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Control Towers Market Expected to Gather $26,279.8 Million and Grow at 18.7% CAGR in the 2022-2030 Analysis Timeframe
Control Towers Market
According to the report, the global control towers market is expected to gather a revenue of $26,279.8 million and grow at 18.7% CAGR during the 2022-2030 analysis timeframe.
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Market Dynamics
Drivers: The growing demand for control tower solutions by businesses for precise forecasting, Business Intelligence (BI), enhanced organizational revenues, supply chain optimization, etc. along with the increasing implementation of cognitive technologies for operational efficiency are some factors to drive the global control towers market during the forecast period.
Opportunities: Businesses' rising requirement for optimizing operational efficiency and capability by using technologies like big data analytics and artificial intelligence is the prime factor to offer abundant growth opportunities for the global control towers market by 2030. Moreover, control tower solutions provide greater visibility and cutting-edge data to businesses and perform real-time monitoring, thus further boosting the market growth during the analysis years.
Restraints: Data security concerns and high risks of cyberattack are the major factors hampering the growth of the market.
COVID-19 Impact on the Market
The outbreak of the COVID-19 pandemic has had an adverse impact on the global control towers market just like most industries mainly due to strict travel restrictions and social distancing norms that forced several manufacturing companies to halt their operations temporarily. Import-export restrictions and travel bans led to disruptions in the supply chain and trade interruptions that majorly affected the revenue streams. These factors negatively affected the market growth amid the catastrophic chaos.
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Segments of the Market
According to the report, the global control towers market is divided into multiple segments based on type, application, end-use, and regional outlook.
By type, the operational sub-segment is predicted to hold a dominant market share and garner a revenue of $20,721.9 million during the 2022-2030 forecast period due to growing demand for operational control tower solutions by larger systems with analytical capability. This type of control tower is highly used by trading partners in the supply chain to manage their daily supply chain execution activities. These factors are estimated to augment the sub-segment's growth by 2030.
By application, the supply chain sub-segment of the global control towers market is anticipated to have the highest growth rate and register a revenue of $14,756.5 million during the analysis timeframe due to rising demand for control towers for receiving factual information (an order's status, logistical costs of a product, performance of a supply chain partner, etc.), centralized data solutions, etc. to enhance the visibility in supply chains. Control towers with centralized data solutions provide this information to the supply chains to handle the issues promptly. These factors are projected to bolster the sub-segment's growth by 2030.
By end-use, the automotive and manufacturing sub-segment is estimated to have a noteworthy growth rate and register a revenue of $6207.4 million due to high demand for control tower in the automotive and manufacturing sector to gather unstructured and organized data from a corporate's tools, manufacturing lines, and other facilities. Control towers help in creating virtual dashboards to offer important details about the status and performance of manufacturing processes and transportation. These factors are anticipated to propel the sub-segment's growth during the analysis period.
By region, the control towers market in the North America region is expected to witness abundant growth opportunities and grow at 18.44% CAGR by 2030 due to the surging requirement of control tower solutions in transportation management systems and their extensive use by third-party logistics service providers to manage a company's logistics and transportation network. Additionally, the increasing adoption of digitization and cutting-edge technologies to enhance organization efficiency is also predicted to uplift the market growth in the North America region by 2030.
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Key Market Players
Some key control towers market players are ORTEC, Viewlocity Technologies Pty Ltd, E2open, KINAXIS, DiLX, o9 solutions, INFOR, One Network Enterprises, Blue Yonder Group, SAP SE, among others. These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain market growth.
The report also summarizes many important facets including financial performance of the key players of the global market players, SWOT analysis, product portfolio, and the latest strategic developments.
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