Tape Market To Reach $9.39 Billion By 2030
StorageNewsletter.com, Friday, June 9,2023
Tape Storage Market Size is projected to reach $9.39 billion by 2030; Growing at a CAGR of 7.8%
The global tape storage market size was worth $4,779 million in 2021. It is expected to generate $9,395 million by 2030, growing at a CAGR of 7.8% during the forecast period (2022-2030), North America commands the leading position in the market and is expected to grow at a CAGR of 7.5% by 2030.
Tape storage is a method of data storage that uses magnetic tape as the recording medium. It is a device that stores computer data and information on magnetic tape for backup and archival purposes. Like a typical tape recorder, a tape drive saves data on a loop of extensible celluloid-like material that can be read and erased. Tape storage is one of the early digital data storage techniques. It continues to be in high demand as a cost-effective, secure, and scalable tape storage technology for the long-term maintenance and protection of infrequently accessed but crucial data.