report 2023" - https://www.reportlinker.com/p06426357/?utm_source=GNW
, Sony Corporation, QStar Technologies Inc., Spectra Logic Corporation, FUJIFILM Holdings Corporation, Oracle Corporation and StarWind Software Inc.
The global tape storage market grew from $4.63 billion in 2022 to $5.22 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The tape storage market is expected to grow to $8.29 billion in 2027 at a CAGR of 12.3%.
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.
Tape storage refers to magnetic tape data storage, a technology for storing digital information on magnetic tape through digital recording that is used for storing large amounts of data. It is used for backup in the case of a system failure and for archiving data for long-term storage.
North America was the largest region in the tape storage market in 2021.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 and Africa.
The main types of tape storage market components are tape cartridges, tape vault.The capacity are archiving, backup.
Tape cartridges are used to store various kinds of data, such as corporate data and audio and video files.Tape cartridges in the tape storage market refer to a storage device that comprises a spool of magnetic tape that is loaded on a suitable tape transport for access without the user having to handle the tape.
The various technology used are 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 end uses are cloud providers, data center, and enterprises and the various industrial verticals where the devices are used are IT An Telecom, BFSI, Media And Entertainment, Healthcare, Oil And Gas, Government And Defense.
Growth in the adoption of tape storage by large enterprises across the globe is expected to propel the growth of the tape storage market going forward.Large enterprises use tape storage for storing various business files.
The use of tape storage in large enterprises offers advantages such as longevity and portability.Also, helps in storing large amounts of data in a small physical package.
For instance, Hewlett Packard Enterprise, IBM, and Quantum, a US-based technology-related companies, stated that LTO tape capacity shipments reach a new record in 2021.LTO (Linear Tape Open) Consortium report, stated that, in 2021, 148 Exabytes (EB) of total tape capacity was shipped which has been increased by 40% when compared with 2020 which is 105 Exabytes of tapes had been shipped.
Therefore, growth in the adoption of tape storage by large enterprises is driving the growth of the tape storage market.
Technological advancements are the key trends gaining popularity in the tape storage market.Major companies operating in the market are introducing new technologies such as SB LTO tape drive that works on LTO-9 technology to sustain their position in the market.
For instance, in January 2022, UNITEX Corporation, a Japan-based computer storage space company, introduced the SB LTO tape drive, which provides secured storage solutions and helps to meet the full range of rapidly evolving requirements for storage of less active data.With the help of LTO-9 technology, it helps to transfer data with a speed of up to 300MB/second.
This also had a native storage capacity of 18TB and a compressed storage capacity at 2.5:1 of 45TB.
In July 2021, Quantum Corporation, a US-based data storage, and management company that provides technology to store, manage, and archive data, acquired the video surveillance portfolio and assets of Pivot3 for a deal amount of $ 8.9 million. The acquisition is aimed to diversify Quantum Corporation’s portfolio of video surveillance appliances, network video recorders (NVRs), and management applications. It is also aimed to strengthen Quantum Corporation’s position in the market, thereby expanding its customer base, sales channels, and technical expertise. Pivot3 is a US-based manufacturer of hyper-converged infrastructure and storage appliances.
The countries covered in the tape storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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.
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.
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