Fog Computing Market Size, Share & Industry Analysis, By Component (Hardware, Software), By Application (Smart Farming, Building and Home Automation, Transportation and Logistics, Healthcare, Retail, Military, Others)and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Fog computing, also known as fog networking is a computing platform that extends additional compute, storage, and networking resources that are located between the data source and cloud. Fog computing supports low network latencies between the end-user devices for Augmented Reality (AR) and the Internet of Things (IoT), where a large amount of data is produced, which is unreasonable to send to cloud services for analysis. The fog computing model is widely implemented among industries as it helps to integrate cloud resources close to the devices and reduces the time required to transmit the data. Fog computing aims at meeting low-latency requirements, reduce the power consumption of end devices, real-time data processing, and localizing data computing resources.
Increasing awareness of data security, bandwidth limitations and rising adoption of low-latency applications for existing IoT infrastructure, and high adoption of IoT devices generating a massive amount of data are some of the key factors driving the global fog computing market growth. The fog computing market is mainly propelled by the increasing adoption of IoT and explosive growth in mobile data traffic. Moreover, the expanding demand to improve system response time and the need for increased security by keeping data to the edge is fueling fog computing market growth during the forecast period.
However, the unavailability of large-scale general-purpose fog computing platforms is projected to impede the fog computing market growth.
Key Market Driver -
Increasing need to overcome bandwidth limitation in existing IoT infrastructure
Key Market Restraint -
Unavailability of large-scale general-purpose fog computing platforms
Market Segmentation:
By component, the market is segmented into hardware and software. Based on the application, the market is segmented into smart farming, building, and home automation, transportation and logistics, healthcare, retail, military, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
Some of the major companies in the global fog computing market report include Cisco Systems, Inc., Microsoft, Arm Limited, Dell Technologies, Inc., Fujitsu Ltd., General Electric Company, Nebbiolo Technologies, Inc., Schneider Electric, Toshiba Corporation, ADLINK Technology Inc., Cradlepoint, Inc., and FogHorn Systems.
Regional Analysis:
North America is expected to hold the largest market share in the global fog computing market during the forecast period. This growth in the region is mainly owing to the increasing expenditures in the fields of fog computing and rapid penetration and implementation of IoT. Subsequently, a growing number of IoT and cloud-based companies in the region have further propelled the market growth. While the growth in the Asia Pacific is primarily owing to the extensive adoption of cloud platforms among businesses to improve efficiency and increasing government focus on the smart city and smart building.
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Segmentation
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Fog Computing Industry Developments
- In November 2018, Nebbiolo Technologies Inc., a leading intelligence edge infrastructure for industrial and commercial IoT solutions collaborated with Exor International, to accelerate the time-to-value of industrial IoT applications required for the smart industry sector.
- In November 2018, FogHorn, a leading developer of edge intelligence software collaborated with Dell, Inc. This collaboration will enable industrial and commercial customers to leverage the power of edge quickly and provide real-time insights to streamline operations and reduce costs.
- Ongoing
- 2023
- 2019-2022
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