NEW YORK, Sept. 19, 2016 /PRNewswire/ -- "Growing Internet of Things is expected to drive the fog computing market during the forecast period"
The fog computing market, in terms of value, is expected to grow from USD 22.28 million in 2017 to USD 203.48 million by 2022, at a CAGR of 55.6% between 2017 and 2022.
The fog computing market is driven by factors such as the increasing adoption of Internet of Things worldwide, growing demand for computing capability at the edge, high adoption of smart sensors that would create huge amount of data, and mainstreaming of cloud computing. The increasing government and private funding across the globe for research and development in IoT, cloud and fog, and scope for innovative cross-domain applications provide significant growth opportunities in the market.
"Smart manufacturing and smart energy application domain are expected to drive the fog computing market in the near future"
The smart manufacturing application is expected to hold the largest share of the fog computing market by 2022, while the smart manufacuting application is expected to witnessthe highest growth rate between 2017 and 2022. Currently, the sensors for different functions used in factories or manufacturing units generate huge amounts of data per hour which needs to be transferred to the cloud for computing. This transfer of the data to and from the cloud takes time and is not considered ideal for functions that require real-time processing of data for critical decision making. Fog computing is a solution for these problems as fog brings the power of computing at the edge of the network, thus helping to solving the problem in real time. This would help manufacturing companies in terms of better decision making with real-time data, which would also help in reducing operating cost.
"Fog computing market in the Americas region would grow at the highest rate during the forecast period"
Countries such as the U.S. and Canada are aggressively taking initiatives such as heavy investments in R&D to encourage the adoption of Internet of Things in the region, which is expected to boost the demand for fog computing in the near future. The market in the Americas comprises develpoed economies such as the U.S. and Canada which have a huge potential for applications of Internet of Things. These emerging markets of IoT and cloud computing are driving the growth of the fog computing market in the Americas.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants has been given below:
- By Company Type: Tier 1 – 43 %, Tier 2 – 31%, and Tier 3 – 26%
- By Designation: C-Level Executives – 38%, Directors – 34%, and Others – 28%
- By Region: Americas – 37%, Europe – 28%, APAC – 23%, and RoW – 12%
The key players engaged in the development of fog computing are Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), ARM Holding Plc. (U.K.), Dell Inc. (U.S.), Intel Corporation (U.S.), Fujitsu (Japan), GE Digital (U.S.), and PrismTech Corporation (U.S.).
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The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the fog computing market comprehensively and provides the closest approximations of the market sizes for the overall market segments and subsegments across different verticals and regions.
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