Fog Networking Market Forecasts to 2028 – Global Analysis By Component (Hardware and Software), Application (Smart Meter, Smart Energy, Building and Home Automation, Smart Manufacturing, Connected Healthcare, Security & Emergencies, Transportation & Logis

Fog Networking Market Forecasts to 2028 – Global Analysis By Component (Hardware and Software), Application (Smart Meter, Smart Energy, Building and Home Automation, Smart Manufacturing, Connected Healthcare, Security & Emergencies, Transportation & Logistics and Other Applications) and By Geography

According to Stratistics MRC, the Global Fog Networking Market is accounted for $1.02 billion in 2022 and is expected to reach $2.78 billion by 2028 growing at a CAGR of 18.2% during the forecast period. Fog Networking is a computing platform that extends additional computation, storage, and networking resources that are situated between the data source and the cloud, often referred to as fog networking. In the context of augmented reality (AR) and the internet of things (IoT), where a significant volume of data is generated and would be impractical to send to cloud services for analysis, fog computing offers reduced network latencies between end-user devices. Industry use of the fog computing concept is widespread since it speeds up data transmission while integrating cloud resources close to the devices. Fog computing attempts to meet low-latency needs, reduce end-device power consumption, process data in real-time, and localize computing resources for data.

According to IDC, 43 percent of all IoT data will be processed at the edge before being sent to a data centre by 2019, further boosting fog computing and edge computing. And when looking at the impact of IoT on IT infrastructure, 451 Research sees that most organizations today process IoT workloads at the edge to enhance security, process real-time operational action triggers, and reduce IoT data storage and transport requirements.

Market Dynamics:

Driver:

Increase in usage of fog computing in connected cars technology

Over the past few years, there has been an increase in the use of fog computing solutions to support the development of connected cars. The interactions and communication between connected automobiles, as well as between connected cars and access points, are extensive. Fog computing enables a number of properties that make it the perfect platform for offering a variety of services for smart connected cars (SCV), including those for mobility and location awareness, real-time interactions, low latency, and traffic support. Real-time AI processing is a development of virtual reality, with the majority of information recovery and processing being sent to connected devices such as associated phones, smart home storage, and the cloud. Fog architecture helps these devices with intelligent location hierarchy to locate and analyze data.

Restraint:

Security concerns and compatibility issues

As fog computing moves data processing closer to the edge of the network, it also increases the attack surface for potential cyber attacks. This can make it challenging to secure the network and ensure data privacy. Fog computing requires a significant amount of coordination between different hardware and software components, which may pose compatibility issues and increase complexity. The distributed nature of fog computing can make it difficult to scale the network and manage resources effectively. This can result in performance degradation and decreased efficiency, which are projected to impede the fog computing market's growth.

Opportunity:

Evolution of 5G technology

The development of 5G technology has fueled the expansion of edge computing data architectures with minimal latency problems and dependable bandwidth performance. The Internet of Everything (IoE) requires faster data analytics and quicker response times, which is another factor driving the market for fog computing. For instance, Fujitsu announced a partnership with leading technology companies like Cisco Systems, Microsoft, Dell, ARM, Intel, and the Princeton University Edge Laboratory in order to hasten the development of key technologies for fog computing.

Threat:

Lack of fog computing technology skills

Planning and expertise in a variety of sectors are necessary for the proper execution of Fog Networking. The global Fog Networking market's revenue growth is largely being held back by a lack of awareness and a shortage of experienced personnel in developing nations. Knowledge of the technique's implementation, not just the practice itself, is necessary for its adoption. Fog computing is a complex technology that requires knowledge in areas such as networking, security, and data analytics. This can make it challenging to find individuals who possess the necessary skills and expertise.

Covid-19 Impact:

The COVID-19 pandemic epidemic had a impact on the Fog Networking Market. Since the Corona virus outbreak, nearly every industry has moved toward automation and digitization, and more individuals are working from home. As a result, organizations have relocated their workloads to the cloud to maintain corporate operations. In order for the firms to operate effectively after COVID-19, it is now anticipated that they will spend more on IT infrastructure for business applications and customer support services globally. Digitalization, cloud computing, machine learning, and artificial intelligence are predicted to take over the technology industry in the upcoming years, and investors are preparing long-term investment strategies in this field.

