Fog Computing Market Growth Drivers, Opportunities, Share Report And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Fog Computing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The fog computing market size has grown exponentially in recent years. It will grow from $0.15 billion in 2023 to $0.21 billion in 2024 at a compound annual growth rate (CAGR) of 36%. The growth in the historic period can be attributed to proliferation of IoT devices, increasing demand for real-time applications, advancements in edge computing, rise of cloud computing, rapid growth of big data.

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Market Drivers and Trends:

The growing adoption of smart devices is expected to propel the growth of the fog computing market going forward. Smart devices refer to ordinary objects enhanced with sophisticated computing capabilities, encompassing technologies such as artificial intelligence (AI) and machine learning, and are interconnected to create the Internet of Things (IoT). Fog computing on smart devices provides real-time data processing, decreases latency, and improves scalability by shifting computer workloads from centralized clouds to edge devices. For instance, in December 2021, according to ComScore, a US-based media company, 48% of internet users owned at least one smart speaker, which is 11% higher than the 37% of users who owned one in 2020. Therefore, the growing adoption of smart devices is driving the growth of the fog computing market.

Major companies operating in the fog computing market are focusing on products with edge AI integration, such as managed edge-to-cloud solutions, to strengthen their position in the market. A managed edge-to-cloud solution is a completely automated and managed solution that allows for the handling of data from the edge (where it is created) to the cloud. For instance, in May 2022, Atos SE, a France-based information technology service and consulting company, launched Atos Business Outcomes-as-a-Service" (Atos BOaaS). Atos Business Outcomes-as-a-Service"" (Atos BOaaS) a 5G, edge, and IoT offering created in collaboration with Dell Technologies, a US-based information technology company, that extends the benefits of cloud architecture to the edge and far edge, delivering AI-based company value supplemented with end-to-end automated installation, monitoring, and management. Atos BOaaS will enable enterprises to derive significant, quick, and repeatable company results from IoT data streams and analytics while managing their IoT environment from a single dashboard. Atos BOaaS transforms digital operations by practically eliminating the requirement for on-site technological support, thereby lowering their total environmental impact. Atos BOaaS can save several hundred metric tons of CO2 each year per client.

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Major Key Players of the Market:

Major players in the fog computing market are Microsoft Corporation, Dell Technologies Inc., Intel Corporation, International Business Machines (IBM) Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Toshiba Corporation, ARM Holdings Plc, Hitachi Vantara Corporation., ADLINK Technology Inc., Wind River Systems, Cradlepoint Inc., Huawei Technologies Co. Limited, MachineShop, Fujitsu Limited, Lynx Software Technologies, NebulaLink, ClearBlade, Saguna Networks, Virtuosys, SixSq, Nebbiolo Technologies Inc., Crosser Technologies, and Litbit.

Fog Computing Market 2024 Key Insights:

• The fog computing market is expected to grow to $0.71 billion in 2028 at a compound annual growth rate (CAGR) of 35.9%.
• Rising Adoption Of Smart Devices Fuels Fog Computing Growth
• Leveraging Managed Edge-To-Cloud Solutions For Enhanced Business Outcomes
• North America was the largest region in the fog computing market in 2023

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