Research And Markets, a market and industry research organization, released a report laying out the impressive projected increase in the magnetic tape market, a key product in data storage.
According to the report, the global magnetic tape market is set for impressive growth, projected to achieve a Compound Annual Growth Rate (CAGR) of 7.2% by 2028.
One of the driving factors for this growth is the exponential growth of digital data generated by businesses, institutions, and individuals. Customers are actively searching for cost-effective and greater-capacity data storage options. Magnetic tape fits the bill as it offers high storage capacity and relatively low cost per gigabyte, making it an attractive option for long-term data retention and archival purposes.
The magnetic tape market is also witnessing an increase in tape capacity and expansion. Higher-density tape cartridges are being developed, enabling much greater data storage capacity. This addresses the growing need for high-capacity data storage in the market. As technology advances, tape storage providers are continuously improving tape density, data transfer rates, and other features to meet the evolving needs of data-intensive industries.
The amount of data being recorded is increasing at a significant rate, with studies showing a growth of 30 to 40 percent per year. However, the capacity of modern hard drives, which are widely used for data storage, is increasing at a much slower rate. Magnetic tape, on the other hand, continues to expand its storage capabilities. It is still heavily used in various industries, including data for basic science, such as particle physics and radio astronomy, human heritage and national archives, major motion pictures, banking, insurance, and oil exploration.
With the projected growth and advancements in the magnetic tape market, it is clear that this technology will continue to play a critical role in data storage for years to come. Its high capacity, low cost, and reliable data archiving capabilities make it a preferred choice for many industries. As the demand for data storage continues to rise, magnetic tape offers a cost-effective solution that meets the evolving needs of businesses and institutions.