Global Fog Computing Market - WishTree Insight

Global Fog Computing Market by Component (Hardware and Software), Application (IT & Telecom, Automotive, Energy & Utility, Healthcare, Transportation, Retail, Manufacturing, Smart Infrastructure), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The global fog computing market size was valued at USD 15.1 billion in 2021 and is expected to surpass USD 38.4 billion by 2031, expanding at a CAGR of 13.4% during the forecast period, 2021–2031. The market's growth is attributed to the flexibility of big data solutions, quick access to data, and the rising adoption of IoT implementation in various industries.

INTRODUCTION

Fog computing technology decentralizes application and computing resources in an effective and efficient manner. It distributes the computing and storage of data in the most efficient and logical manner between the cloud and the data sources. Fog computing or fog networking enhances efficiency and helps in reducing the size of the data which is uploaded to the cloud for data processing, analysis, and storage. It helps in enhancing compliance and security for the end users. In fog computing, most of the data processing is done on smartphones, routers, gateways, and data hubs.

The two main components in the fog computing market are hardware and software. The hardware segment includes routers, servers, gateways, switches, and controllers. Whereas the software includes a fog computing platform and customized application software. The software segment is expected to spur revenue for fog computing marketing as it requires low capital. Fog computing is finding applications in IT & telecom, automotive, energy & utility, healthcare, transportation, retail, manufacturing, smart infrastructure, and others.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing adoption of IoT and M2M devices is expected to propel the global fog computing market.
• Growing penetration of cloud computing is anticipated to grow the market share.
• Enhanced data security & real-time operation by fog computing are considered key drivers to grow the fog computing market.
• Security, fault tolerance issues, and reliability associated with fog computing are expected to restrain the market growth.
• Complex architecture of decentralized computing is anticipated to hamper the market.

Scope of the Report

Market Segment Insights

The software segment is expected to expand at a rapid pace during the forecast period

Based on components, the fog computing market is divided into hardware and software. The software segment is expected to expand at a rapid pace during the forecast period. The growth of the segment is attributed to low capital requirements and the availability of intellectual capital. Many programs are operated on virtual machines and it is easy t enter the software market for fog computing.

The automotive segment is expected to exhibit a growth rate of 65.3%

Based on application, the fog computing market is divided into IT & telecom, automotive, energy & utility, healthcare, transportation, retail, manufacturing, and smart infrastructure. The automotive segment is expected to exhibit a growth rate of 65.3% during the forecast period. The growth of the market from the automotive segment is attributed to the usage of fog computing solutions to support the development of connected cars. These cars display a rich set of interactions and connectivity. However, the IT & Telecom segment is anticipated to hold a major share of the market.

The North American region is anticipated to constitute a key market share

In terms of regions, the fog computing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North American region is expected to constitute a key share of the market and is expected to continue to hold the market share. A large amount of investment made in this region for the development of technology is expected to grow the market in this region.

Competitive Landscape

Key players competing in the fog computing market are Cisco Systems, Inc. (U.S.); Fujitsu (Japan); Microsoft Corporation (U.S.); ARM Holding PI. (U.K.); Intel Corporation (U.S.); Dell Inc. (U.S.); Schneider Electric Software, LLC (Japan).

FAQs

Mention the market size of the fog computing in 2021.

The market size of fog computing in 2021 was USD 15.1 billion.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 13.4%.

What segments are covered in the fog computing report?

The segments covered in the report are component (hardware and software), application (IT & telecom, automotive, energy & utility, healthcare, transportation, retail, manufacturing, smart infrastructure)

Mention which region is expected to hold the highest share of the fog computing market.

The North American region is expected to hold the highest share of the Fog Computing market.

Which segment holds the largest market share in fog computing by 2031?

The Software segment holds the largest market share in fog computing by 2031.

Mention the key players in the market.

Key players in the market are Cisco Systems, Inc. (U.S.); Fujitsu (Japan); Microsoft Corporation (U.S.); ARM Holding PI. (U.K.); Intel Corporation (U.S.); Dell Inc. (U.S.); Schneider Electric Software, LLC (Japan).