New York, October 1, 2023 /PRNewswire/——”Fog computing market By component (software and hardware), application (utilities, healthcare, transportation, industrial, etc.) and geography (North America, EuropeAsia-Pacific, South Americaand middle East and Africa) – 2023-2027 Forecast and Analysis” report has been added to technavio’s offering. With ISO 9001:2015 certification, Technavio has been working with more than 100 Fortune 500 companies for over 16 years. Potential Fog Computing Market 2022 to 2027 The growth difference is US$1.24 billionAccording to Technavio. Rising demand Decentralization Cloud computing reduces decision-making latency a key driver Market growth. Centralized computing systems such as cloud computing are at the disadvantage of high latency due to the geographical distribution of infrastructure. This limits their applicability in some time-sensitive applications, such as automobiles and wearable devices that require a fast response time of no more than 25 milliseconds to perform operations. Additionally, fog nodes are typically just one step away from device nodes such as routers or base stations compared to cloud servers, where data may have to pass through multiple network hops to reach the device. Additionally, some market players have started offering fog computing solutions that allow users to defer decisions in mission-critical applications because they can work independently and without an internet connection at all. Hence, these factors are expected to drive market growth during the forecast period. Gain in-depth understanding of market size, current market scenario, future growth opportunities, key growth drivers, latest trends, and more.Purchase the full report here
market challenges
Lack of standardization and inconsistent performance of fog computing solutions are significant challenges limiting market growth. The main problem in the field of IoT embedded components such as RFID, barcode scanners, sensors and devices, cloud computing and storage is the inability to provide consistent performance. Furthermore, these components are integrated together and assist each other in completing tasks. The performance of one component may be delayed, adversely affecting the functionality of other components. This in turn leads to worse IoT services. Additionally, if IoT solutions are not standardized, vendors will become more complex. Fog computing will fail if the IoT ecosystem does not meet the required technical standards. Hence, these factors are expected to restrain the market growth during the forecast period.
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The fog computing market is segmented by component (software and hardware), application (utilities, healthcare, transportation, industrial, etc.) and geography (North America, EuropeAsia-Pacific, South Americaand middle East and Africa).
- Market share growth Software part will be significant during the forecast period. Concerns about enterprise data privacy among edge analytics providers are a major driver in the software space. Market players are providing software products to organizations in various end-user industries such as insurance companies, government departments, hospitals, and manufacturing. Market leaders offer cutting-edge analytics software designed specifically for this industry, such as Microsoft, SAP SE, SAS Institute Inc. and CGI Group Inc. Additionally, with such a huge amount of data, businesses are leveraging advanced analytics solutions to manage and analyze it. Furthermore, the segment is positively impacted by the shift towards cloud computing and the growth of artificial intelligence and IoT due to the impact of the pandemic. Hence, these factors are expected to drive the growth of the segment over the forecast period.
- North America Estimated contribution 50% Growth of the global market during the forecast period.
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Major Companies in Fog Computing Market:
ADLINK Technology Inc., Aikaan Labs, Amazon.com Inc., Arm Ltd., AT and T Inc., Atos SE, Cisco Systems Inc., Crosser Technologies, Dawn Acquisitions LLC, Dell Technologies Inc., General Electric Company, Hitachi Ltd. ., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Schneider Electric Co., Telefonaktiebolaget LM Ericsson, Terawe Corp., Thoughtworks Holding Inc. and Toshiba Corporation.
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Fog computing market scope |
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Reporting scope |
detail |
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base year |
2022 |
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historical period |
2017-2021 |
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forecast period |
2023-2027 |
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Growth Drivers and CAGR |
Accelerating at a CAGR of 47.69% |
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Market Growth 2023-2027 |
US$1.24 billion |
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market structure |
fragmented |
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Year-on-year growth in 2022-2023 (%) |
47.25 |
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Regional Analysis |
North America, Europe, Asia Pacific, South America, Middle East and Africa |
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Performance market contribution |
North America 50% |
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major countries |
United States, Canada, China, Germany and the United Kingdom |
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competitive landscape |
Leading companies, corporate market positioning, competitive strategies and industry risks |
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Overview of key companies |
ADLINK Technology Inc., Aikaan Labs, Amazon.com Inc., Arm Ltd., AT and T Inc., Atos SE, Cisco Systems Inc., Crosser Technologies, Dawn Acquisitions LLC, Dell Technologies Inc., General Electric Company, Hitachi Ltd. ., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Schneider Electric Co., Telefonaktiebolaget LM Ericsson, Terawe Corp., Thoughtworks Holding Inc. and Toshiba Corporation. |
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Market dynamics |
Parent market analysis, market growth drivers and barriers, fast growing and slow growing segments analysis, COVID-19 impact and recovery analysis and future consumer dynamics and market status analysis during the forecast period. |
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Custom permissions |
If our reports don’t contain the data you’re looking for, you can contact our analysts and customize the segment. |
Table of contents:
executive Summary
Market structure
Market size
Historical market size
five forces analysis
Market segmentation by component
Market segmentation by application
Market segmentation by geography
Customer pattern
geographical landscape
Drivers, challenges and trends
Company Overview
company analysis
appendix
About Technavio
Technavio is a leading global technology research and consulting company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market position. With more than 500 professional analysts, Technavio’s report library contains more than 17,000 reports and growing, covering 800 technologies across 50 countries. Their customer base includes businesses of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research and actionable market insights to identify opportunities in existing and potential markets and assess their competitive position in evolving market scenarios.
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com
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