According to a new study published by Report Ocean Market Research the global fog computing market is anticipated to reach USD 934 million by 2026. Fog computing helps in enhancing the efficiency as well as data computing competencies for cloud computing. The major use of fog computing is to enhance efficiency however, the use of fog computing can also be done for security and compliance reasons. Fog computing is used in several applications including, smart city, smart buildings, smart grid, vehicle networks and software- defined networks.
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On the basis of components, the market is segmented into hardware and software. The software market is growing at a highest CAGR and has accounted for the largest share attributed to low cost, increasing functionality, as well as advancements in features & designs. Furthermore, the constantly decreasing costs of sensors, storage devices, and semiconductor devices is one of the factor which is fueling the market growth of hardware in fog computing. Another factor responsible for the market growth of fog computing is the developments in network technology resulting in reduction of OPEX across business organizations.
Currently, the market for fog computing is dominated by North America with countries including, US and Canada taking initiatives to promote the adoption of IoT in the region. Also, Europe is the second largest market after North America, which is also experiencing growth in the adopting of fog computing and IoT. However, APAC is expected to witness high growth during the forecast period attributed to the increasing awareness of fog computing in these regions.
Major companies profiled in the report include Cradlepoint, Inc., PrismTech, FogHorn Systems, Cisco Systems, Inc., Crosser Technologies, Nebbiolo Technologies, Microsoft Corporation, Intel Corporation, Fujitsu, Arm Holding Plc., and ADLINK Technology Inc.
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Key Findings from the study suggest North America is expected to command the market over the forecast years. APAC is presumed to be the fastest growing market, with highest CAGRover the forecast period. The fog computing market is presumed to develop at a CAGR of over 62.6% from 2018 to 2026. The fog computing technology is used in applications such as building & automation, smart energy, transportation & logistics, smart manufacturing, connected health, and others. Among the application segment, smart manufacturing is expected to hold the largest share. This is due to the several number of sensors required for varied functions in manufacturing facilities, that generates enormous amount data. Fog computing helps manufacturing companies to reduce operating cost by making use of real-time data to take efficient decisions.
The report aims to provide answers to the following key questions:
Target Market:
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Are there any emerging trends or changes in their behavior?
Competitors:
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Product/Service:
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What is the unique selling proposition (USP) of your offering?
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Distribution Channels:
How do customers prefer to purchase similar products/services?
What distribution channels are most effective for reaching your target market?
Are there any untapped distribution channels that could be explored?
How do customers feel about online purchasing and delivery options?
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Market Size and Growth:
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Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Fog Computing market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Fog Computing market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Fog Computing market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Fog Computing business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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