The global control towers market size is expected to reach USD 17.24 billion by 2027, registering a CAGR of 16.7% from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing awareness of several benefits, such as forecasting accuracy and synthesis of crucial business data, offered by control towers are driving the market growth. The rapid rise in the volume of business data generated across several industries is also prompting enterprises to implement control tower analytics for converting raw data into actionable insights. Businesses are adopting these solutions due to their use in enhancing decision-making abilities for technology, strategic alliances, organizational infrastructure, and enterprise resource management.
Control
towers facilitate strategic and better decision-making and help organizations
strengthen their position in the market, optimize returns on investment, and
accelerate growth by leveraging the acquired insights. They also offer a
broader view of the entire supply chain and enable sustainability,
profitability, and inventory cost reduction. Furthermore, the growing adoption
of cloud-based solutions is likely to open new market opportunities. Factors
such as ineffective supplier networks, higher warehousing costs, and inaccurate
forecasts are also driving the adoption of control towers.
However,
data security concerns, arising from the fact that control towers require the
exchange of data and sensitive information across different operating levels in
a supply chain, which may all have variable data security abilities, could
hamper the growth of the market. Security gaps may make it easy for
unauthorized individuals to access sensitive information, threatening the
business data security and competitiveness of a business. However, vendors are
focusing on the development of better solutions and removing critical machines
from external networks to secure data from unauthorized entities and hackers.
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Control Towers
Market Report Highlights
- In terms of
type, the analytical segment is anticipated to witness rapid growth over
the forecast period. This can be attributed to the fact that companies are
increasingly focusing on using the rising volumes of business data for
deriving actionable insights
- The supply
chain segment is expected to witness significant growth over the forecast
period as control towers provide end-to-end visibility throughout the
supply chain network. The adoption of control towers is expected to
increase across applications such as manufacturing, maintenance, sales and
purchase orders, inventory across suppliers, and repair
- The high
technology product segment is likely to register the highest CAGR over the
forecast period. This can be attributed to the rising demand for innovative
technology products and the growing import and export of tech-enabled
products worldwide
- The Asia
Pacific region is expected to register a significant CAGR during the
forecast period. The control towers adoption is rising in emerging
economies, such as India and China, as organizations are digitizing
rapidly and adopting advanced technologies
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Control Towers
Market Segmentation
Grand View Research has
segmented the global control towers market based on type, application, end-use,
and region:
Control Towers
Type Outlook (Revenue, USD Million, 2016 - 2027)
- Analytical
- Operational
Control Towers
Application Outlook (Revenue, USD Million, 2016 - 2027)
- Supply Chain
- Transportation
Control Towers
End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Aerospace & Defense
- Chemicals
- Retail & Consumer Goods
- Healthcare
- Manufacturing
- High Technology Products
- Others
Control Towers
Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- Germany
- The U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
List of Key
Players of the Leading Companies in Control Towers Market
- Blue Yonder Group, Inc.
- E2open, LLC
- Elementum
- Infor
- Kinaxis
- Llamasoft
- One Network Enterprises
- PearlChain
- SAP
- Viewlocity Technologies Pty Ltd.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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