NEWARK, Del, April 26, 2023 (GLOBE NEWSWIRE) -- NEWARK, Del: By 2032, the global fog computing market Size is anticipated to be US$ 2.2 billion. It is set to increase steadily between 2022 and 2032 at a CAGR of 27.0%. In 2022, the global market was valued at US$ 196.6 million.
Fog computing is a type of computational infrastructure that includes an additional computer, memory, and networking components that are placed in between the data source and the cloud. Fog networking is a common name for it.
Reduced network latencies between end-user devices are one benefit of fog computing in the context of the internet of things (IoT) and augmented reality (AR). This generates a large amount of data, and sending it to cloud services for analysis would be impractical.
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Fog computing is widely used in industry since it integrates the public cloud close to the devices while accelerating data transmission. Fog computing makes an effort to localize computing resources for data, process data in real time, and meet low-latency requirements
Rising bandwidth limits are one of the primary factors promoting growth in the global fog computing industry.
Demand is also anticipated to increase due to the growing acceptance of the present IoT network's limited solutions and rising penetration of internet-connected devices. This is primarily because such services generate copious volumes of data.
A key driver boosting the market for fog computing is rising IoT usage and mobile data traffic. The necessity for enhanced security by keeping data close to the edge and increasing demand for quick system responses are also driving expansion.
Traffic patterns vary depending on the user's preferences, however, they are frequently centralized in developing cities worldwide. Internet and cloud networks are unable to properly regulate the data stream over their vast expanses. This necessitates the development of fog computing infrastructure near customers.
As a way to avoid network bottlenecks, the introduction of linked technologies such as smart energy, connected factories, connected cars, and OTT content is one of the key factors predicted to boost demand for fog computing.
Key Takeaways from Fog Computing Market Study
- Global fog computing sales exhibited astonishing growth at a CAGR of 55.3% in the historical period from 2017 to 2021.
- The USA fog computing market is expected to be worth US$ 702.7 million by 2032.
- The United Kingdom's fog computing industry is projected to create an absolute dollar growth of US$ 97.5 million in the forecast period.
- Sales for fog computing solutions in China are anticipated to be valued at US$ 169.1 million by 2032.
- By type, the software segment is likely to expand at around 26.9% CAGR from 2022 to 2032.
“Fog computing technology has recently been adopted at a rapid pace by the smart manufacturing industry. The agility and adaptability of big data solutions have led to increased adoption of the Internet of things (IoT). It has further expanded the amount of digital data creation. Manufacturers will gain massive benefits by establishing fog computing network infrastructure near customers over the forecast period.” – Says a lead analyst.
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Competitive Landscape: Fog Computing Market
Several businesses are concentrating on cost optimization through streamlining operations, cutting overhead, and increasing efficiency in order to stay competitive. They also want to enhance their consumer experience by offering superior assistance and services.
In an effort to stand out from the competition, several leading companies are investing heavily in research & development to create new and innovative products. This can include developing new software solutions, hardware products, and IoT devices.
For instance,
In April 2022, Next-Generation Alibaba Cloud was delivered by Alibaba Cloud and VMware to accelerate innovation. Enterprises in China can now more quickly migrate and update applications and shift workloads at scale between on-premises VMware infrastructures and Alibaba Cloud. They can do so with the help of the Alibaba Cloud VMware Service.
In order to enhance speed, availability, security, and workload density, the service runs natively on the cutting-edge infrastructure of Alibaba Cloud. This allows it to harness the full power of the VMware Cloud stack.
Customers have access to a reliable VMware Cloud platform that supports seamless vMotion workload transfer to Alibaba Cloud VMware Service.
In June 2021, HPE introduced new edge-to-cloud solutions and services, including HPE GreenLake for Edge, to help enterprises manage and analyze data generated by edge devices and applications.
Get More Valuable Insights into Fog Computing Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the fog computing market presenting historical demand data (2017 to 2021) and forecast statistics for the period from 2022 to 2032. The study incorporates compelling insights on the fog computing market based on type (hardware, software), application (building & home automation, smart energy, connected health, smart manufacturing, connected vehicles, security & emergency system, transportation & logistics), and region
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Fog Computing Market Segmentation
By Type:
- Hardware
- Software
By Application:
- Building and Home Automation
- Smart Energy
- Connected Health
- Smart Manufacturing
- Connected Vehicles
- Security and Emergency System
- Transportation and Logistics
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Table of Content
1. Executive Summary | Fog Computing Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ billion) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ billion) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ billion) Analysis By Type, 2017 to 2021
5.3. Current and Future Market Size Value (US$ billion) Analysis and Forecast By Type, 2022 to 2032
5.3.1. Hardware
5.3.2. Software
5.4. Y-o-Y Growth Trend Analysis By Type, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Type, 2022 to 2032
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