Several years ago when the overall tape market was declining, this was essentially due to the growth of LTO being masked as it cannibalised all the other tape formats (DAT, DLT, SAIT, et al), the overall number of LTO media shipments has continued to increase, that is, PB's shipped.
Two tape-centric factors are in play; capacities keep getting massively bigger but there are fewer customers that can actually use up all the available capacity. Spooks, arguably, but there are lot fewer intelligence agencies in the world than the small and medium-sized businesses that make up the bulk (around 80 percent) of the global economy. The Entertainment industries sure like LTO, its capaciousness and reliability has proven ideal for archiving the digital masters of their SD/HD/4k/IMAX/onwards and upwards formats. Though again, not that many when compared to the global economy.
The second factor is, everyone's known LTO-7 has been coming for a while and tape purchasing cycles always slow down around the introduction of a new capacity point. Organisations usually skip a generation (people who bought LTO-3, probably skipped four and upgraded to five) and once they do buy a new generation, usually buy a smaller library as they can now store double the capacity in a library half the size (and cost).
Like any tech, once the easy science and engineering is done, the market shakes out and the few reamining players begin to consolidate, usually down to one or two as tape has done, as disk is now doing and as SSD's will do in the next couple of years. Right now the only companies doing fundamental physics and materials research into tape are IBM and Fujifilm. Quantum no longer makes its own drives, HP will not make its own LTO-7, leaving everybody buying off IBM while the long-tail business windows down. IBM has played the same game here thay played with mainframes, they doubled-down and invested in new technology when everyone else was giving up in the face of Windows and PC's. The mainframe busines is still a $2bn per annum business and will remain a significant chunk o' change for many years to come. (Arguably, it's actually growing in some places...) That's a nice business model where all the costs have been sunk and what's left is maintenance margin. Well-played IBM. (As long as IBM's tape business can survive the sinking revenues of it's disk business which it's lumped in with).
Maybe to survive LTO will roll into a proper joint-venture, single manufacturer, where HP, IBM, Quantum and perhaps Oracle, throw in their IP to keep the drive technology best-of-breed and keep their share of that long-tail business. (Don't hold you breath though, too many ego's in that equation). Maybe it'll spin out into a niche business like OpenVMS has.
Given the problems the disk manufacturers appear to be having in shipping their new tech (SMD and HAMR) to the public in volume and the rise of SSD's, given that there is no significant amount of disk in (the massive global) archive, it's likely hard disks will die off well before tape does as it's far easier to swap out todays primary arrays for SSD's than it will be to migrate the mass of archives on tape.