New York, USA, Sept. 20, 2021 (GLOBE NEWSWIRE) -- A latest report on the global control towers market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $9,881.0 million and rise with a remarkable CAGR of 14.9% from 2021 to 2028. The report offers a comprehensive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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COVID-19 Impact on the Market Growth:
This is because of the termination of many business and industrial processes due to implementation of strict lockdowns in various regions. During the pandemic, there has been huge disruptions in the supply chains and manufacturing processes. However, as and when the pandemic relaxes, the demand for control towers will surge due to the growing need for businesses to examine areas of commotion, the extent of disruption, and fortify contingency planning to boost business continuity in the future years.
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Factors Impacting the Market Growth:
Rising implementation of advanced technologies in business processes, such as real-time analytics, big data analysis, and cognitive technologies, for obtaining actionable insights, predicting future trends, and developing crisp, meaningful, and forward-thinking business tactics is boosting the growth of the global control towers market. Several companies are highly investing in control towers for improving operational as well as supply chain competences for efficient monitoring of inventory location, quantity of inventory on hand, and many more. This factor is likely to unlock profitable opportunities for the market growth during the forecast period. However, the possibility of various issues, such as data security, in control towers is expected to obstruct the market growth.
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The report segments the global control towers market into type, application, end-use, and region.
Operational Sub-Segment to Dominate the Market Growth
Among the type segment, the operational sub-segment is projected to grab highest market share and garner $8,103.8 million during the forecast period. The growth of this sub-segment is mainly because of the growing demand for operational control towers for analysis and evaluation of the performance of supply chain functions of a business.
Supply Chain Sub-Segment to Grab Highest Market Share
Among the application segment, the supply chain sub-segment is expected to experience highest growth and gather $6,166.5 million during the forecast period. The growth of this sub-segment is mainly because of the increasing applications of control towers in businesses for obtaining key business insights, data, and events across the supply chain.
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Automotive and Manufacturing Sub-Segment to Observe Highest Growth
Among the end-use segment, the automotive and manufacturing sub-segment is expected to experience highest growth and hit $1,967.6 million during the forecast period. The growth of this sub-segment is mostly because of the growing need for efficient supply chain management in the automotive and manufacturing sectors.
European Region to Dominate the Market
The report analyzes the global control towers market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the European region market is expected to lead the market and garner $4,982.0 million during the estimated period. The growth of this region market is mainly owing to the growing demand for efficient management of supply chain operations from various industrial sectors, especially during the coronavirus pandemic, in this region.
Major Players in the Market:
1. Blue Yonder Group
2. E2open
3. INFOR
4. KINAXIS
5. SAP SE
6. DiLX
7. o9 solutions
8. ORTEC
9. Viewlocity Technologies Pty Ltd
10. One Network Enterprises
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in April 2021, IBM, an American multinational technology corporation, launched IBM Sterling Inventory Control Tower to enable companies to manage inventory and form robust supply chains.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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