NEW YORK, Sept. 9, 2021 /PRNewswire/ -- The global control tower market is estimated to witness enormous growth in the forecast period, due to the growing demand for data analytics solutions across the world. The Asia Pacific region is predicted to foresee lucrative growth by 2028.
Research Dive in its latest published report estimates that the Global Control Tower Market will generate $9,881.0 million by 2028, and grow at a CAGR of 14.9% during the forecast period from 2021 to 2028.
A large number of organizations across the globe are increasingly focusing on using business data in order to extract actionable insights, which is increasing the demand for data analytics solutions. Also, decision-makers are making use of analytics tools to derive actionable insights for developing crisp, meaningful, and forward-thinking approaches. Besides, big data provides transparency, greater data precision, and perspective to supplier networks, which is contributing to the exchange of broad knowledge across supply chains. Thus, organizations are hugely adopting real-time analytics, big data analytics, and cognitive technologies which are the factors projected to foster the global control tower market growth during the forecast period. However, various companies lack the visibility to build more resilient & agile supply chains, which are expected to limit the market growth in the projected timeframe.
COVID-19 Impact on the Control Tower Market
The COVID-19 pandemic has adversely impacted the global control tower market growth during the pandemic for a short period of time. The unfavorable impact on the control tower market share and size is majorly due to the lockdown restrictions imposed in many parts of the world such as restrictions on transport, closing down of international borders, and shutting down of manufacturing units. This resulted in disruption in supply chain and raw materials which affected the market growth. However, the pandemic has implied the need for proactive operational agility and planning in supply chains, which necessitates improved and developed visibility across multiple levels of distributors, suppliers, and partner operations. Many control tower vendors around the world are working actively and providing solutions to minimize the negative impact of COVID-19 on global supply chains, which is expected to help the market recover in the coming future.
The report segments the global market into type, application, end use, and region.
Based on type, the operational sub-segment is expected to generate a revenue of $8,103.8 million by 2028 and witness significant growth during the analysis period. This is majorly because operational type of control towers are used for both analysis and action. These control towers use predictive analytics to generate ideal results and also to apply them automatically.
Based on application, the supply chain sub-segment valued for $1,941.2 million in 2020 and is projected to dominate in the global industry throughout the forecast period. This significant growth is mainly because the cost-effectiveness, ease of use & integration, planning, agility, and scalability of control towers are attracting a various supply chain management solution providers across the globe.
Based on end use, the automotive and manufacturing sub-segment valued for $671.5 million in 2020 and is projected to hold a dominant market share during the forecast period. This is mainly due to the rapid growth in the automotive & manufacturing industry worldwide and the growing need for businesses to centralize transportation planning.
Based on region, the Asia Pacific control tower market size is expected to surpass $1,809.2 million by 2028 and witness lucrative growth over the forecast period. This is mainly due to the growing concerns and increased complexity among organizations of the Asia Pacific region to successfully manage risks during supply chain management. In addition, multinationals are increasingly focusing on developing centralized, technology-driven hubs in order to enhance and manage their supply chain operations and regional network, which is expected to boost the regional market growth by 2028.
In April 2021, IBM announced the launch and availability of 'IBM Sterling Inventory Control Tower' in order to allow companies to create & manage resilient supply chains. This new control tower is equipped with AI and specifically designed to provide insights to the inventory wherever it is, recognize and identify the impact of external events to envisage disruptions, and take actions based on playbook recommendations to lessen the upstream & downstream effects.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.