Fog Computing Market size is to grow by USD 1.24 billion from 2022 to 2027, Driven by the rising demand for decentralized cloud computing to reduce latency in decision-making - Technavio

NEW YORK, Oct. 1, 2023 /PRNewswire/ -- The "fog computing market size by component (software and hardware), application (utilities, healthcare, transportation, industrial, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the fog computing market from 2022 to 2027 is USD 1.24 billion, according to Technavio. Rising demand for decentralized cloud computing to reduce latency in decision-making is a key factor driving market growth. Due to the geographical spread of infrastructure, centralized computing systems such as cloud computing are at a disadvantage with high latency. This limits their applicability in several time-sensitive applications, e.g., automotive and wearables requiring rapid response times that don't exceed 25 milliseconds to perform the operation. In addition, fog nodes are typically located a single step from device nodes such as routers or base stations compared to cloud servers where data may have to travel through multiple network hops to reach devices. Furthermore, several market players have started to offer fog computing solutions that allow users to defer decision-making in mission-critical applications because they can work on their own and with no internet connection at all. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge 

Lack of standardization and performance inconsistency of fog computing solutions is a significant challenge restricting market growth. The major problem in the field of IoT embedded components such as RFIDs, barcode scanners, sensors and devices, cloud computing, and storage is that it fails to provide a consistent performance. Furthermore, these components are integrated and assist one another in the completion of a task. The performance of one component is likely to be delayed and thus adversely affect the functioning of an additional component. This will in turn lead to a worse service for IoT services. Moreover, suppliers are made more complex when there is no standardization on the IoT solution. If an ecosystem for the IoT does not comply with the technology standards required, fog computing will fail. Hence, these factors are expected to restrict market growth during the forecast period.

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The fog computing market is segmented by Component (Software and Hardware), Application (Utilities, Healthcare, Transportation, Industrial, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the software segment will be significant during the forecast period. Enterprise data privacy concerns among edge analytics providers are a major driver of the software segment. Market players are offering software products for organizations in a variety of end-user industries such as insurance companies, government departments, hospitals, and manufacturing. There are leading market players providing cutting-edge analysis software that is specifically designed for the industry, like Microsoft, SAP SE, SAS Institute Inc., and CGI Group Inc. In addition, with this huge volume of data, companies are making use of advanced analytics solutions for managing and analyzing it. Furthermore, this segment has been affected positively by the shift towards cloud computing and the development of artificial intelligence and the Internet of Things due to the impact of the pandemic. Hence, these factors are expected to drive segment growth during the forecast period.

• North America is estimated to contribute 50% to the growth of the global market during the forecast period.

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Key Companies in the Fog Computing Market:

ADLINK Technology Inc., Aikaan Labs, Amazon.com Inc., Arm Ltd., AT and T Inc., Atos SE, Cisco Systems Inc., Crosser Technologies, Dawn Acquisitions LLC, Dell Technologies Inc., General Electric Co., Hitachi Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Schneider Electric SE, Telefonaktiebolaget LM Ericsson, Terawe Corp., Thoughtworks Holding Inc, and Toshiba Corp.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio