Fog Computing Market Size, Share, Growth Analysis, By Type (Hardware, Software), By Application (Connected Vehicle, Building & Home Automation) By Region - Industry Forecast 2024-2031

Global Fog Computing Market size was valued at USD 85.5 million in 2022 and is poised to grow from USD 126.66 million in 2023 to USD 4314.38 million by 2031, growing at a CAGR of 48% in the forecast period (2024-2031). 

Increasing awareness of data security, bandwidth constraints and increasing use of simple applications for existing IoT infrastructure and increasing deployment of data-intensive IoT devices are some of the key drivers for globalization of the fog computing market growth. Furthermore, the expanding requirement to improve system response time and the need for enhanced security through data streaming drives the growth of the fog computing market over the forecast period.

Fog computing supports lower network latency between end-user devices for augmented reality (AR) and Internet of Things (IoT), generates more data, senseless transfer to cloud services for analysis. The goal of fog computing to meet low-latency requirements, reduce power consumption of end-user devices, real-time data processing, and deployment of data computing resources. As connected IoT devices grow, the need to process and analyze data close to the source increases. Fog computing provides a decentralized infrastructure that brings computing, storage, and networking closer to the devices that generates the data.

The lack of appropriate standards for the use of fog computing and sit experts is acting as a major restriction in the growth of the fog computing industry due to which end users are thought to have information impossibility do not match it to reduce data recovery. Fog devices are usually installed in public places, where it is easy for unnecessary interference. Challenges associated with digital IT innovation involving insufficient analysis, extending computational logic to network edge devices and devices, and digital IT innovation in connectivity, latency and bandwidth controlling the growth of the computing industry. In addition to this, reliability, integrity, and wireless reliability as well as cost of air conditioning hinder the growth of the fog computing market.

US Fog Computing Market is poised to grow at a sustainable CAGR for the next forecast year.