New York, USA, Jan. 19, 2023 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global control towers market is anticipated to grow at a stunning CAGR of 18.7%, thereby garnering a revenue of $26,279.8 million in the 2022-2030 timeframe. This comprehensive report provides a brief outlook of the current framework of the control towers market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2030. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing demand from various sectors to improve the efficiency of global supply chains is predicted to be the primary growth driver of the control towers market in the forecast period. Additionally, the growing adoption of Big Data analysis is expected to push the market forward.
Opportunities: Increasing use of cognitive technologies to improve supply chain efficiency is anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, rising demand for improving the quality of operational supply chains is expected to help the market grow in the forecast period.
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Restraints: Concerns with respect to data security, however, might prove to be a hindrance in the growth trajectory of the control towers market.
Impact of Covid-19 on the Market
The control towers market, like many other industries and sectors, experienced a negative impact during the Covid-19 pandemic. The government-ordered lockdowns and travel restrictions led to the stoppage of manufacturing activities which resulted in massive disruptions in global supply chains. This affected various industries and businesses, which ultimately caused a decline in the growth rate of the market.
Segments of the Market
The report has divided the control towers market into certain segments based on type, application, end use, and region.
Type: Operational Sub-segment to be the Most Dominant
By type, the operational sub-segment is expected to be highly dominant and garner $20,721.9 million during the forecast period. Operational control towers provide all-inclusive solutions, including both analysis and action, which is expected to help in the growth of this sub-segment.
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Application: Supply Chain Sub-segment to Have the Highest Market Share
By application, the supply chain sub-segment is expected to be the most dominant and surpass $14,756.5 million by 2030. The centralized data solutions and factual information provided by control towers help in increasing the efficiency of supply chains. Hence, there is a growth in demand for the adoption of control towers for boosting supply chain efficiency, which is predicted to propel the growth of this sub-segment in this forecast period.
End-Use: Automotive & Manufacturing Sub-segment to be the Most Profitable
By end-use, the automotive & manufacturing sub-segment is expected to have the highest market share and surpass $6207.4 million by 2030. Control towers help in organizing unstructured data of an organization's manufacturing lines, which is predicted to drive the growth of this sub-segment.
Market in the North America Region to be Most Lucrative
By regional analysis, the control towers market in the North America region is anticipated to be the most profitable and grow with a CAGR of 18.44% by 2030. Increasing usage of transportation management systems and third-party logistics service providers is anticipated to be the main growth driver of the market in this region.
Prominent Market Players
Some of the key players in the control towers market are
- Blue Yonder Group
- SAP SE
- ORTEC
- E2open
- DiLX
- Viewlocity Technologies Pty Ltd
- INFOR
- o9 solutions
- One Network Enterprises
- KINAXIS
These key players are devising new technologies and smart innovations to gain a prominent position in the global market- Inquire here to grab full report
For instance, in August 2022, Kinaxis, a Canadian supply chain management firm, announced the acquisition of MPO, a leading supply chain software provider. This acquisition is expected to help the acquiring company i.e., Kinaxis to cater to the demands of the industrial sector in a much more holistic way.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Control Towers Market:
- A Short Guide for Supply Chain Control Towers: Definition, Importance, and Types
- How has Control Towers Turned out to be the New Definition for Borderless Logistics?
- Control Towers Market to Observe Significant Growth Due to Technological Advancements and Company Acquisitions by Market Players, such as Amazon Web Services, One Network Enterprises, and Others
