Fog Networking Market to Reach $7.8 Billion, Globally, by 2032 at 43.5% CAGR

Allied Market Research - Seite 2

CAGR

43.5 %

No. of Pages in Report

384

Segments covered

Component, Application, and Region.

Drivers

Increase in Internet of Things (IoT) proliferation

Edge computing infrastructure advancements

Opportunities

Integration with emerging technologies

Restraints

Infrastructure challenges

Shortage of professionals and skill gap

COVID-19 Scenario

• The COVID-19 pandemic had a mixed impact on the fog networking market. Fog networking, which involves distributing computing resources closer to the network edge, experienced both challenges and opportunities during this time. With the sudden surge in remote work and increased reliance on digital technologies, there was a heightened need for edge computing solutions to ensure low-latency data processing and improved network performance.
• As a result, the demand for fog networking solutions such as edge servers and edge computing platforms witnessed a significant boost. However, the pandemic also disrupted the global supply chains and led to uncertainties in the market, causing delays in deployment and hindering the growth of fog networking projects.

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The hardware segment to maintain its leadership status throughout the forecast period

Based on component, the hardware segment held the highest market share in 2022, accounting for more than half of the global fog networking market revenue. This can be attributed to the widespread adoption of fog networking devices and equipment such as routers, gateways, sensors, and edge servers. However, the software segment is projected to manifest the highest CAGR of 45.6% from 2023 to 2032. This is due to the fact that the software component forms the backbone of fog networking, enabling intelligent data processing, analytics, and decision-making at the edge of the network.