Global Fog Computing Market will be benefited by the growing adoption of IoT and M2M devices. IoT is gradually bringing every object in the internet environment, and as the billions of devices get connected to internet, it will become difficult to use centralized servers. Furthermore, there are several applications of the IoT devices in healthcare and energy & utilities sector that require low latency, and any delay in transferring data can hamper the performance. This give rise to the requirement of decentralized computing to scale up the operations.
The manufacturing sector is also one of the major end-users of the fog computing market solutions and holds huge potential for the industry revenue. The fog computing market growth can be credited to the increasing demand for process automation in the manufacturing sector to gain an edge over competitors. Furthermore, fog computing solutions enhance the operational efficiency by providing actionable insights and real-time monitoring of the operations, which is estimated to increase the adoption among manufacturing plants.
Global Fog Computing Market is set to exceed USD 700 million by 2024. Increasing penetration of cloud computing platforms is fostering the fog computing market growth. Over the past decade, cloud computing has emerged as a driving force in the IT ecosystem. It is estimated that approximately 80% of the enterprises are utilizing the capabilities of the cloud computing platform in their business and the number is further anticipated to increase in the future.
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The growth of the fog computing market is attributed to the paradigm shift in the U.S. healthcare reimbursement systems from fee-for-service model to the outcome-based reimbursement model. This will encourage healthcare organizations to adopt IoT devices to reduce power consumption, improve operational efficiency, reduce cost, and enhance overall performance of business. Furthermore, healthcare applications are latency sensitive and requires real-time analysis, any delay in transmitting data leads to serious consequences. Since fog computing enables the analysis of data at the edge of devices, its adoption among healthcare organization is further estimated to increase.
As cloud computing platforms offers computing, storage, and networking services across all the business sectors, it frees the customer and enterprises from the specifications of various details, which may result issues in latency sensitive applications in sector such as healthcare, energy & utility. These inherent challenges of cloud computing are forecast to positively impact the fog computing market adoption.
The U.S. fog computing market is the dominant country in the business, since it is home to numerous key vendors such as Cisco, Dell, IBM and Microsoft. Increasing R&D activities on this model and use of the technology in sectors especially automotive, transportation, and healthcare in the country is also bolstering the growth.
Asia Pacific fog computing market is estimated to be the fastest growing region owing to the increasing adoption of the cloud computing platform in countries such as India and China. Furthermore, rapidly developing smart infrastructure such as smart cities and government initiatives in the developing countries are also estimated to have significant impact on the growth of the fog computing market.