Fog Networking Market

Global Fog Networking Market Size (2024 to 2029)

The global fog networking market size is predicted to increase by 63.63 billion in 2024 and 304.83 billion by 2029, growing at a CAGR of 36.80% during the forecast period.

The rising level of data transfer operations and intelligent applications is expected to drive the international market in the coming days. The increasing trend of shifting towards cloud computing data centers is foreseen to act positively to expand the global fog networking market over the calculated period. The vital use of the Internet of Things in smart homes is expected to drive the spread of the global fog networking market. In addition, accessibility to better response time and network bandwidth is believed to motivate the hazy IT market in the next period.

Global Fog Networking Market Drivers:

Devices, from personal wearable devices and household appliances to industrial sensors, generate a large amount of data that must be processed to obtain information. The fog network provides real-time analytics with low latency and solves the prevalent security issues in cloud computing. The fog network is helpful in applications such as connected vehicles, healthcare, traffic management, and many others requiring low latency. For example, intelligent traffic will not work if the latency is too high. These are some of the many benefits networks offer, accelerating the adoption of this technology across the globe. With the global economic growth slowdown, the fog network industry has suffered a specific impact but has maintained relatively optimistic growth over the past four years. The size of the fog network market to maintain the average annual growth rate.

A smart meter is a electronic device which records the usage of electrical energy units and communicates it to the utility company from which the energy is supplied. Many power companies worldwide consider adopting intelligent meters to monitor consumer energy use remotely and prevent fraud. In addition, intelligent energy and metering solutions are becoming increasingly popular in businesses and homes. The data gathered by smart meters is sufficient to make inferences, such as consumers' behavior, sleep cycle, home occupation, eating habits, etc. However, the data must be analysed in real-time to make sense. Multiple organizations can use the data collected by households. For example, a power or utility company may sell its goods or services based on the units of energy consumed. Since smart meters produce a large amount of data, which is difficult to process and analyse even with cloud computing, there is a need to use fog networking, which provides a place to collect, calculate, and store data before transmitting it to the cloud.

Fog networks offer a decentralized IT framework ideal for data, computing, storage, and others between the data source and the cloud. Like advanced computing, fog networks bring the benefits and power of the cloud closer to where data is created and operated, so data has to travel less, resulting in less data travel and faster processing speed. The fog network extends cloud computing technology to the edge of the network. It thus makes it ideal for IoT, 5G, AI, and many other technologies that require real-time data analysis at a faster pace. For instance, Citi Bank implements beacon technology to identify the buying patterns of its ATM users. It offers special incentives for customers who use their cards in local areas to make purchases. Fog nodes are deployed close to terminals and act as intelligent processors capable of analyzing data in real-time and delivering instant results.

REPORT COVERAGE:

This research report on the global fog networking market has been segmented and sub-segmented based on type, application, and region.

Global Fog Networking Market - By Type:

• Hardware
• Software

The fog networking market is divided into hardware and software, such as fog computing platforms and custom application software.

Global Fog Networking Market - By Application:

• Smart Energy
• Connected Health
• Smart Manufacturing
• Smart Transportation
• Home And Building Automation
• Security And Emergencies

Based on applications, the fog networking market is separated into smart energy, connected health, smart manufacturing, smart transportation, home and building automation, security and emergencies, etc.

Global Fog Networking Market – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

The North American region has dominated the fog networking market due to the increasing adoption of the Internet of Things in applications such as smart homes and connected healthcare. The Asia-Pacific fog networking market is expected to show optimistic progress due to growing interest from government, cloud and data center companies, commercial organizations, and non-governmental administrations for cloud computing and the digital economy.

The North American region is also a leader in IoT and 5G technology, generating a large amount of data for real-time processing. With the rise of connected cars in the region, the market is expected to experience great growth, as cars will need to communicate with each other and with traffic lights, which act as fog nodes. Furthermore, these cars will require real-time data analysis to function accurately, creating lucrative growth prospects for the fog networking business.

KEY MARKET PARTICIPANTS:

The major companies operating in the global fog networking market include Microsoft Corporation (United States), Toshiba Corporation (Japan), Cisco Systems Inc. (United States), Fujitsu (Japan), ARM Ltd. (United Kingdom), Intel Corporation (USA), Schneider Electric Software, LLC (Japan), Dell Inc. (USA), PrismTech Corporation (USA) and s (USA), among others.

RECENT HAPPENINGS IN THE MARKET:

• In April 2018, Amazon developed technology to bring machine learning intelligence to cutting-edge computing through AWS Greengrass. The latest version (v1.5.0) offers the feasibility of locally executing Apache MXNet and TensorFlow Lite models, supporting NVIDIA Jetson TX2 and Intel Atom architecture-based devices.