The global fog computing market is expected to reach USD 617.3 million by 2025, according to a new report by Radiant insights, 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.
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Further key findings from the report suggest:
The software segment is expected to witness the fastest growth as software vendors are tapping the opportunities generated by fog computing at several application and platform layers
The routers & switches segment is expected to account for a revenue share of over 30% by 2025; this growth can be attributed to the need for collecting the excessive amount of data from different applications
The smart manufacturing segment is expected to grow at a CAGR of over 60% as fog computing helps the manufacturing companies in making better decisions with real-time data to reduce the operational costs.
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The smart grids segment is expected to account for over 20% of the market share by 2025; the need for remote monitoring to reduce disruption in operations is expected to drive demand
The North American fog computing market is expected to grow at the highest rate over the forecast period, with increased adoption of IoT in the manufacturing and healthcare industries driving the regional growth
The key industry players include PrismTech, Cisco Systems, Inc., FogHorn Systems, and Nebbiolo Technologies
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