Market Highlights
The global Fog Computing Market is accounted to register a CAGR of 55.6% during the forecast period and is estimated to reach USD 343.48 Million by 2030
The fog computing market refers to the industry and market landscape surrounding fog computing technologies and services. Fog computing is a decentralized computing architecture that extends cloud computing capabilities to the edge of the network, closer to the data source or the user. It aims to address the limitations of traditional cloud computing by bringing computational resources, storage, and networking closer to the edge devices, thereby reducing latency, improving efficiency, and enhancing real-time data processing.
Top Key Players:
- Cisco Systems Inc. (U.S.)
- Dell Inc. (U.S.)
- Toshiba Corporation (Japan)
- Microsoft Corporation (U.S.)
- PrismTech Corporation (U.S.)
- Intel Corporation (U.S.)
- ARM Ltd. (U.K.)
- Fujitsu (Japan)
- Schneider Electric Software
- LLC (Japan)
- and Nebbiolo Technologies (U.S.)
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Key Findings of the Study
- The global Fog Computing Market is expected to reach USD 343.48 Million by 2030 at a CAGR of 55.6% during the forecast period.
- North America dominated the fog computing market in 2016. Key factors driving the regional growth include the high adoption of IoT and increasing investment in ongoing research on the development of fog architecture.
- The hardware segment captured a revenue share of over 35% in 2016. The declining component costs and advancements in the functionality of the devices are expected to contribute to the growth of the hardware segment over the next nine years
- Dell Inc., Fujitsu, Schneider Electric Software, LLC, Intel Corporation, Nebbilo Technologies, Cisco Systems, Inc., GE Digital, ARM Holding Plc., Toshiba Corporation, and Microsoft Corporation
Segment Analysis
The global Fog Computing Market has been segmented based solution, hardware, application.
The hardware segment captured a revenue share of over 35% in 2016. The declining component costs and advancements in the functionality of the devices are expected to contribute to the growth of the hardware segment over the next nine years. Furthermore, the decreasing cost of sensors and data storage devices, together with the ubiquity of wireless networks, are speeding the proliferation of fog nodes.
The sensors segment accounted for over 30% revenue share in 2016. As the demand for low latency and decentralized platforms is gaining prominence, there is a growing trend toward distributed data storage and processing approach. This has led to the increased demand for smart sensors and wireless sensor network architectures for processing data.
The connected vehicles segment captured a revenue share of over 25% in 2016 as it provides real-time analytics and informed decisions on driving patterns. Moreover, fog computing reduces the transfer of large data of video and audio recordings generated by video and dashboard cameras. The need for streamlining traffic and effective transportation management is aiding the industry growth by enhancing the connectivity of transport systems.
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Regional Analysis
The global Fog Computing Market, based on region, has been divided into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. North America dominated the fog computing market in 2016. Key factors driving the regional growth include the high adoption of IoT and increasing investment in ongoing research on the development of fog architecture. For instance, in the U.S., a project has been initiated which enables the traffic lights to integrate with connected vehicles to reduce the travel time. Moreover, the presence of several players in the region is expected to lead to the early adoption of the technology.
The Asia Pacific region accounted for a revenue share of over 15% in 2016. The need for leveraging the advantage of hybrid IT environments to deliver flexibility and agility is driving the industry growth.
Additionally, the region has witnessed a high adoption of cloud services in key economies of China, Japan, and Australia, thereby providing growth avenues for the implementation of fog network. Moreover, the Indian Government’s Make in India campaign is expected to boost the smart manufacturing growth, thereby propelling the demand for streaming data from the cloud and back.
The technology is gaining prominence in Japan as the OpenFog Consortium has signed a liaison with IoT Acceleration Consortium (ITAC) to collaborate and test the standards and developments. Moreover, the growth of connected cars in the country is expected to increase the need for efficient data handling and communication platform.
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