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
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).
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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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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
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