Tape Storage Market: Overview
Tape storage is a magnetic tape data storage system, which adopted for storing digital information. The tape drive performs writing or reading of data. These tapes offer several benefits of tape storage such as low cost, long-term durability, and better data storage capacity. The magnetic tape initially adopted for data storage; but, it has wide applications across data archive, system backup, and data exchange.
Tape Storage Market: Competitive Analysis
Some of the key players in the tape storage market include Fujifilm Holdings Corporation, Dell Inc., Hewlett Packard Enterprise Development LP, Lenovo, IBM Corporation, Oracle, Qualstar Corporation, Overland Storage, Seagate Technology PLC., and Quantum Corporation.
These tapes have applications for data storage and security needs across Internet of Things, surveillance, hyper-scale computing, cloud storage services, entertainment, and Big Data. Thus, applications of tape storage technology witness tremendous demand and adoption from several industries. The key players in the market are entering into partnership and strategic collaborations in order to tap the opportunities in the market. For instance, in 2018, Veeam entered into a strategic partnership with Quantum to introduce the converged tape appliance with integrated data protection software. Such collaborations are estimated to offer better products in the coming future.
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Tape Storage Market: Dynamics
In tape storage innovation, there is no online duplicate of the information since all the data is vaulted as long as possible. The principle rationale to utilize the tape storage is that to shield undertaking's information from digital assaults by killing the choice of organization network. In any case, its disadvantage is that the speedy recovery of information is beyond the realm of imagination. What's more, a unique consideration is should have been taken to keep attractive tape in a perfect climate in light of the fact that the harm in the actual tape can demolish the information. Expansion in network protection dangers and ascend in number of ransomware assaults are the prime factors that bound the enterprises to advance toward tape storage. Consequently, online protection dangers are one of the main considerations that drives the development of the tape storage market.
Moreover, development in industrialization is expanding the quantity of associations all around the world that builds the interest for information reinforcement; in this manner, energizing the development of the tape storage market.
However, the huge affecting variables to the tape storage market remember ascend for worry toward dangers of viruses assaults and development in industrialization and exchange creating economies. Also, the limiting elements by which the market is impacted incorporate high beginning venture and the need to keep attractive tape in a spotless climate. Every one of these variables is foreseen to affect the tape storage market during the conjecture time frame. Nonetheless, increment in number of end-client enterprises requesting proficient tape storage is additionally expected to fuel the market development. Nonetheless, prerequisite of high introductory ventures for tape store is foreseen to limit the market development.
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Tape Storage Market: Regional Analysis
In terms of geographical segmentation, the global tape storage market is segmented into five key regions. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, North America is expected to dominate the global tape storage market. This growth is majorly due to large presence of tape storage technology developers in the region. The key players have turned to a technology that was in high demand in the 1950s to tackle persistent cyber threats. In addition, the players in the tape storage technology in the region are undertaking research & development initiatives to cater to the demand for enhanced storage capacity. Asia Pacific and the Middle East & Africa region are expected to hold the substantial market share of the global tape storage market.
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