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)
Control Towers Application Outlook (Revenue, USD Million, 2016 – 2027)
- Supply Chain
Control Towers End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Aerospace & Defense
- Retail & Consumer Goods
- High Technology Products
Control Towers Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
List of Key Players of the Leading Companies in Control Towers Market
- Blue Yonder Group, Inc.
- E2open, LLC
- One Network Enterprises
- Viewlocity Technologies Pty Ltd.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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