Home Semiconductor & Electronics United Kingdom Tape Storage Market Size , Growth, & Share-2031
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United Kingdom Tape Storage Market Size, Share & Trends Analysis Report By Components (Tape Cartridges, Tape Vault), By Technology (LTO-1 to LTO-5, LTO-6, LTO-7, LTO-8, LTO-9, DDS-1, DDS-2, DDS-3, DDS-4, DLT IV), By Capacity (1 TB, 1 TB to 200 TB, 201 TB to 999 TB, 1 PB to 100 PB, More than 100 PB), By Use Case (Archiving, Backup), By End-User (Cloud Providers, Data Center, Enterprises, Others), By Industrial Vertical (IT & Telecom, BFSI, Media & Entertainment, Healthcare, Oil & Gas, Government & Defense) and Forecasts, 2023-2031

Report Code: SRSE28088DR
Last Updated : Jul 03, 2023
Author : Straits Research
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Market Overview

The U.K. tape storage market size was valued at USD 323 million in 2022 and is projected to reach USD 593 million by 2031, registering a CAGR of 7.6% during the forecast period 2023-2031.

Tape data storage uses digital recording to store digital data on magnetic tape. Tape drives write and read data. Digital information storage's oldest notion is tape storage. It's an affordable, secure, scalable tape storage technique for long-term data storage. Tape storage offers longevity, low cost, and large data storage capacity.

Tape storage used by Data volumes and large organizations drives market expansion. Ransomware attacks on company networks also drive market expansion. Industrialization also drives market expansion. Tape storage requires expensive initial investments, which may slow industry expansion. Higher tape storage capabilities are expected to boost the tape storage market. The tape storage industry is predicted to grow due to the increased need for data storage and security due to advanced technologies and applications.

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

Market Drivers

Extensive Rise in Data Volumes

Financial institutions use tape storage to store data safely and cheaply as data volumes climb. The Bank of England stores financial data for market operations on tape, while many U.K. banks and financial institutions store transaction records and other sensitive data. Due to its high capacity and cost-effectiveness, U.K. banks and financial institutions store transaction records and other sensitive data on tape. Lloyds Banking Group and Barclays have tape-based backup systems for their data centers.

Market Restraints

High Investment

The large expenditure for tape storage solutions may constrain the market expansion in the U.K. Small firms may find it difficult to finance tape libraries or backup systems, and continuing maintenance and management expenses may be prohibitive. Tape storage may also become less desirable due to the growth of cloud storage and other alternative storage choices. These elements have influenced the U.K. tape storage market's sluggish expansion. Although some businesses have discovered that tape storage offers long-term cost savings compared to other storage options, surveys show that cost is a major barrier to adoption.

Market Opportunities

Rise in Demand for Data Storage and Security

U.K. industries with particular data storage and security needs include the healthcare and financial sectors. To comply with laws governing the storage and distribution of patient information, for instance, the healthcare sector needs safe data storage. Similarly, banking institutions need secure storage to safeguard private financial information. Data storage and security suppliers now have the opportunity to deliver tailored solutions as a result of these sector-specific needs. For instance, the U.K.'s National Health Service (NHS) declared in 2021 that it would collaborate with Microsoft to create a cloud-based healthcare data platform allowing the safe exchange of patient information throughout the NHS.

 

Study Period 2019-2031 CAGR 7.6%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 323 Million
Forecast Year 2031 Forecast Year Market Size USD 593 Million
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Regional Analysis

The market for tape storage is driven by the rollout of faster internet connections and increased business spending in the U.K. Additionally, it is anticipated that I.T. services will continue to be outsourced in the coming years, increasing demand for tape storage nationwide. On January 31, 2020, the U.K. left the European Union (Brexit). Due to this aspect, businesses and cloud service providers are concerned about how to store data. On the other hand, it is anticipated that the growth in investments across technologies, including IoT, A.I., and 5G applications, will continue. This element offers lucrative potential for adopting tape storage in businesses to address data storage and security issues.

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Segmental Analysis

The U.K. 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 dominates the market and is expected to grow at a CAGR of 7.0% 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 7.6% 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 6.9% 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 6.9% 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 6.3% 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 6.1% during the forecast period.

Market Size By Components

Market Size By Components
  • Tape Cartridges
  • Tape Vault

  • List of key players in United Kingdom Tape Storage Market

    1. Dell Technologies Inc.
    2. Hewlett Packard Enterprise Development LP
    3. Fujitsu
    4. QUANTUM CORPORATION
    5. International Business Machines Corporation
    6. LENOVO
    7. Oracle Corporation
    8. Spectra Logic Corporation

    United Kingdom Tape Storage Market Share of Key Players

    United Kingdom Tape Storage Market Share of Key Players

    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.

    United Kingdom Tape Storage Market Segmentations

    By Components (2019-2031)

    • Tape Cartridges
    • Tape Vault

    By Technology (2019-2031)

    • LTO-1 to LTO-5
    • LTO-6
    • LTO-7
    • LTO-8
    • LTO-9
    • DDS-1
    • DDS-2
    • DDS-3
    • DDS-4
    • DLT IV

    By Capacity (2019-2031)

    • 1 TB
    • 1 TB to 200 TB
    • 201 TB to 999 TB
    • 1 PB to 100 PB
    • More than 100 PB

    By Use Case (2019-2031)

    • Archiving
    • Backup

    By End-User (2019-2031)

    • Cloud Providers
    • Data Center
    • Enterprises
    • Others

    By Industrial Vertical (2019-2031)

    • IT & Telecom
    • BFSI
    • Media & Entertainment
    • Healthcare
    • Oil & Gas
    • Government & Defense

    Frequently Asked Questions (FAQs)

    What is the market size of Tape Storage in United Kingdom?
    The U.K. tape storage market size was valued at USD 323 million in 2022 and is projected to reach USD 593 million by 2031, registering a CAGR of 7.6% during the forecast period 2023-2031.
    Extensive rise in data volumes is one of the key trends in United Kingdom tape storage market.
    Rise in demand for data storage and security are the key drivers for the growth of the United Kingdom tape storage market.
    Dell Technologies Inc., Hewlett Packard Enterprise Development LP, Fujitsu, QUANTUM CORPORATION, International Business Machines Corporation, LENOVO, Oracle Corporation, Spectra Logic Corporation are the prominent players in the United Kingdom tape storage market.


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