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Fog Computing Market to Grow at a CAGR of 55.54% by 2023, Industry Analysis, Segmentation by Solutions, Hardware, Application, Products, Types, Regions, Global Opportunities, Limitations, Emerging Trends and Drivers

Press Release

Industry Outlook and Trend Analysis
The Fog Computing Market was worth USD 5.95 million in 2014 and is expected to reach approximately USD 316.88 million by 2023, while registering itself at a compound annual growth rate (CAGR) of 55.54% during the forecast period. Fog broadens the cloud abilities by offering a unified solution and virtualized resources to the edge of the system. The expanding infiltration of Internet of Things (IoT) and cloud services is anticipated to positively affect the business development throughout the following years. Furthermore, the key driving variables boosting the development of software and devices incorporate the developing requirement for real-time interaction with approaching information and the constraints of data transfer capacity accessibility.

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Solution Outlook and Trend Analysis
The hardware section held a revenue share of more than 35% in 2016. The declining part costs and advancements in the usefulness of the devices are foreseen to add to the development of the equipment fragment throughout the upcoming years. Moreover, the reducing expense of sensors and data storage devices, together with the pervasiveness of remote systems, are speeding the multiplication of fog nodes. The programming portion contributed fundamentally to the business development in 2016.

Hardware Outlook and Trend Analysis
The sensors section represented more than 30% income share in 2016. As the demand for low latency and decentralized platforms is picking up prominence, there is a developing pattern toward distributed data storage and processing approach. This has prompted the expanded demand for smart sensors and wireless sensor models for processing information.

Application Outlook and Trend Analysis
The associated vehicles portion caught an income offer of more than 25% in 2016 as it gives real-time analytics and informed choices on driving trends. Additionally, fog computing lessens the exchange of vast information of video and audio recordings produced by video and dashboard cameras. The requirement for streamlining traffic and successful transportation administration is helping the business development by upgrading the connectivity of transport systems.

Regional Outlook and Trend Analysis
North America overwhelmed the fog computing market in 2016. Major factors driving the local development incorporate the high implementation of IoT and expanding demand in continuous research on the improvement of fog architecture. For example, in the U.S., a venture has been started which empowers the movement lights to coordinate with associated vehicles to decrease the travel time. Also, the existence of a few players in the district is anticipated to prompt the early adoption of the technology. The Asia Pacific area represented an income share of more than 15% in 2016.

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Competitive Insights
The leading players in the market are Nebbiolo Technologies, FogHorn Systems, Cisco Systems, Cisco Systems, IBM and PrismTech. Organizations are taking part in collaborations and partnerships to create successful solutions in the fog and edge landscape. For example, in June 2016, IBM Corporation and Cisco Systems, Inc. declared a partnership to incorporate Watson’s IoT cloud programming with Cisco’s new fog computing platform.

The Fog Computing Market is segmented as follows-
By Solution:

By Hardware:
Routers & switches
IP video cameras
Micro data centre

By Application:
Smart grids
Connected healthcare
Connected vehicles
Smart cities
Smart manufacturing

By Region
North America
Rest of Europe
South Korea
Southeast Asia
Rest of Asia-Pacific
South America
South Africa
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of MEA

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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

About the author

Nehal Chinoy

Much like her co-founder, Nehal gets her entrepreneurial spirit from her family. However being the independent person she is, she started a business venture of her own early on since college. She opened a studio where she singlehandedly made and sold dreamcatchers, which was quite a raging trend then. Having tasted the success, her motivation for being an entrepreneur grew from there.

Today, as a co-founder and sales director, she oversees several functions including information procurement, sales and operations at Qurate Business Solutions.