Tape Storage Market by Component (Tape Cartridges and Tape Vault), Technology (LTO-1 to LTO-5, LTO-6, LTO-7, LTO-8, LTO-9, DDS-1, DDS-2, DDS-3, DDS-4, and DLT IV), Capacity (Less Than 1 TB, 1 TB to 200 TB, 201 TB to 999 TB, 1 PB to 100 PB, and More Than 100 PB), Use Case (Archiving and Backup), End Use (Cloud Providers, Data Center, and Enterprises), and Industry Vertical (IT & Telecom, BFSI, Media & Entertainment, Healthcare, Oil & Gas, and Government & Defense): Global Opportunity Analysis and Industry Forecast, 2020-2030

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 The tape storage market is going through enormous transformation and growth. Tape storage has been displaced as a primary back-up storage around the globe; however, it is experiencing huge growth in adoption as it is a well-suited solution for the purpose of archiving digital data. This is attributes to its low cost, long-term durability, and high data storage capacity. In addition, growth in industrialization is leading to the growth in number of organizations globally that increases the demand for data backup; thereby, fueling the tape storage market growth.

Moreover, tape storage is experiencing advanced innovations as well as introduction of lucrative features to meet upsurge in volumes of data. It has become an ideal storage solution, especially for the users managing next-generation workloads that propels data limits. This includes areas such as the emergence of high-definition 4K/8K videos, the Internet of Things (IoT), hyperscale computing, and AI-based big-data analyses. In addition, the huge growth in number of ransomware attacks has become a considerable issue among numerous organizations around the globe. Organizations are reevaluating their data protection technologies and processes. Therefore, backing up to storage tape is one of the best solution for such organizations to take advantage of physical air-gaps to protect against ransomware attacks.

Furthermore, with the data growing faster than ever before, corporate tech giants are continuing to use magnetic tape technology in there data centers. For instance, Microsoft is actively using magnetic tape in its data center for archival storage; also, Google has long been relied on magnetic tape in across their numerous data centers. 

The tape storage market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of the product, and support services. Owing to the competition, vendors operating in the market are offering advanced and higher capacity tape storage solutions to improve the marketing strategies of enterprises. On the other hand, the growing investment trend of companies across the industries such as media & entertainment, BFSI, healthcare, and IT & telecom in tape storage fuels the market growth. In addition, key players are heavily investing in R&D activities to develop effective tape storage technology and services offerings, which is opportunistic for the market.