Data Privacy and Security and Cost Reduction are a major factor attributable to the growth of the market.
According to TechSci Research report, “Global Fog Networking Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Fog Networking is anticipated to project robust growth in the forecast period with a CAGR of 49.73% through 2028, Fog networking enlarges the technology of cloud computing to the network edge, and thus makes it ideal for IoT, 5G, AI, and many more technologies that require real-time analysis of data, at a faster pace. For instance, Citi Bank uses beacon technology to understand ATM users’ purchasing behavior and provides incentives to customers to use Citi cards in local areas for transactions. Fog nodes are deployed close to end devices, and they act as smart processors that have the capability to analyze real-time data and give instant results. Devices, ranging from personal wearables and home appliances to industrial sensors, generate a vast amount of data that needs to be processed, in order to gain insights. Fog networking not only provides real-time analysis with low latency, but also addresses security concerns that prevail in cloud computing.
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Based on End-user Application, Smart Meter Segment to Dominate the market during the forecast period. A smart meter is an electronic device that records the consumption of electrical energy units and communicates it to the power company from which the power is supplied. Many power companies across the world are planning to adopt smart meters to remotely monitor consumers’ energy consumptions and to prevent fraudulent energy consumption. Moreover, smart energy and metering solutions are becoming more prevalent in both businesses and households. The data collected by smart meters is sufficient to draw inferences, such as the behavior, sleeping cycle, home occupancy, eating routines, etc. of the consumers. However, for it to make sense, the data needs to be analyzed in real-time.
The data collected per household can be used by various organizations. For instance, an electric or power company can sell its products or services based on energy units consumed. As smart meters produce a tremendous amount of data, which is hard to process and analyze, even with cloud computing, there is a need for fog computing, which offers a place for collecting, computing, and storing smart meter data before transmitting it to the cloud.
Based on Region, North America to be the Fastest Growing Market. The North American region occupies the largest share in the market, as most fog networking enterprises are based out of North America. Moreover, most cloud computing providers working in this region have already started offering fog networking hardware and software solutions, to stay up to date with the technology. The OpenFog Consortium, which is a consortium of high tech companies and academic institutions across the world, aiming at the standardization and promotion of fog computing in various capacities and fields, including companies like Cisco, Dell, Intel, and Microsoft, is also headquartered in the United States. More companies are joining this consortium, to gain insights about fog computing. The North American region is also the leader in IoT and 5G technology, which generates a huge amount of data to be processed in real time. With the emergence of connected cars in the region, the market is expected to witness huge growth, as the cars will need to communicate with not only each other but also traffic lights, where traffic lights will act as fog nodes. Moreover, these cars will require real-time analysis of data to function accurately.
Key market players in the Global Fog Networking Market are following:-
- Amazon Web Services, Inc.
- Cisco Systems, Inc.
- Dell Inc.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- Nebbiolo Technologies
- Nokia Corporation
- Qualcomm Corporation
- Tata Consultancy Services Limited
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“The global fog networking market is driven by several key factors. First, the proliferation of the Internet of Things (IoT) and the massive amount of data generated by IoT devices require real-time processing, which fog computing provides by bringing computation closer to the data source. Second, the need for low-latency communication is critical in applications like autonomous vehicles, augmented reality, and industrial automation. Fog computing reduces latency by processing data at the edge, enhancing user experiences and safety. Third, fog computing improves bandwidth efficiency by reducing the strain on network resources, making it valuable in scenarios with limited or costly bandwidth. Fourth, data privacy and security concerns drive adoption, as fog computing allows organizations to keep sensitive data locally, addressing regulatory requirements. Fifth, scalability and adaptability make fog networking suitable for various industries and applications. Finally, the integration of artificial intelligence, machine learning, and edge AI further fuels its adoption, enabling real-time analytics and intelligent decision-making. These drivers collectively position fog networking as a pivotal technology in the evolving landscape of edge computing and IoT.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Fog Networking Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Component (Hardware, Software, Service), Application (Smart Meter, Building and Home Automation, Smart Manufacturing), By Region, Competition 2018-2028 has evaluated the future growth potential of Global Fog Networking Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Fog Networking Market.
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