Fog Computing Market worth over $700 million by 2024
Published Date: December 18, 2017 Author: Global Market Insights, Inc.
Fog Computing Market size is set to exceed USD 700 million by 2024; according to a new research report by Global Market Insights, Inc.
Increasing penetration of cloud computing platforms is fostering the fog computing market growth. Over the past decade, cloud computing has emerged as a driving force in the IT ecosystem. It is estimated that approximately 80% of the enterprises are utilizing the capabilities of the cloud computing platform in their business and the number is further anticipated to increase in the future. As cloud computing platforms offers computing, storage, and networking services across all the business sectors, it frees the customer and enterprises from the specifications of various details, which may result issues in latency sensitive applications in sector such as healthcare, energy & utility. These inherent challenges of cloud computing are forecast to positively impact the market adoption.
Fog computing solutions offer several benefits to the business, as they extend the cloud near the edge devices that generate and act on data. The model increases the business agility as it offers rapid innovation and affordable scaling options. It is cost effective and comparatively faster than cloud computing platforms. Furthermore, it provides better security, deeper insights, and privacy control. It also reduces the operating expenses by conserving the network bandwidth and locally processing the data rather than forwarding to the cloud platform.
The growth of the fog computing market is attributed to the paradigm shift in the U.S. healthcare reimbursement systems from fee-for-service model to the outcome-based reimbursement model. This will encourage healthcare organizations to adopt IoT devices to reduce power consumption, improve operational efficiency, reduce cost, and enhance overall performance of business. Furthermore, healthcare applications are latency sensitive and requires real-time analysis, any delay in transmitting data leads to serious consequences. Since fog computing enables the analysis of data at the edge of devices, its adoption among healthcare organization is further estimated to increase.
Browse key industry insights spread across 350 pages with 757 market data tables & 64 figures & charts from the report, “Fog Computing Market Size By Component (Hardware [Controllers, Gateways, Routers & Switches, Sensors], Software, Services [Professional Services, Managed Services]), By Deployment Model (Fog as a Product (FaaP), Fog as a Service (FaaS)), By Application (Automotive, Energy & Utility, Healthcare, IT & Telecom, Manufacturing, Retail, Smart Infrastructure, Transportation), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, MEA), Growth Potential, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
The manufacturing sector is also one of the major end-users of the fog computing market solutions and holds huge potential for the industry revenue. The growth can be credited to the increasing demand for process automation in the manufacturing sector to gain an edge over competitors. Furthermore, fog computing solutions enhance the operational efficiency by providing actionable insights and real-time monitoring of the operations, which is estimated to increase the adoption among manufacturing plants.
Asia Pacific fog computing market is estimated to be the fastest growing region owing to the increasing adoption of the cloud computing platform in countries such as India and China. Furthermore, rapidly developing smart infrastructure such as smart cities and government initiatives in the developing countries are also estimated to have significant impact on the growth of the industry. For instance, Indian government’s smart city development initiative, Digital India program and Make in India campaign is estimated to fuel the development of smart infrastructure, therefore increasing the demand for streaming data from cloud computing platform.
Some of the key companies in the fog computing industry are ADLINK, AppFog, ARM, AT&T, Cisco, Cradlepoint, Dell, Foghorn, GE Digital, IBM, Intel, Nebbiolo, Microsoft, and VIMOC. Collaboration and product launch has become one of the strategies used by the market players to increase the product portfolio and gain technical expertise. For instance, in 2015, Dell introduces its new Edge Gateway to provide fog computing solutions for industrial applications and building automation.
Global fog computing market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2015 to 2024, for the following segments:
- Routers & Switches
- Professional Services
- Managed Services
By Deployment Model
- Fog as a product
- Fog as a service
- Energy & Utility
- IT & Telecom
- Smart Infrastructure
The above information has been provided on a regional basis for the following:
- Asia Pacific
- South Korea