What is the global market size of Fog Computing Market?

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).

Global Fog Computing Market Size, Share, Growth Analysis, By Type(Hardware, Software), By Application(Connected Vehicle, Building & Home Automation) - Industry Forecast 2024-2031

Report ID: SQMIG45F2040 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 66 | Figures: 74

Global Fog Computing Market Insights

Fog Computing Market size was valued at USD 85.5 million in 2019 and is poised to grow from USD 126.66 million in 2023 to USD 4314.38 million by 2031, growing at a CAGR of 48% in the forecast period (2024-2031).

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 Fog Computing Market Report Snapshots

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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. 'Cisco Systems Inc.', 'IBM Corporation', 'Intel Corporation', 'Microsoft Corporation', 'ARM Holdings PLC', 'Fujitsu Limited', 'Dell Technologies Inc.', 'Schneider Electric SE', 'GE Digital', 'Toshiba Corporation', 'ADLINK Technology Inc.', 'FogHorn Systems Inc.', 'Nebbiolo Technologies Inc.', 'Prismtech Corp.', 'Cradlepoint Inc.', 'Fog Computing Inc.', 'MachineShop Inc.', 'Zebra Technologies Corporation', 'Hitachi Vantara Corporation'

The data architecture for fog computing advanced with few latency issues, smooth bandwidth operation, and development towards 5G technology. In addition, as the Internet of Things (IoT) evolves into the Internet of Everything (IoE), high-speed data analytics and quicker response times are required, which is a major driver for the fog computing sector.

The Internet of Things (IoT) is being used more frequently as a result of the agility and flexibility of big data solutions, which has increased the amount of digital data generation. This is one of the main reasons businesses and large organizations around the world are adopting fog computing solutions to meet the demand for speedy access to vast amounts of data. These technologies also improve corporate agility by streamlining the production of goods and services that generate income. Additionally, they offer a standard foundation for effective teamwork and communication. As a result, sales of fog computing solutions are increasing relative to cloud computing due to the increased public knowledge of their benefits. Additionally, the need to connect numerous devices to a network and detect dangers, such as malware or possible intrusions, is driving the usage of these technologies. This is due to the growing data security concerns brought on by the increase in cyber threats. The use of fog computing displays for car-to-car connectivity is also benefiting from the trend toward connected and sophisticated automobiles. Furthermore, governments from a number of nations are investing in the creation of smart cities, which is fostering a good outlook for the sector.

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.

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Global Fog Computing Market Size, Share, Growth Analysis, By Type(Hardware, Software), By Application(Connected Vehicle, Building & Home Automation) - Industry Forecast 2024-2031

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