Europe Tape Storage Market

Market Overview

The Europe tape storage market size was valued at USD 1,538 million in 2022 and is projected to reach USD 3,019 million by 2031, registering a CAGR of 7.8% during the forecast period (2023-2031).

Tape storage uses digital recording to store data on magnetic tape. Tape drives can read and write information. It's one of the oldest ways to store digital data, but it's still used because it's cheap, safe, and flexible for long-term data that isn't used very often but is still important. Tape storage is cheap, long-lasting, and can hold much information.

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.
• Cloud providers dominate the market by the end user.
• I.T. and Telecom sector dominates the market by industry vertical.

Market Dynamics

Europe Tape Storage Market Drivers

Extensive Rise in Data Volumes

Europe's massive data expansion is fueling tape storage market growth. Tape storage can meet Europe's demand for safe, scalable data storage due to its high capacity, cost-effectiveness, and reliability. According to recent International Data Corporation (IDC) research, Europe's data creation will expand by 23.4% from 2020 to 2025, reaching 237.4 zettabytes. Digital technologies, IoT devices, and corporate and consumer data expansion drive this growth. All industries struggle to store, manage, and analyze this data explosion. Many organizations use tape storage as a cost-effective and reliable data storage and management solution to address these issues.

Europe Tape Storage Market Restraints

High Investment

The upfront costs related to obtaining the appropriate hardware and software are one of the major factors causing the high investment needed for tape storage solutions. This can be a major obstacle for businesses, especially those with tight finances. For instance, a small European company might not have the money to purchase a tape library or backup system. According to a TechValidate survey, 37% of businesses in Europe are concerned about the difficulty of deploying and administering a tape storage system. In comparison, 47% mention cost as a deterrent to using tape storage solutions.

Europe Tape Storage Market Opportunities

Rise in Demand for Data Storage and Security

Data storage and security solutions are in demand due to GDPR. Data storage and security have expanded due to GDPR requirements to protect E.U. individuals' data. Seagate's European data storage solutions are GDPR-compliant. The GDPR has significantly affected the European data storage and security business. Vanson Bourne found that 74% of European companies had boosted data storage and security investments since the GDPR. Several companies have developed GDPR-compliant products, such as Seagate's IronWolf Pro hard drives.

Regional Analysis

The European tape storage market is segmented by country: Germany, The UK, France, and the rest of Europe. The U.K. dominated the market with a CAGR of 7.6% during the forecast period.

The markets in the U.K., Germany, France, and the rest of Europe are all looked at. In recent years, tape storage has become very popular in the region. This is because businesses like I.T. and telecom, media and entertainment, and media and entertainment use more media and need more storage space. Rapid changes in technology and the growing amount of unstructured data in many industries are driving the need for storage infrastructure that is reliable, safe, and cost-effective. This is what moves the market in Europe the most. Also, businesses in this area increasingly use cloud and tape storage, which are both technologically advanced and safe. This helps the market grow even more. Also, most of Europe has many people who use the Internet, which gives companies in the I.T., telecom, media, and leisure industries good reasons to invest in tape storage solutions.

Segmental Analysis

The Europe 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 7.7% 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 8.2% 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 7.6% during the forecast period.

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

The backup segment dominates the market and is expected to grow at a CAGR of 7.7% during the forecast period.

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

The Cloud providers dominated the market and are expected to register a CAGR of 7.2% 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 6.9% during the forecast period.

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.