U.S. Fog Computing Market size is expected to witness a gradual growth in the next seven years. Having being recognized as an economy where technological interventions have always had the most profound impression, U.S. is touted to emerge as one of the most pivotal regional markets. Experts believe that region’s healthcare space which has, of late, undergone a consequential transformation from volume to value based service model, would be primarily responsible for making U.S. the hot spot for fog computing industry investors. In fact, statistics depict that the regional healthcare giants have been increasingly integrating IoT devices in their operations in a bid to bring significant improvements in operational efficiency, power consumption, and overall cost reduction. The fact that healthcare applications require real time analysis and are latency sensitive, the growth scope of market from this particular sphere is claimed to be nothing but humougous.
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The unprecedented growth of IoT and machine to machine services has led fog computing market place to be the next battleground for sustainability and revenue streams. This can be possibly credited to the fact that with rapid development of these applications, the conventional centralized cloud computing platforms are encountering a barrage of severe operational challenges such as low spectral efficiency (SE), high latency, and non-adaptive machine type of communications. In a bid to respond to this challenge, advanced technology is driving a trend that is shifting from centralized cloud computing to a decentralized model.
In an era where the world is persistently struggling to unleash the massive power of Internet of Things, it is imperative to mention that the inherent challenges of cloud computing is providing a significant push to fog computing market. As per estimates, the number of devices connected to IoT will be almost 50 billion by 2020. In the face of this exceptional emergence of IoT, as per experts’ opinion, an advanced cloud computing platform that breaks through the centralized architecture which would overcome the capacity and latency constraints are earnestly required. Fog computing technology quite effectively serve the purpose, as in these solutions the data is processed or managed at the edge of the network, instead of routing it from a central data center. In fact, it would not be iniquitous to mention that the inherent challenges to cloud computing has left an unfathomable impact on market proliferation.
One of the biggest constraints of fog computing market is the dearth of proper standardization of the technology. In fact, as per reports, end-users find inconsistency which sometimes result in decreased data retrieval and unreachable information. However, some of the renowned tech juggernauts such as Cisco, Intel, Microsoft, and ARM Holdings are showing quite some proactiveness in overcoming the challenge. In what may be touted as an attempt to standardize fog computing technology for future deployment, the aforementioned companies in collaboration with Princeton University have founded OpenFog Consortium in the year 2015. Reportedly, The OpenFog Consortium mainly aims to solve the communication, bandwidth, and latency challenges associated with AI and other innovative digital IT infrastructures.
Though still at a nascent stage, with the increasing requirement of optimizing network traffic and reducing the time of transmitting data between cloud computing platform and edge device, it is undeniable that fog computing industry is set to amass remarkable returns over the coming years. Estimates by Global Market Insights, Inc., claim global fog computing market to exceed a valuation of USD 700 million by 2024.
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