The Software segment is expected to be the largest during the forecast period

Fog computing platforms are software platforms that provide a range of services and tools to support the development, deployment, and management of fog computing applications. and Edge analytics software can help organizations make faster and more informed decisions based on real-time data. It provides security and data privacy features for fog computing infrastructure that runs on fog computing infrastructure and provides specific functionalities or services to end-users. The fog computing software market is expected to continue to be the largest in the coming years as more organizations seek to leverage this technology to improve their operations and enhance their offerings to customers. As such, there is likely to be increasing innovation and competition in the market, with new software products and services emerging to meet evolving customer needs, which could be a major contributor to this segment's revenue growth.

The Smart meter segment is expected to have the highest CAGR during the forecast period

Smart meter to witness higher growth it is an electronic device that records the consumption of electrical energy units and communicates it to the power company from which the power is supplied. Many power companies across the world are planning to adopt smart meters to remotely monitor consumers' energy consumption and prevent fraudulent energy consumption. Moreover, smart energy and metering solutions are becoming more prevalent in both businesses and households. The data collected by smart meters is sufficient to draw inferences about the behavior, sleeping cycle, home occupancy, eating routines, etc. of the consumers. However, for it to make sense, the data needs to be analyzed in real-time. The data collected per household can be used by various organizations. For instance, an electric or power company can sell its products or services based on the energy units consumed, which will help the Fog Networking (IPM) market, expand throughout the forecast period.

Region with largest share:

In terms of revenue share, the Asia Pacific region dominated the global market in 2021, and it is anticipated that this dominance will last throughout the projected period. In order to expand their networks across this region, well-known companies, including China Unicom, NTT Docomo, SK Telecom, and KT Corporation, among others, have been boosting their investments. These initiatives are intended to give customers access to high-speed internet. Additionally, Asia Pacific has seen a sharp rise in demand for mobile data services, which is expected to fuel the expansion of the regional market over the coming years. Due to early adoption of technologies like fog networking among businesses headquartered in North America, the region will hold more than 20% of the global industry share in 2021.

Region with highest CAGR:

During the forecast period, North America is anticipated to grow strongly. In North America, Fog Networking is mostly employed in the industrial, commercial, and agricultural sectors to prevent and control insect problems. In addition, it is employed as an emulsifier in pesticides and herbicides, which are frequently applied in industrial, public health, and agricultural settings as well as to eradicate termites and roaches in homes. North America uses agricultural mulch films to control weeds, as well as screens to keep insects and birds out and soil steam sterilization to fight disease. Traps, screens, fences, nets, and obstacles are additional tools used in Fog Networking in North America.

Key players in the market

Some of the key players in Fog Networking market include ADLINK Technology Inc., Amazon Web Services, Inc., Arm Limited, Cisco Systems, Inc., Cradlepoint, Inc., Dell Technologies, Inc., Ericsson, FogHorn Systems., Fujitsu Ltd., General Electric Company, Hewlett-Packard (HP), IBM Corporation, Intel Corporation, Linksys, Nebbiolo Technologies, Inc., Nokia Corporation, Prism Tech, Qualcomm Corporation, Schneider Electric, Tata Consultancy Services Limited and Toshiba Corporation

Key Developments:

In April 2018, Amazon developed a technology to bring machine learning smarts to edge computing, through AWS Green grass. The latest version (v1.5.0) can run Apache MXNet and Tensor Flow Lite models locally on edge devices based on NVIDIA Jetson TX2 and Intel Atom architectures.

In June 2016, Cisco released IOx, an application enablement platform that provides uniform and consistent hosting capabilities for various types of apps across various Cisco platforms in fog computing.

In April 2016, Fujitsu announced that it is working with Microsoft, ARM, Cisco, Dell, Intel, and the Princeton University Edge Laboratory to form a consortium that aims to speed up the development of core technologies for fog computing.

In March 2016, Prism Tech announced Vortex 2.1, a set of the most comprehensive, real-time data sharing platforms for IoT, which also support fog computing, with the name Vortex Fog.

Components Covered:
• Hardware
• Software

Applications Covered:
• Smart Meter
• Smart Energy
• Building and Home Automation
• Smart Manufacturing
• Connected Healthcare
• Security & Emergencies
• Transportation & Logistics
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements