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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.