Asia Pacific Tape Storage Market

Market Overview

The Asia-Pacific tape storage market size was valued at USD 1,461 million in 2022 and is projected to reach USD 3,567 million by 2031, registering a CAGR of 10.5% during the forecast period (2023-2031).

"Tape storage" refers to magnetic tape data storage, a technique for digitally capturing and storing huge volumes of data on magnetic tape. It is used to archive data for long-term storage and backup in case of a system breakdown.

Highlights

• Tape cartridges dominate the market by component.
• The LTO-8 dominates the market by technology.
• 1 T.B. to 200 TB dominates the market by capacity.
• By use case, backup holds a major share of the market.
• Datacenter dominates the market by the end user.
• I.T. and Telecom sector dominates the market by industry vertical.

Market Dynamics

Asia-Pacific Tape Storage Market Drivers

Growth in Industrialization

As many industrial sectors generate large amounts of data. Asia-Pacific manufacturing is growing due to consumer goods and infrastructural needs. These companies generate massive amounts of data that require long-term storage and backup. The Asia-Pacific automobile sector is growing rapidly in China and India. These organizations need secure storage for massive sensor and production line data volumes. Tape storage is scalable, secure, and cost-effective for these enterprises.

As is the automobile industry, oil and gas, mining, and construction are also growing throughout Asia-Pacific. Tape storage may become more popular as these areas grow.

Asia-Pacific Tape Storage Market Restraints

High Initial Investment

Hardware, software, installation, and maintenance are included. Tape storage may be too expensive for some firms, especially SMEs. For data backup and long-term archives, prominent Chinese banks and financial organizations use tape storage. One of the world's largest institutions, the Industrial and Commercial Bank of China (ICBC), employs tape storage for data backup and archiving. Its tape library holds over 300 petabytes. Many smaller financial organizations cannot afford tape storage options.

Asia-Pacific Tape Storage Market Opportunities

The Emergence of Higher Storage Capacity in Tape Storage

Reliable, high-capacity storage is needed as data quantities grow exponentially. Due to its affordability, longevity, and scalability, many Asia-Pacific organizations prefer tape storage. Fujifilm in Japan has invented the world's highest-capacity magnetic tape, which stores 317 gigabytes per square inch. This groundbreaking technology can store up to 400 terabytes of data on a tape cartridge, making long-term data archiving cost-effective and energy-efficient.

Segmental Analysis

The Asia-Pacific tape storage market is segmented based on component, capacity, technology, use case, industry vertical, end-user, and country.

The market is further segmented by component into Tape Cartridges, Tape Vault.

The Tape Cartridges segment domains segment dominates the market and is expected to grow at a CAGR of 10.2% during the forecast period.

By component, it is further segmented into LTO-1 to LTO-5, LTO-6, LTO-7, LTO-8, LTO-9, DDS-1, DDS-2, DDS-3, DDS-4, DLT IV.

The LTO-8 dominated the market and is expected to register a CAGR of 10.8% over the forecast period.

The market is further segmented by capacity into Less than 1 T.B., 1 T.B. to 200 TB, 201 TB to 999TB, 1PB to 100PB, and more than 100 PB.

The 1 T.B. to 200 TB segment dominates the market and is expected to grow at a CAGR of 10.2% during the forecast period.

The market is further segmented based on the use case into Archiving, Backup.

The backup segment dominates the market and is expected to grow at a CAGR of 10.3% during the forecast period.

By end-user, it is further segmented into Cloud Providers, Data Centers, and Enterprises.

The data center dominated the market and is expected to register a CAGR of 10.5% over the forecast period.

The market is further segmented by industry vertical into I.T. and Telecom,  BFSI  Media and Entertainment, Healthcare, Oil and Gas, Government and Defense.

The I.T. and Telecom segment dominates the market and is expected to grow at a CAGR of 9.5% during the forecast period.

Regional Analysis

The Asia-Pacific tape storage market is segmented by country: China, India, Japan, South Korea, and the rest of Asia-Pacific. China dominated the market with a CAGR of 11.3% during the forecast period.

The market for tape storage in China, Japan, India, South Korea, and the rest of Asia-Pacific is looked at. This part of the world has one of the fastest-growing areas for tape storage. Much money is being put into tape storage in places like China, Japan, Thailand, India, and Indonesia. The Chinese market and heavy development drive the market's growth in Asia-Pacific. Also, the market growth in the area is helped by the fact that tape storage is getting better all the time, both in terms of cartridge capacity and investments in storage solutions. Also, businesses in industries like media and entertainment, I.T. and telecom, and BFSI are having trouble with growing data amounts, types, and speeds, which has led to a rise in demand for effective storage solutions. This is another thing that will likely help the market grow in the Asia-Pacific region.

Recent Developments

• February 2023- The Adoption of Open Telecom Network Architectures was Hastened by Dell Technologies
• January 2023- Dell PowerEdge Servers of the Next Generation Offer Advanced Performance and Energy Efficient Design.
• May 2023- Cadence Design Systems, Inc. (Nasdaq: CDNS) uses IBM Cloud HPC to develop its chip and system design software faster, leveraging high-performance computing (HPC). IBM (IBM: NYSE) made the announcement.