New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tape Storage Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06370358/?utm_source=GNW
The global tape storage market is expected to grow from $4.11 billion in 2021 to $4.51 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The tape storage market is expected to grow to $6.32 billion in 2026 at a compound annual growth rate (CAGR) of 8.8%.
The tape storage market consists of sales of tape storage devices by entities (organizations, sole traders, and partnerships) that are used for backup in the case of a system failure and archiving data for long-term storage. 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.
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.
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.
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, 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 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.
Read the full report: https://www.reportlinker.com/p06370358/?utm_source=GNW
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