Transformation in the technology solutions market led by North America
Bangalore, India: With its recently published study “Magnetic Tape Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2022”, Infoholic Research forecasts that the increasing data manipulation activities across the regions shall form the path for various advanced materials and magnetic tape. Storing data using tape technology is not a new technique; it has been in the market for almost 100 years as one of the most energy-efficient and secure storage methods. Recently, IBM has developed next-generation magnetic heads that work with the lower-friction tape, advanced servo control technologies that can accurately position the heads over the tiny dots, and algorithms that can process the signals more precisely.
Magnetic tape is one of the advance solutions that have applications in packaging & labeling solutions along with significant exposure in various consumer appliances as well. This varied use of magnetic tape has resulted in higher exposure in the global economy, and is encouraging the innovators for further enhancement in the technology.
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The increasing modernization in the economy expanded the market of various advanced products, where magnetic tape finds its extensive use. The improving economic situation in developing countries would also increase the market potential, giving a boost to the expected market growth. This trend is expected to continue during the forecast period 2016–2022, to further improve the magnetic tape market at a CAGR of 7.6% and reach a value of $6.52 billion by 2022.
Currently, North America dominates the market for magnetic tape and provides proof for major and rapid transformation in technological developments. The region has grown rapidly in the past decades and is continuing to grow. The market has an advantage of the presence of big enterprise storage units and a transforming economy. The region is dominating in both value and volume terms, and is being followed by other regions such as Europe and Asia Pacific. Developed regions, such as Europe, which are home to various financial institutions and electronic packaging solutions, have the advantage of high social awareness among the people. This dominance trend of North America is expected to continue during the forecast period while the underdeveloped countries are expected to witness a higher penetration, thus pushing the magnetic tape market with a hybrid solution.
In the overall magnetic tape industry, the synthetic rubber that has bigger share among materials used for base material is reaping the benefits of its low price, easy availability, and high-performance. Other than synthetic rubber, PVC material is also finding its extensive use in the magnetic tape as a base material. The contribution from these two base materials is expected to increase exponentially over the years, generating much higher revenues for the overall magnetic tape market in the future.
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“Magnetic tape is normally a medium for data storage, which is made of a thin, magnetizable coating on a long, narrow strip of plastic film. It was a key technology in early computer development, allowing unparalleled amounts of data to be mechanically created, stored for extended periods, and easily accessible. Innovations in this technology continue as the companies, such as Sony and IBM, continue to produce new magnetic tape and drives. This technology is changing the economic scenario across the globe, and tend to drive the growth in the market in the coming years.”– Pooja Kumari, Research Analyst.
The key insights of the report are as follows:
- The global magnetic tape market has been analyzed based on the following base materials:
- Synthetic Rubber
- The study constitutes a classification based on the following end-users:
- Data Storage
- Packaging & Labeling
- Consumer Appliances
- Industry outlook: Market trends, drivers, restraints, and opportunities