Increasing Adoption in Connected Cars to Boost Fog Computing Market Growth Globally
New York, US, July 05, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR),” The Fog Computing Market, By Type (Hardware, Software), By Application (Smart Energy, Smart Buildings and Home Automation, Transportation, Healthcare, Smart Manufacturing) – Forecast 2030”. The market is expected to touch USD 343.48 million at a 55.6% CAGR by 2030.
Fog Computing Market Overview
Increasing adoption of fog computing solutions for supporting the development of connected cars will boost market growth over the forecast period. From vehicles to vehicles, vehicles to access points, & access points- access points, connected cars display a diverse variety of interactions and connectivity. Fog computing has a number of characteristics that make it an appropriate platform for offering a variety of smart connected vehicle (SCV) services, including safety, traffic support, heterogeneity, mobility & position awareness, low latency, and real-time interactions. Real-time processing in AI is a virtual reality improvement in which the majority of information recovery & processing is transferred to connected devices such as smart home storage, phones, and the cloud. Fog architecture aids these devices in locating and analyzing data by providing an intelligent location hierarchy.
Fog Computing Market Report Scope:
|Market Size||343.48 Million by 2030|
|CAGR||55.6% From 2021 To 2030|
|Forecast Period||2021 To 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Solutions, Application|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||IBM Corporation (U.S.) Cisco Systems Inc (U.S.) AT&T Intellectual Property (U.S) Hitachi Ltd. (Japan) Verizon Communications Inc. (U.S.) PTC Inc. (U.S.) SAP SE (Germany) Rockwell Automation Inc. (U.S.) Schneider Electric SE (France) Infosys Limited (India)|
|Key Market Opportunities||Data processing, analyzing, transfer, and deploying to devices using the Internet of Things over network easier|
|Key Market Drivers||Internet of Things is globally considered as the major factor that led to the rise of the fog computing market.|
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Growing Use of Cloud Computing Platforms to offer Robust Opportunities
The growing use of cloud computing platforms will offer robust opportunities for the market over the forecast period. Fog computing allows IoT devices to do processing, decision-making, and action-taking while only sending relevant data to the cloud. The fog brings the cloud closer to the devices that generate and process IoT data. It solves cloud computing’s constraints, such as latency and frequency concerns, scalability issues, and resource management.
Lack of Uniform Governance Standards to act as Market Restraint
The lack of uniform governance standards and lack of fog computing technology skills may act as market restraints in the forecast period.
Privacy & Security Concerns to act as Market Challenge
Privacy and security concerns may act as a market challenge over the forecast period.
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Following the emergence of the Corona virus, practically every industry around the world has pushed toward digitization and automation, & people have begun working from home, prompting enterprises to relocate their workload to the cloud in order to keep their operations running smoothly. As a result, firms are likely to spend higher on IT infrastructure for customer support services and business applications globally in the post-Covid-19 period in order to operate efficiently. Cloud computing, digitization, artificial intelligence, and machine learning are projected to dominate the technological arena in the future years, and investors are developing long-term investment strategies in this area.
Fog Computing Market Segmentation
The global fog computing market is bifurcated based on type and application.
By type, hardware will lead the market over the forecast period.
By application, smart manufacturing will dominate the market over the forecast period.
- Smart Energy
- Smart Buildings And Home Automation
- Smart Manufacturing
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Fog Computing Market Regional Analysis
North America is predicted to domineer the market, accounting for the largest share of the CAGR in the forecast year. Healthcare facilities, smart homes, smart autos, and other applications are driving the fog computing market in North America. In 2017, the Americas market is predicted to have the highest share of the industry. The strong R&D in the fog computing, higher penetration of the Internet of Things, and the creation of a number of IoT and cloud start-ups are the primary driving reasons for growth in the Americas. During the projected period, North America is expected to have the biggest market share in the global fog computing market. This expansion in the region is mostly due to rising spending in the fields of fog computing and IoT penetration and deployment. As a result, an increase in IoT & cloud-based enterprises in the region have fueled market expansion. Fog computing technology is projected to have a huge future in North America. Because of increased investment in fog computing research & development, the existence of significant players, and the increasing adoption of IoT in the region, this region dominates the fog computing market. The market’s enterprises will benefit from the improved network infrastructure in various nations across this area. The regional market will benefit from increased expenditures in the development of concepts using sophisticated technologies like AI and IoT.
APAC to Have Admirable Growth in Fog Computing Market
Because of their cost-effective nature, Asia-Pacific countries such as China, Japan, Australia, India, and others have seen the highest number of countries transition to cloud computing & cloud platform usage, paving the way for fog computing technologies. Cloud computing, cloud data centres, the government’s growing interest, NGOs, trade allies, private firms, & other organizations have helped the Asia-Pacific region go digital and grow its economy significantly. While the expansion in Asia Pacific is mostly due to businesses’ widespread adoption of the cloud platforms to improve efficiency and the government’s increased focus on smart cities and smart buildings. Because of government support, the expansion of connected cars, and widespread usage of cloud solutions in emerging countries, Asia-Pacific is predicted to have the greatest CAGR during the projection period of 2021-2028.
The sector is growing because of the necessity to take benefit of hybrid IT infrastructures to give flexibility and agility. Furthermore, the region has seen a significant uptake of cloud services in important markets such as China, Japan, & Australia, creating potential opportunities for fog network implementation. Furthermore, the Indian government’s Make in India effort is likely to stimulate smart manufacturing growth, driving up need for streaming the data from cloud to edge. The OpenFog Consortium has formed a partnership with the IoT ITAC to work and test the technology’s standards and improvements. Furthermore, the country’s growing number of connected cars is likely to raise the demand for an effective data handling & communication platform.
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Global Fog Computing Market makes a brief note on factors affecting the business growth and development, market growth, and market analysis for the forecast year. It shares the segments and sub-segments on the fog computing market is determined. It classifies the strategic alliances, different joint ventures, new product developments, mergers and acquisitions, research, and developments that made the market for fog computing across the world. It points to the challenges the fog networking market had to suffer and how the Internet of Things is used to maintain and overcome these setbacks.
Dominant Key Players on Fog Computing Market Covered are:
- Microsoft (US)
- IBM Corporation (U.S.)
- Cisco Systems Inc (U.S.)
- AT&T Intellectual Property (U.S)
- Hitachi Ltd. (Japan)
- Verizon Communications Inc. (U.S.)
- PTC Inc. (U.S.)
- SAP SE (Germany)
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE (France)
- Infosys Limited (India)
- Oracle (US)
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