Fog Computing Market Set for Exponential Growth, Expected to Reach $0.71 Billion by 2028
Fog Computing Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Fog Computing Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The fog computing market has seen exponential growth in recent years, with projections indicating a rise from $0.15 billion in 2023 to $0.21 billion in 2024, showcasing a compound annual growth rate (CAGR) of 36%. It will grow to $0.71 billion in 2028 at a compound annual growth rate (CAGR) of 35.9%. This growth is attributed to the proliferation of IoT devices, increasing demand for real-time applications, advancements in edge computing, the rise of cloud computing, and the rapid expansion of big data.
Rising Adoption of Smart Devices Drives Market Growth
The growing adoption of smart devices, enriched with AI and machine learning capabilities, is a key driver propelling the fog computing market forward. These devices, interconnected through the IoT, benefit from fog computing by enabling real-time data processing, reducing latency, and enhancing scalability through decentralized computing.
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Key Players and Market Trends
Major players in the fog computing market, such as Microsoft Corporation, Dell Technologies Inc., Intel Corporation, and Cisco Systems Inc., are focusing on integrating edge AI into their products. For instance, Atos SE's Atos Business Outcomes-as-a-Service (Atos BOaaS) leverages edge-to-cloud solutions to deliver AI-based business value seamlessly from edge to far edge, thereby streamlining operations and reducing environmental impact.
Trends Shaping the Future
In the forecast period, significant trends include the maturation of edge AI, advancements in quantum fog computing, enhanced integration of fog-to-cloud architectures, blockchain for enhanced security, and dynamic fog resource orchestration.
Segments of the Fog Computing Market
Component: Hardware, Software
Deployment Models: Private Fog Node, Community Fog Node, Public Fog Node, Hybrid Fog Node
Application: Building And Home Automation, Smart Energy, Smart Manufacturing, Transportation And Logistics, Connected Health, Security And Emergencies, Retail, Other Applications
Geographical Insights: Asia-Pacific Leading the Market
North America led the fog computing market in 2023, while Asia-Pacific is expected to witness the fastest growth in the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Fog Computing Global Market Report 2024 from TBRC covers the following information:
Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Fog Computing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fog computing market size, fog computing market drivers and trends, fog computing market major players, competitors' revenues, market positioning, and market growth across geographies. The fog computing market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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