USD 85.5 million
Report ID: SQMIG45F2040 | Region: Global | Published Date: April, 2023 | Pages: 242 | Tables: 66 | Figures: 74
Fog Computing Market size was valued at USD 85.5 million in 2021 and is poised to grow from USD 126.66 million in 2022 to USD 4314.38 million by 2030, growing at a CAGR of 48% in the forecast period (2023-2030).
Fog computing is a decentralized computing framework that facilitates computing, storage, control, and networking services between end devices and computing data centers. It reduces the amount of data required for sending to the cloud, thereby saving network bandwidth and minimizing the response time of the system.
The primary reasons driving the fog computing market include the development in the use of smart devices to support smart grids, smart buildings, smart cities, automotive networks, and software-defined networks as well as the rising demand for connected devices among end users. The growth of the connected fog computing market is accelerated by the rise in demand from the automotive industry, which makes connected fog computing an ideal platform for delivering a variety of smart connected vehicles (SCV), safety, mobility and location awareness, traffic support, real-time interactions, low latency, and safety. The emergence of 5G technology also has an impact on the fog computing market. The role of fog architecture plays in the advancement of virtual reality, which is AI, where the majority of information recovery and processing is forwarded to related devices, including smart home storage, and the cloud, among others. Additionally, government initiatives to support the advancement and their deployment in fog computing, the development of the internet of everything (IoE) from the internet of things (IoT), the growing demand for high-speed data analytics and quicker response times, and the increase in research and development activities in the fog computing sector all have a positive impact on the market. Future profitable potential for the companies in the fog computing industry is also expanded by advancements and widespread use of cloud computing, machine learning, and artificial intelligence.
On the other hand, challenges that are anticipated to impede the fog computing industry include a lack of technological expertise and understanding as well as the absence of common standards. Fog computing industry challenges include the complexity of design brought on by decentralized computing and worries about the possibility of cyberattacks as a result of the expansion of network edges.
US Fog Computing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 85.5 million
Largest Segment
software
Fastest Growth
software
Growth Rate
48% CAGR
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The global fog computing market is segmented on the basis of type, application, and region. Based on type, the market is segmented into hardware and software. Based on application, the market is segmented into connected vehicles, building & home automation, smart energy, smart manufacturing, connected health, securities & emergencies, and others. Based on region, the global fog computing market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Fog Computing Market Analysis by Type
On the basis of type fog computing industry is divided into two parts as hardware and software. As more industries are adopting cloud computing platforms, the services industry will expand at a CAGR of over 70%. Professional services reduce the overall cost of operations in organizations by removing the maintenance costs of physical IT infrastructures and staff hiring costs because organizations are moving their whole infrastructure into the cloud. Due to the rising popularity of outsourcing strategic management tasks and responsibilities to outside service providers, the managed services industry will expand at the fastest rate.The hardware consisted of the IP video cameras, routers, switches, sensors, gateways, and microdata center. Software comprised the various ERP models, and other cloud-based service models designed as per customer requirements.
Fog Computing Market Analysis by Application
Due to the increasing use of fog computing solutions to assist the creation of connected cars, the automotive application segment is predicted to increase at a rate of over 65%. The connected cars show a wide range of connectivity and interactions between cars, access points (such as smart traffic lights and roadside equipment), and access points to other access points. Fog computing has proven to have a number of characteristics that make it the perfect platform for delivering a variety of Smart Connected Vehicles (SCV) services in the areas of low latency, real-time interactions, mobility & location awareness, and traffic support.
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In 2021, the fog computing market was dominated by North America. High IoT usage and rising investments in ongoing research on the creation of fog architecture are two important elements influencing the growth of the region. For instance, in the United States, a project has been started that makes it possible for traffic lights to work with linked cars to cut down on travel time. Furthermore, it is anticipated that the early adoption of the technology will result from the presence of multiple players in the area.
In 2021, the Asia Pacific region contributed more than 15% of total income. The sector is expanding as a result of the necessity to take advantage of hybrid IT infrastructures' ability to provide flexibility and agility. Furthermore, the region has seen significant expansion in the use of cloud services in major economies like China, Japan, and Australia, opening up opportunities for the deployment of fog networks. The Make in India initiative of the Indian government is also anticipated to increase the expansion of smart manufacturing, which will increase demand for streaming data to and from the cloud. As a result of an agreement between the Open Fog Consortium and the IoT Acceleration Consortium (ITAC) to work together and test new standards and advancements, the technology is becoming more popular in Japan. Additionally, the country's increasing use of connected cars is anticipated to enhance the demand for effective data management and communication platforms.
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Fog Computing Market Driver
Fog Computing Market Restraint
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The global fog computing market is relatively fragmented, with a high level of competition. Few large players, like, Cisco Systems, Inc., Microsoft Corporation, ARM Holding Plc, Dell Inc., Intel Corporation, Fujitsuz, GE Digital, Nebbilo Technologies, Schneider Electric Software, LLC, Toshiba Corporation, and PrismTech Corporation, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Top Players in the Global Fog Computing Market
Fog Computing Market Recent Developments
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According to our analysis, rising IoT deployment in a variety of industrial verticals, including smart infrastructure, automotive, healthcare, retail, and energy, is one of the main drivers contributing to the growth of the fog computing market. Connected device data is frequently used in a variety of ways, particularly for insight extraction. The fog computing architecture is popular because it integrates cloud resources into the edge of the sting device, cutting down on transmission times and resolving latency difficulties. Fog improves the functionality of such platforms by connecting a wide variety of devices to the cloud, which will drive market development along with the increased adoption of cloud computing platforms. It reduces the drawbacks of cloud computing, such as resource management, latency and frequency problems, and scalability restrictions. Fog technology has quickly replaced cloud technology, allowing for low latency, broad geographic distribution, and a reduced risk of cyberattacks on data routers. These are expected to favourably fuel the development of the worldwide fog computing market. There are some difficulties that will impede the expansion of the market as a whole. The market expansion is being constrained by reasons including a shortage of skilled labor and a lack of standards and processes. Additionally, tough tasks that restrict growth include sophisticated integrated systems and the integration of AI solutions into the current systems. Additionally, the potential for increasing cyber-attacks as a result of network edge extension and decentralized computing leading to complexity in architecture could be a hindrance to the overall growth of the global fog computing market. Nevertheless, corporations are overcoming the difficulties of centralized data processing thanks to technological improvements. The potential for growth for platform providers, cloud service providers, communication technology providers, and system integrators is favorable. The largest market share belongs to North America. The Internet of Things has a lot of promise for use in developed nations like the United States and Canada. The United States and Canada are two of the world's technologically most developed nations. The market in the North American region will benefit from increased investment in ongoing research on the creation of fog architecture.
Report Metric | Details |
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Market size value in 2021 | USD 85.5 million |
Market size value in 2030 | USD 126.66 million |
Growth Rate | 48% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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For the Global Fog Computing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fog Computing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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