According to a new report, published by KBV research, The Global Fog Computing Market size is expected to reach $8.9 billion by 2031, rising at a market growth of 50.4% CAGR during the forecast period.
The Software segment is leading the Global Fog Computing Market by Component in 2023; thereby, achieving a market value of $5.7 billion by 2031. This is primarily attributable to the increasing demand for fog computing platforms and solutions that enable real-time data processing near the network periphery. Software is crucial in managing and orchestrating IoT devices, ensuring efficient data processing, and enhancing operational capabilities across healthcare, manufacturing, and transportation sectors. This increased reliance on software for real-time analytics, security management, and device coordination has driven its significant share of the market.
The Connected Vehicles segment is anticipating a CAGR of 50.8% during (2024 - 2031). With the increasing adoption of autonomous and connected vehicles, there is a rising need for decentralized data processing to ensure vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication. Fog computing offers the essential infrastructure for real-time data processing at the periphery, thereby improving the safety and efficiency of connected transportation systems and reducing latency.
Full Report: https://www.kbvresearch.com/fog-computing-market/
The North America region dominated the Global Fog Computing Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.6 billion by 2031. The Europe region is experiencing a CAGR of 49.8% during (2024 - 2031). Additionally, The Asia Pacific region would showcase a CAGR of 51.6% during (2024 - 2031).
By Component
By Application
By Geography
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