Fog Computing Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Application, By Region, & Segment Forecasts, 2024 - 2030

Fog Computing Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Application, By Region, & Segment Forecasts, 2024 - 2030

Fog Computing Market Growth & Trends

The global fog computing market size is expected to reach USD 8,358.1 million by 2030, registering a CAGR of 50.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing demand from end-use industries is expected to propel the industry growth. Fog computing is an advancement in Internet of Things (IoT) that has shifted data processing out of the cloud into devices. With the growing number of IoT deployments, the amount of data is multiplying, thereby giving rise to several challenges involved in uploading and processing this data. This has led to the emergence of fog computing to store and process the vast amount of data within a short time frame. Organizations are involved in developing effective solutions to cater to the needs of end-use industries. For implementing the fog computing technology, it is necessary for organizations to have a robust network performance management capability.

The growth in the machine-to-machine communication has opened growth opportunities for organizations to transition to fog computing to achieve faster decision-making capabilities and reduce the operating costs through its real-time tracking and analyzing abilities. Moreover, the technology supports interface and resource heterogeneity along with the distributed data analytics to address the requirements of widely distributed low latency applications. However, the fragmented technology standards and rising interoperability issues are limiting the industry growth.

Fog Computing Market Report Highlights

• The software segment dominated the market and accounted for a market revenue share of 64.1% in 2023. Fog computing software contributes to cost reduction and operational efficiency by minimizing the need for extensive data transmission to centralized clouds.
• The hardware segment is expected to register the fastest CAGR during the forecast period. Edge devices, such as routers, gateways, and switches, are becoming more advanced and capable of handling complex computing tasks.
• The smart manufacturing segment accounted for the largest market revenue share in 2023. Smart manufacturing relies on interconnected devices and systems that generate vast data.
• The smart cities segment is anticipated to register the fastest CAGR over the forecast period. Smart cities rely on a network of connected devices and systems to function effectively.
• North America fog computing market dominated the market with revenue share of 43.4% in 2023. North America includes a significant number of companies in the fog computing market, including major technology companies, startups, and research institutions.

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