New York, USA, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global control towers market is envisioned to garner a revenue of $26,279.8 million and grow at a healthy CAGR of 18.7% throughout the forecast period from 2021 to 2030.
As per our analysts, with the growing adoption of real-time analytics, cognitive technologies, and big data analysis across businesses in numerous industry sectors for supply chain optimization, boosting organizational revenues, and many more, the control towers market is expected to see progressive growth during the analysis timeframe. Moreover, the increasing need for enhancing operational supply chain efficiencies across organizations to improve service quality and overcome various inefficiencies is expected to create extensive growth opportunities during the forecast period. However, the data security concerns among enterprises may hinder the growth of the market throughout the estimated period.
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Segments of the Control Towers Market
The report has divided the control towers market into segments based on type, application, end-user, and region.
Type: Operational Sub-Segment to be Most Lucrative
The operational sub-segment is expected to generate a revenue of $20,721.9 million over the analysis timeframe. The increasing usage of operational control towers by all trading partners in the supply chain to manage their daily supply chain execution activities is predicted to bolster the growth of the market sub-segment during the forecast period.
Application: Supply Chain Sub-Segment to be Most Productive
The supply chain sub-segment is predicted to garner a revenue of $14,756.5 million during the estimated period. The growing use of control towers in the supply chain to increase total cycle time, reduce logistics expenses, and lower inventory are the factors expected to amplify the growth of the market sub-segment over the analysis timeframe.
End-Use: Automotive & Manufacturing Sub-Segment to be Most Profitable
The automotive & manufacturing sub-segment is expected to generate a revenue of $6207.4 million throughout the forecast period. This is mainly because the control tower in the automotive & manufacturing sub-segment helps to gather organized and unstructured information from the manufacturing lines, tools, and facilities of an organization. Moreover, the increasing use of control towers in automotive & manufacturing sectors to fasten the batch cycle times, decrease scrap, and improve overall performance is expected to upsurge the growth of the market sub-segment during the analysis period.
Region: North America Region to Hold the Largest Share of the Control Towers Market
The North America region of the control towers market is projected to grow at a healthy CAGR of 18.44% over the forecast timeframe. This is mainly due to the rising usage of transportation management systems and third-party logistics service providers to handle particular areas of an organization’s transportation and logistics network. In addition, the increasing adoption of cutting-edge technologies by several organizations and control towers in the organized retail sector of this region is expected to drive the regional growth of the market during the estimated period.
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Covid-19 Impact on the Control Towers Control Towers Market
The outbreak of the Covid-19 pandemic has had a negative impact on the control towers market, likewise various other industries. Many businesses in the manufacturing sector have temporarily halted their operations in order to adhere to new regulatory requirements. Moreover, the disruptions in the global supply chain and regular operations across various industries such as entertainment, transportation, tourism, and exports have badly affected the growth of the market during the pandemic period. However, the implementation of advanced control towers is expected to help businesses to make better decisions, and address supply chain problems during the forecast period.
Key Players of the Control Towers Market
The major players of the control towers market include
- SAP SE
- KINAXIS
- DiLX
- INFOR
- o9 solutions
- E2open
- One Network Enterprises
- ORTEC
- Blue Yonder Group
- Viewlocity Technologies Pty Ltd, and many more.
These players are broadly working on the development of new business strategies such as product development, mergers and acquisitions, and partnerships and collaborations to obtain a leading position in the global industry. – Purchase Inquiry Before buying the Full Report
For instance, in March 2022, Blue Yonder, the world leader in digital supply chain transformations and omnichannel commerce fulfillment announced its collaboration with Snowflake, a cloud computing–based data cloud company. With this collaboration, the companies aimed to transform access to disparate data for the supply chain management. The companies planned to develop an end-to-end supply chain solution that would help retailers, manufacturers, and third-party logistics providers to better predict, prevent, and resolve disruptions across their businesses.
In addition, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, product development, and the latest strategic development.
More about Control Towers Market:
- 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
- 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?
