How much is the global Control Towers market worth?
- by marketherald
Control Towers Industry Overview
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.
Control Towers Market Segmentation
Grand View Research has segmented the global control towers market based on type, application, end-use, and region:
Based on the Type Insights, the market is segmented into Analytical, and Operational.
- The operational type segment dominated the market with a revenue share of over 80% in 2019. Operational control towers are used for both analysis and implementation purposes. They issue alerts about any exceptions or problems as and when they arise, allowing authorized operators to resolve the problem in real-time.
- The analytical type segment is expected to witness the fastest CAGR over the forecast period. A purely analytical control tower can provide valuable insights using real-time analytics. It can help manage and monitor decisions and implementation across functions and companies to optimize the entire network.
Based on the Application Insights, the market is segmented into Supply Chain, and Transportation.
- The supply chain segment dominated the market in 2019 and accounted for a revenue share of more than 60%. Control towers concentrate on multi-enterprise supply chains, guaranteeing command, and visibility across external and internal end-to-end processes and targets.
- The transportation segment is expected to register significant growth over the forecast period. Control towers mainly provide insight into inbound and outbound shipments, along with visibility into deliveries, track, and trace, ASN, on-time delivery, freight spend, and other similar details.
- Owing to their limited focus on transportation, they tend to be procured as an add-on or incorporated within a transportation management system. Their narrow focus suggests that they are siloed from additional supply chain processes, offering granular visibility into transportation, and thus lacking in end-to-end visibility and orchestration abilities beyond shipping.
Based on the End-use Insights, the market is segmented into Aerospace & Defense, Chemicals, Retail & Consumer Goods, Healthcare, Manufacturing, High Technology Products, and Others.
- The manufacturing segment dominated the control towers market in 2019 and accounted for a revenue share of more than 20%. The increasing demand for on-time delivery of products is encouraging improvements in the efficiency of supply chains.
- The high technology product segment is expected to witness significant growth over the forecast period as these products are complex to move and need better visibility and tracking. Furthermore, control towers offer greater customer satisfaction to organizations and end-users and enable the minimization of operational costs.
- Healthcare segment is also expected to show substantial growth owing to the growing demand for improved outcomes and the cost-effectiveness of supply chain management. Moreover, control towers enable effective and efficient management of end-to-end supply processes, thus, boosting the market growth.
Control Towers Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Prominent players in the market are focusing on offering control towers that can help organizations improve operational efficiency and enhance work environments. The market players are investing aggressively in expanding their capabilities as part of the efforts to increase their market share. They are also actively pursuing various initiatives, including the expansion of existing product and type portfolios.
Some Prominent players in the global control towers market include:
- Blue Yonder Group, Inc.
- E2open, LLC
- One Network Enterprises
- Viewlocity Technologies Pty Ltd.
Order a free sample PDF of the Control Towers Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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Control Towers Industry Overview 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…
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