Fog Computing Market is estimated to be US$ 4,786.45 million by 2030 with a CAGR of 52.5% during the forecast period
Fog Computing Market accounted for US$ 72.78 million in 2020 and is estimated to be US$ 4,786.45 million by 2030 and is anticipated to register a CAGR of 52.5%. Fog computing, also known as fog networking, is a network architecture that makes use of edge devices to transport a large amount of compute, storage, and local communication. In order to route across the internet backbone, fog computing is also deployed. It aids in data efficacy and is utilised to reduce the quantity of data that must be sent to the cloud for processing, analysis, and storage. Fog computing improves data efficiency and has a wide range of applications, including smart cities, smart buildings, smart grids, car networks, and software-defined networks.
The report " Global Fog Computing Market By Component (Hardware (Servers, Switches, Routers, Gateways, and Controller) and Software (Customized Application Software and Fog Computing Platform)), By Application (Smart Energy, Building and Home Automation, Smart Manufacturing, Connected Health, Transportation and Logistics, and Security and Emergency System), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
· In May 2021, The Industrial Internet Consortium Thursday announced the IIC IoT Patterns Initiative to crowdsource, review, revise and publish a library of high-quality and well-reasoned IoT patterns for use and reuse across industries. The goal of the initiative is to make designing and making everything from products to processes easier by leveraging the knowledge of others, said François Ozog, director Edge & Fog Computing Group, Linaro, and co-chair, IIC Patterns Task Group.
Analyst View:
A major driving driver for the global fog computing market in the near future is the bandwidth restrictions of existing IoT infrastructure, which are slowing the analysis of expanding large data, as well as real-time operations and greater data security. Increased internet connectivity, machine-to-machine communication, and rising demand for connected devices are some of the primary reasons predicted to drive the global fog computing market forward over the forecast period. The lack of common governance rules in fog computing, on the other hand, is a key stumbling block to the target market's growth. Also, the fog computing industry does not guarantee existing data protection, such as encryption failing to secure data from attackers, which is a stumbling block for the targeted market around the world.
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Key Market Insights from the report:
The Global Fog Computing Market accounted for US$ 72.78 billion in 2020 and is estimated to be US$ 4,786.45 million by 2030 and is anticipated to register a CAGR of 52.5%. The Global Fog Computing Market is segmented based on the component, application and region.
· By Component, the market is segmented into Hardware (Servers, Switches, Routers, Gateways, and Controller) and Software (Customized Application Software and Fog Computing Platform).
· By Application, the market is segmented into Smart Energy, Building and Home Automation, Smart Manufacturing, Connected Health, Transportation and Logistics, and Security and Emergency System.
· By Region, the Global Fog Computing Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is dominating the global fog computing market as compared to that of other regions.
Competitive Landscape:
The key players operating in the global Fog Computing market includes Cisco Systems, Inc., Microsoft Corporation (I) Pvt. Ltd., ARM Holding Plc., Dell Inc., Intel Corporation, Inc., Fujitsu Limited., GE Digital, LLC., Nebbilo Technologies Inc., Schneider Electric Software, LLC., and Toshiba I.S. Corporation.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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