Global US$700 Million Fog Computing Market Forecast 2017-2024
Global US$700 Million Fog Computing Market Forecast 2017-2024
Asia Pacific Fog Computing Market, led by India, China, and South Korea will have highest CAGR in the coming years owing to increase in use of connected devices and cloud computing coupled with the fact that majority of companies present in the region are SMEs that are expected to use fog computing in 5-6 years.
SELBYVILLE, Del., March 7, 2018 /PRNewswire-iReach/ -- Fog Computing Industry Background
Fog computing is a distinctively niche technology and an extension to cloud computing. It is defined as a decentralized computing platform that extends the service offered by the cloud computing resources to the edge of devices. It provides storage, computing, and networking service between cloud platforms and end devices. These model offers several benefits such as scalability, low latency requirement, optimizing network traffic, which makes it an ideal solution for managing IoT tasks and queries. As the adoption of IoT devices increases, the requirement to optimize network traffic and reduced time for transmitting data between edge devices and cloud computing platform also arises, which is also estimated to drive the growth of the market.
Fog Computing Industry Overview
Fog Computing Market is predicted to be valued 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 global fog computing industry 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.
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.
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Fog Computing Market By Application
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.
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.
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.
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Competitive Fog Computing Industry Share
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.
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:
https://www.gminsights.com/industry-analysis/fog-computing-market
Chapter 5. Fog Computing Market, By Component
5.1. Global fog computing market share by component, 2015 & 2024
5.2. Hardware
5.2.1. Hardware, by region, 2015 - 2024
5.2.2. Controller
5.2.2.1. Controllers market, by region, 2015 - 2024
5.2.3. Gateways
5.2.3.1. Gateways market by region, 2015 - 2024
5.2.4. Routers & Switches
5.2.4.1. Routers & Switches market by region, 2015 - 2024
5.2.5. Sensors
5.2.5.1. Sensors market by region, 2015 - 2024
5.2.6. Others
5.2.6.1. Others market by region, 2015 - 2024
5.3. Software
5.3.1. Software market, by region, 2015 - 2024
5.4. Service
5.4.1. Market estimates and forecast, 2015 - 2024
5.4.2. Service market, by region, 2015 - 20245.4.3. Professional Service
5.4.3.1. Professional service market by region, 2015 - 2024
5.4.4. Managed Service
5.4.4.1. Managed service market by region, 2015 - 2024
Browse Full TOC @ https://www.gminsights.com/toc/detail/fog-computing-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, sales@gminsights.com
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SOURCE Global Market Insights, Inc.
