New York, NY -- (SBWIRE) -- 03/17/2017 -- The major market driver for growth of tape storage market is unprecedented growth in data due to technological advancements. Due to the regulatory concerns some organisations are needed to store data in tape storage in order to access it forever.

The other major market driver for the tape storage market is tape storage is primarily used by many organisations for backup and for disaster recovery. The long term retention requirements for various organisations for compliance purposes is the major driver for the growth of the tape storage solutions.

Continuous innovation and investment in tape storage has made significant advancements in order to address the constant demand in order to improve reliability, capacity and efficiency of the tape storage products. The increased in reliability of tape storage compared to the disk storage is expected to fuel the market for the tape storage market.

Tape storage products deliver high storage capacities per cartridge with low cost of ownership compared to other storage solutions. Constant innovations in tape storage has made it as the most reliable storage medium available at low cost overtaking HDDs in terms of data reliability.

Tape storage can effectively address various industrial demands of increasing data storage such as entertainment, internet etc. There is growing number data intensive applications where data is needed to be backup, recovered, archived for disaster recovery and compliance. Even though disk storage is enhancing tape storage is still maintaining its dominance over the market and is expected to have significant market in the coming years.

There is signification growth in implementation of tape storage solutions by majority of cloud service providers in their cloud infrastructure due to a vast increase in the amount of data needed to be stored and increasing cost of the HDDs as tape storage offers cost effective solutions.

The Global Tape Storage market is segmented based on the type of cartridge, by vertical and by region

On the basis of type of cartridge Global Tape Storage market is segmented helical scan tape drives, Minicartridge and data cartridge.

One the basis vertical global Tape Storage market is segmented to media and entertainment sector, BFSI, healthcare sector, transportation, public sector, manufacturing sector, retail sector, IT & Telecom sector, energy & utilities and others.

On basis of region global Tape Storage Market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific and Middle East & Africa (MEA).

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North America and Europe is expected to have the major market share during the forecast period as many organisations are using tape storage systems for their backup and disaster recovery strategies. Asia Pacific region is likely to show promising growth in Tape Storage Market during the forecast period.

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Some of the Key players in Tape Storage Market include IBM Corporation, Dell Inc., Quantum Corporation, Tandberg Data, HP Corporation, NetApp, Inc., Hewlett Packard Enterprise Company and Fujitsu Corporation.