The global fog computing market to reach a revenue of $556.72 million by 2023
The world is experiencing a massive surge in terms of digitally generated data from smart things and connected devices. With the increasing number of smartphones and application-enabled devices, more and more users are accessing data and computation power, thereby fostering the market growth
BANGALORE, India – February 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Fog Computing Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” (February 2018).
According to Infoholic Research, the Americas will witness a high growth rate in the global fog computing market during the forecast period. As per the analysis and an in-depth study, the Americas has a huge potential for applications of the Internet of Things, which would further create a market for fog computing across the region. In addition, the US and Canada are among the most technically advanced countries, which are ahead in adopting new technologies. The global fog computing market is expected to grow at a CAGR of 61.63% during the forecast period 2017–2023.
Fog computing has seized the attention of a varied set of industry participants in the past few years. Currently, the market is gaining momentum across several key application areas. In addition, consumer awareness and increasing adoption of cloud across the globe are supporting the growth.
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The key factors that are fuelling the market growth include rapid development of technology and the requirement for managing the massive amount of data, which is being produced by sensors. Also, increasing Internet adoption rate and increased usage of mobile phones are propelling the demand for energy-efficient sources. The rising number of IoT connectivity, M2M communication, need for real-time computing of time-critical process, and increase in demand for connected devices are majorly driving the fog computing market.
“Fog computing is in the nascent stage and is set to roll-out in formal deployments. But, there are a variety of cases that have been identified as major scenarios for fog computing. Basically, the development of fog computing frameworks gives organizations more choices for processing data wherever it is most appropriate to do so. For some applications, data may need to be processed as quickly as possible, i.e., in a manufacturing use case where connected machines need to respond to an incident as soon as possible.” – Priyanka Yadav, Research Analyst at Infoholic Research
The Americas is the leading region in the fog computing market, followed by APAC and EMEA. The market in APAC is expected to witness growth due to increase in the cloud-based technology, increasing penetration rate of Internet devices, and government initiatives. Among the countries covered in the report, Japan, the US, and China are expected to grow at a high rate during the forecast period due to increase in the penetration of connected devices and adoption of cloud-based applications.
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The report aims to highlight key insights from service providers, verticals, and stakeholders. The report covers the current scenario and the development prospects of the fog computing market during the forecast period 2017–2023. It also provides an in-depth analysis and forecast of the industry covering the following key features:
- The report not only highlights the end-user challenges but also brings in their perspective on the global fog computing market.
- The report is analyzed based on types, applications, and
- The report covers the evolution of fog computing, its features, advantages, and importance of the technology in terms of future perspective.
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023).
- The report contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape, which includes vendor assessment.
- The report covers the major types, namely hardware and software.
- The report covers an analysis of countries such as the UK, China, India, Japan, Germany, the US, France, and Canada.