According to a new study published by Polaris Market Research the global fog computing market is anticipated to reach USD 934 million by 2026. Fog computing helps in enhancing the efficiency as well as data computing competencies for cloud computing. The major use of fog computing is to enhance efficiency however, the use of fog computing can also be done for security and compliance reasons. Fog computing is used in several applications including, smart city, smart buildings, smart grid, vehicle networks and software- defined networks.
On the basis of components, the market is segmented into hardware and software. The software market is growing at a highest CAGR and has accounted for the largest share attributed to low cost, increasing functionality, as well as advancements in features & designs. Furthermore, the constantly decreasing costs of sensors, storage devices, and semiconductor devices is one of the factor which is fueling the market growth of hardware in fog computing. Another factor responsible for the market growth of fog computing is the developments in network technology resulting in reduction of OPEX across business organizations.
Currently, the market for fog computing is dominated by North America with countries including, US and Canada taking initiatives to promote the adoption of IoT in the region. Also, Europe is the second largest market after North America, which is also experiencing growth in the adopting of fog computing and IoT. However, APAC is expected to witness high growth during the forecast period attributed to the increasing awareness of fog computing in these regions.
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Major companies profiled in the report include Cradlepoint, Inc., PrismTech, FogHorn Systems, Cisco Systems, Inc., Crosser Technologies, Nebbiolo Technologies, Microsoft Corporation, Intel Corporation, Fujitsu, Arm Holding Plc., and ADLINK Technology Inc.
Key Findings from the study suggest North America is expected to command the market over the forecast years. APAC is presumed to be the fastest growing market, with highest CAGRover the forecast period. The fog computing market is presumed to develop at a CAGR of over 62.6% from 2018 to 2026. The fog computing technology is used in applications such as building & automation, smart energy, transportation & logistics, smart manufacturing, connected health, and others. Among the application segment, smart manufacturing is expected to hold the largest share. This is due to the several number of sensors required for varied functions in manufacturing facilities, that generates enormous amount data. Fog computing helps manufacturing companies to reduce operating cost by making use of real-time data to take efficient decisions.