Seattle, WA -- (SBWire) -- 10/02/2019 --Fog computing is also referred to as fog networking, it is a decentralized computing infrastructure in which compute, data, storage and applications are located somewhere between the cloud and data source. It is also known as edge computing, as it serves the functions of storage, computing, and networking services between the cloud data centers, end enterprise and user devices.
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Rising need for managing service offerings at the network edge to improve the efficiency and reduce the network bottlenecks is projected to fuel the growth over the forecast timeline
The advent of IoT and the internet has raised the usage of devices that led to extensive use of data generation and access requirements at the end-user are leading to the internet traffic. Traffic patterns vary based on the user inclination, however, they are concentrated in the metropolitan areas across the globe. Inadequacy of the cloud and internet networks to efficiently manage the data stream across its regional area also adds to the requirement of infrastructure in the proximity of the users. Moreover, the introduction of connected technologies such as connected homes, buildings, smart energy, connected factory operations, connected vehicles, and OTT content are some of the important factors projected to accelerate the demand for fog computing methodologies to deal with the network bottlenecks.
Market Segmentation
By Solutions
- Hardware
o Switches
o Sensors
o Controllers
o Gateways
o Routers
o Servers
- Software
By End-Use
- Building & Home Automation
- Smart Energy
- Smart Manufacturing
- Transportation & Logistics
- Connected Health
- Security & Emergencies
- Others (Smart Environment and Retail)
By Applications
- Smart Grid
- Smart Traffic Lights
- Wireless Sensors
- Decentralized Smart Building Control
- IoT
- Software-Defined Networks
Need for low latency and high scalability for real-time application are projected to provide immense growth to the fog computing market. As mission-critical applications such as cloud robotics, fly-by-wire aircraft control, and automotive anti-lock brakes require real-time data processing. Control and management of the operation is directly proportional to the information gathered by the sensors and the feedback of control system. Event of the control system being run on the cloud may negatively impact the sense-process-actuate loops or unavailable due to communication failures. However, the need for low latency of the fog computing system can be used for executing control system processing which makes the real-time reaction feasible. This methods principally focus on the processing of the incoming data in closeness to the data source itself and decrease the burden on the cloud processing, therefore meeting the need for scalability, due to the rising number of endpoints.
The software segment accounted for nearly 65% revenue of the fog computing market, which is projected to maintain the dominating revenue segment over the forecast timeline
IT components costs have experienced a substantial decline over the past few years, coupled with the considerable technological advancement leaps in the processing and compactness over the past few years. Connectivity costs have experienced continuous price reductions with the introduction of advanced communication technologies such as 3G, 4G, and LTE. Moreover, software as a Service (SaaS) and the usability of these in analytics, e-commerce, collaboration and other business functions have experienced rapid penetration at exponential rates. Therefore, the software solution segment is projected to dominate the market over the forecast timeline
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The U.S. region held the largest share in the overall market, owing to the rapid adoption in the country
Rising investment by government in the R&D activities in the region, especially in the automotive industry is anticipated to fuel the industry growth. In order to reduce the number of road accidents and fatalities, the government has introduced several initiatives to modernize the automotive technologies this include V2V communication, and V2I communication (or V2X) technologies are few of the initiatives in the process, which is presumed to offer considerable growth prospects over the forecast timeline. The ongoing urbanization and industrialization in the Asia Pacific countries such as China, India, Indonesia, Thailand, Malaysia, South Korea, and Japan are assumed to offer lucrative growth opportunities to key players in the market.
Key vendors operating the fog computing market include Microsoft Corporation, ARM Holdings PLC, Cisco Systems, GE Digital, Intel Corporation, Schneider Electric Software LLC, and Fujitsu Ltd.
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Fog Computing Market Size Will Escalate Rapidly in the Near Future