iCrowd Newswire – Jul 22, 2020
Fog Computing market size is forecast to reach $765.9 billion by 2025, after growing at a CAGR of 55.5% during the forecast period 2020-2025. The fog computing is an advanced supplement to cloud computing. This is a versatile resources-rich computing platform, acting as a viable solution for several Internet of Things (IoT) applications. Additionally, fog networking provides short-term analytics at the edge and power of the cloud closer to where data is created. This factor is projected to propel the adoption of this computing to edge computing in multifarious applications such as smart grid, smart buildings, vehicle networks, smart city, and software-defined networks, worldwide. The widespread acceptance of cost-effective fog computing across small and large enterprises is set to contribute to the expansion of the global fog computing market size.
Offering Type- Segment Analysis
Software offering type is set to grow at the highest CAGR in the fog computing market during 2020-2025. Presently, many of the software providers are showcasing their interest to tap the significant number of opportunities generated by fog computing in various platform and applications of the architecture. Less data upload time coupled with the low capital investment is an added benefit. Furthermore, the requirement of low investment is encouraging the new players to enter the fog computing market.
Application – Segment Analysis
The fog computing a multi-tier distributed network platform is applicable at different applications such as smart energy, home automation, connected vehicles, connected health, smart manufacturing, transportation & logistics, and security & emergency system. The rise in the demand driving pattern and real-time analysis applications are escalating the use of fog computing in connected health applications. As it provides better control over data storage and access to essential statistics to a wide range of customer base. Apart from the connected health, the smart manufacturing application has been elevating as the primary market for fog computing. The increase in the need for process automation in the manufacturing domain is burgeoning usage of the fog computing, to increase real-time monitoring along with operational capability.
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Geography- Segment Analysis
North America fog computing market share dominated the global fog computing market, accounts for more than 36%, followed by Europe and APAC. It is majorly due to the huge potential for the applications of IoT within developed economies namely the U.S. and Canada, is playing a vital role in burgeoning the demand for a fog computing market. These technically advanced countries are ahead in adopting new technologies and engaged in creating a huge number of opportunities for the fog computing technology in the North America region. The U.S. established a major share in the North America fog computing market due to the presence of key players which includes Cisco, Microsoft, IBM, and Dell. Moreover, the rise in the R&D activities and advanced technology integration among the applications of the end-use industries specifically healthcare, automotive, and transportation is fuelling the growth of the fog computing in this region.
Drivers –Fog ComputingIndustry Outlook
• The growth of the fog computing market is impelled by the increasing demand for connected devices
It is majorly due to the rise in the adoption of machine to machine communication, IoT connectivity along with the necessity for real-time computing especially in case of time-critical process. The shift in the developed countries investment into IoT and Artificial Intelligence (AI) is highlighting the intention to experience advantageous technological results. Thus, this is augmenting the need for smart technology such as fog computing in each field. The Centers for Medicare & Medicaid Services states that the U.S. healthcare expenditure valued at $3.5 trillion as of 2017.The U.S., U.K., China, Japan, and India are the active economies in terms of investments particularly in IoT with AI for numerous applications of the healthcare industry. Remote monitoring got possible through IoT-enabled devices in the healthcare sector. Furthermore, it provides increased patient engagement and efficient interaction with the doctor. Hence, these above-mentioned factors are contributing to an increment in the fog computing market revenue.
• Fog computing aids faster decision-making capability, cost savings, speedy evaluation of data, and improved operational efficiency. The growing demand for all these factors together representing the fog computing as a dominant model for organizations across varied business verticals, thereby boosting the fog computing market revenue
For this, technical giants are utilizing the accessible opportunity fog computing market as an investment spot. As it helps to address cloud computing deficiencies and also in sorting out the intrinsic resource constraints within IoT devices and services. Additionally, increasing digitalization and supportive government initiatives in developing countries are driving the growth of the fog computing market. For instance, the prime minister and vice president of UAE publicized Dubai’s smart city project, which has resulted in the delivery of nearly 1000 government services using the internet as of 2017. Fog computing deals with security and surveillance systems, access control, building control, environmental monitoring applications as well within the smart infrastructure.
Challenges – Fog ComputingIndustry
• The security concerns are the primary challenges of the fog computing market
Lack of proper standardization in the deployment of fog computing along with cite experts is acting as the foremost restraints in fog computing industry growth. Due to this, end users are estimated to suffer from inconsistency evident through unreachable information and decreased data retrieval. On the other hand, the fog receives some security concerns of cloud computing which include IP address spoofing,privacy issues, andman-in-the-middle attacks. In general, fog devices are being set up at public places, where they are vulnerable to unnecessary interference. The inadequacy of surveillance, while transmitting a computation logic to the edge gadgets and devices of the network is restraining the growth of the computing industry. The challenges associated with innovative digital IT infrastructure about communication, latency, and bandwidth. In addition to this, trust, authentication, and wireless authentication concern and the cost of fog equipment are hampering the growth of the fog computing market.
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In 2018, the market of fog computing has been consolidated by the top ten players accounting for 40% of the share. Adlink Technology, Inc., Cisco Systems, Inc., Fujitsu Ltd., Cradlepoint, Inc., Foghorn System, Hitachi Data System, IBM Corporation, Intel Corporation, Microsoft Corporation, and Nebbiolo Technology are the fog computing top 10 companies.
• North America holds a major share in the fog computing market owing to the growing adoption of fog computing technology by the established players in the U.S. country.
• The growing popularity of process automation is highlighting the need for smart manufacturing is likely to aid in the market growth of fog computing. The advent of IoT, mobile internet, and cyber physical systems (CPS) is leading to witness the fastest growth of the vibrant computing protocol – fog computing.
• Increasing the adoption of fog computing software offerings by new entrants in the low capital investment marketplace is set to propel the demand for the fog computing market in the near future.
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