Fog Computing Market Size will be Driven by the Rising Use Of IoT Technology Globally Over 2019 - 2024

The fog computing market is driven by the rising use of IoT technology. IoT brings all connected systems on the internet making it difficult to use the main central servers with billions of connected devices. Furthermore, certain applications of IoT require low latency and fast operations, which can be achieved using decentralized computing fog technology. The penetration of cloud computing platforms is also fostering the market growth. Cloud computing is a driving force in the IT ecosystem since the last decade and around 80% of the organizations are using the cloud computing platform for their business operations and this is further anticipated to increase in the future.
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The far-reaching application spectrum of fog computing industry is quite evident from the numerous instances of companies tapping the fog space making headlines. A recent precedence is that of Storj Labs and SONM teaming up to enable fog computing through blockchain technology. Elaborating further, Storj Labs, a software provider has joined hands with Supercomputer Organized by Network Mining (SONM) in order to bring about distributed instances of persistent storage implemented by Storj Labs available to organizations incorporating SONM's blockchain.
The end-use landscape of fog computing market is rather humongous and versatile, though this does not exactly come as a surprise, given how minutely IoT has brought every object under the umbrella of the Internet. As per reliable estimates, the data analyzed on devices functioning on IoT will soon approach a mammoth 40%. It has also been speculated that by the year 2020, 10% of global data will be generated by edge devices.
This would fuel the demand for highly efficient fog computing solutions that simultaneously deliver holistic intelligence and low latency, subsequently driving fog computing industry size, slated to cross USD 700 million by 2024. Numerous real-time instances of the benefits of this technology have already made inroads in fog computing market - recently, the IoT company Plat One made headlines for having tapped into fog computing for improving data processing management in its 1 million sensors.
It is pivotal to mention that mainstream hardware component developers, such as Intel, Cisco, and Dell have been making a headway in fog computing industry, as is evidenced from their interest in joining forces with vendors dealing in machine learning and IoT analytics. Through the proposed dealerships, these companies would be able to deliver IoT gateways that support fog computing. Recently in fact, Cisco took a dive in fog computing market with the acquisitions of Jasper, an IoT platform provider and ParStream, a reputed company specializing in IoT analytics.
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Unrefutably, these buyouts would help the electronics giant to incorporate its networking component infrastructure with highly efficient computing capabilities, which would subsequently reinforce its position in the fog computing market. Following Cisco's lead, numerous analytics software companies have also been attempting to develop new tools for fog computing - Apache's Spark for instance is apt for real-time processing of fog-generated data. In effect, it would be diplomatic to state that fog computing market indeed would emerge as one of most remunerative business spaces of the next decade, traversing a highly profitable growth path over 2017-2024.
Some Points From Table Of Content: -
Chapter 5. Fog Computing Market, By Component
5.1. Global fog computing market share by component, 2015 & 2024
5.2. Hardware
5.2.1. Hardware, by region, 2015 - 2024
5.2.2. Controller Controllers market, by region, 2015 - 2024
5.2.3. Gateways Gateways market by region, 2015 - 2024
5.2.4. Routers & Switches Routers & Switches market by region, 2015 - 2024
5.2.5. Sensors Sensors market by region, 2015 - 2024
5.2.6. Others Others market by region, 2015 - 2024
5.3. Software
5.3.1. Software market, by region, 2015 - 2024
5.4. Service
5.4.1. Market estimates and forecast, 2015 - 2024
5.4.2. Service market, by region, 2015 - 2024
5.4.3. Professional Service Professional service market by region, 2015 - 2024
5.4.4. Managed Service Managed service market by region, 2015 - 2024
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