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Global Fog Computing Market to Reach US$ 322.7 Million by 2027, Impelled by Extensive Adoption of IoT Devices

Published on Sep 26, 2022

The latest report by IMARC Group, titled “Fog Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global fog computing market size reached US$ 151.7 Million in 2021. Fog computing, also known as fog networking, is a defined decentralized computing framework that enables storage, control, computing, and networking services between end devices and computing data centers. It minimizes the amount of data required for the cloud, thereby saving network bandwidth and reducing the response time of the system. It also helps make processing faster and enhances the overall security and efficiency of the system. As a result, it finds application in devices that require rigorous computation and processing and provides services over a large area at different geographical locations, such as smart homes, smart cities, video surveillance, and healthcare sectors.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Fog Computing Market Trends:

The market is primarily driven by the extensive adoption of the Internet of things (IoT) devices. Fog computing solutions are widely utilized to fulfill the need to access large amounts of data while enhancing business agility by making products and services more efficient.  In addition, the evolution of the Internet of things (IoT) into the Internet of Everything (IoE) requires high-speed data analytics and a shorter response time represents another major growth-inducing factor. Apart from this, the growing data security concerns due to the increasing instances of cyber threats are also accelerating the product adoption rate to connect multiple devices to a network and identify threats, such as potential malware or hacks. Moreover, governments of various countries are investing in developing smart cities, which is providing a positive thrust to market growth. Furthermore, the rising trend of connected and modern vehicles is positively influencing the employment of fog computing displays for car-to-car connectivity, which in turn is creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 322.7 Million by 2027, exhibiting a CAGR of 12.7 % during the forecast period (2022-2027).

Market Summary:

  • Based on the component, the market has been classified into hardware (gateways, routers and switches, IP video cameras, sensors, and micro data center) and software (fog computing platform and customized application software).
  • On the basis of the deployment models, the market has been segregated into private, community, public, and hybrid fog nodes.
  • Based on the application, the market has been segmented into building and home automation, smart energy, smart manufacturing, transportation, and logistics, connected health, security, and emergencies.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined in the report, with some of the key players being ADLINK Technology Inc., Cisco Systems Inc., Cradlepoint Inc. (Telefonaktiebolaget LM Ericsson), Dell Technologies Inc., FogHorn Systems, Fujitsu Limited, General Electric, Hitachi Vantara Corporation (Hitachi Ltd.), Huawei Technologies Co. Limited, International Business Machines Corporation, Oracle Corporation and Toshiba Corporation.
     

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