Overview and Scope
Fog computing is a decentralized computing architecture that moves processing resources to the network’s edge, closer to data sources or endpoint devices, rather than depending only on centralized cloud servers. It improves real-time applications by moving computing, storage, and networking resources closer to the data source.
Sizing and Forecast
The fog computing market size has grown exponentially in recent years. It will grow from $0.15 billion in 2023 to $0.21 billion in 2024 at a compound annual growth rate (CAGR) of 36%. The growth in the historic period can be attributed to proliferation of IoT devices, increasing demand for real-time applications, advancements in edge computing, rise of cloud computing, rapid growth of big data.
The fog computing market size is expected to see exponential growth in the next few years. It will grow to $0.71 billion in 2028 at a compound annual growth rate (CAGR) of 35.9%. The growth in the forecast period can be attributed to growing adoption of edge-as-a-service, expansion of smart cities, increased focus on edge security, advancements in edge AI, 5G network rollout. Major trends in the forecast period include edge AI maturation, quantum fog computing, enhanced fog-to-cloud integration, blockchain integration for security, dynamic fog resource orchestration.
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Segmentation & Regional Insights
The fog computing market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Deployment Models: Private Fog Node, Community Fog Node, Public Fog Node, Hybrid Fog Node
3) By Application: Building And Home Automation, Smart Energy, Smart Manufacturing, Transportation And Logistics, Connected Health, Security And Emergencies, Retail, Other Applications
North America was the largest region in the fog computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fog computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of smart devices is expected to propel the growth of the fog computing market going forward. Smart devices refer to ordinary objects enhanced with sophisticated computing capabilities, encompassing technologies such as artificial intelligence (AI) and machine learning, and are interconnected to create the Internet of Things (IoT). Fog computing on smart devices provides real-time data processing, decreases latency, and improves scalability by shifting computer workloads from centralized clouds to edge devices. For instance, in December 2021, according to ComScore, a US-based media company, 48% of internet users owned at least one smart speaker, which is 11% higher than the 37% of users who owned one in 2020. Therefore, the growing adoption of smart devices is driving the growth of the fog computing market.
Key Industry Players
Major players in the fog computing market are Microsoft Corporation, Dell Technologies Inc., Intel Corporation, International Business Machines (IBM) Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Toshiba Corporation, ARM Holdings Plc, Hitachi Vantara Corporation., ADLINK Technology Inc., Wind River Systems, Cradlepoint Inc., Huawei Technologies Co. Limited, MachineShop, Fujitsu Limited, Lynx Software Technologies, NebulaLink, ClearBlade, Saguna Networks, Virtuosys, SixSq, Nebbiolo Technologies Inc., Crosser Technologies, and Litbit.
The fog computing market report table of contents includes:
1. Executive Summary
2. Fog Computing Market Characteristics
3. Fog Computing Market Trends And Strategies
4. Fog Computing Market – Macro Economic Scenario
5. Global Fog Computing Market Size and Growth
……
32. Global Fog Computing Market Competitive Benchmarking
33. Global Fog Computing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fog Computing Market
35. Fog Computing Market Future Outlook and Potential Analysis
36. Appendix
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