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Fog Computing Market size is set to grow by USD 4.08 billion from 2024-2028, Exponential increase of iot due to rise in communication between verticals boost the market, Technavio

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NEW YORK, Aug. 12, 2024 /PRNewswire/ — The global fog computing market size is estimated to grow by USD 4.08 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 70.51%  during the forecast period. Exponential increase of iot due to rise in communication between verticals is driving market growth, with a trend towards deployment of industry 4.0 infrastructur.  However, competition from low-cost centralized and general-purpose computing infrastructure  poses a challenge. Key market players include ADLINK Technology Inc., Aikaan Labs, Amazon.com Inc., Arm Ltd., AT and T Inc., Atos SE, Cisco Systems Inc., Crosser Technologies, Dawn Acquisitions LLC, Dell Technologies Inc., General Electric Co., Hitachi Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Schneider Electric SE, Telefonaktiebolaget LM Ericsson, Terawe Corp., Thoughtworks Holding Inc, and Toshiba Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Fog Computing Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 70.51%

Market growth 2024-2028

USD 4080.2 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

52.53

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 49%

Key countries

US, Germany, China, UK, and Canada

Key companies profiled

ADLINK Technology Inc., Aikaan Labs, Amazon.com Inc., Arm Ltd., AT and T Inc., Atos SE, Cisco Systems Inc., Crosser Technologies, Dawn Acquisitions LLC, Dell Technologies Inc., General Electric Co., Hitachi Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Schneider Electric SE, Telefonaktiebolaget LM Ericsson, Terawe Corp., Thoughtworks Holding Inc, and Toshiba Corp.

Market Driver

Industry 4.0, the latest industrial revolution, integrates connected automation systems and technologies such as cyber-physical systems, IoT devices, cloud computing, and cognitive computing. These technologies enable large-scale automation in factories, relying on principles like machine interconnection, big data collection, technical assistance, and decentralization. With the increasing adoption of Industry 4.0, the demand for real-time data analysis in manufacturing environments is surging. Fog computing plays a crucial role in processing and implementing data from IoT sensors, actuators, and communication tools in the immediate manufacturing environment. Consequently, the global fog computing market is poised for significant growth as Industry 4.0 practices gain traction. 

Fog computing, also known as edge computing, is a trending technology that brings real-time computing closer to the source of data generation. With the increasing amount of personal information being generated on the internet, network operators are turning to fog computing to reduce internet traffic and improve connectivity. The OpenFog Consortium, a leading industry group, is driving the adoption of fog computing through standardization. Embedded computing design companies, connectivity hardware providers, system integrators, cloud providers, and colocation providers are key players in the fog computing market. Real-time applications in sectors like transportation and logistics, power industry, hydrocarbons, and healthcare are benefiting from fog computing. Smart sensors, edge devices, and the fog computing layer form the foundation of this technology. Fog computing platforms offer customized application software, while controller servers and fog software manage data security. The transportation sector, including transportation systems for aviation, railways, roadways, maritime transport, and self-driving cars, is a major user of fog computing. Applications include monitoring engine idle time, emissions, fuel conservation, and cyber threats. Wearables, cameras, and industrial automation are other areas that can benefit from fog computing. With the advent of 5G networks, augmented reality, and driverless cars, the market for fog computing is expected to grow significantly. 

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Market Challenges

Fog computing refers to extending centralized computing infrastructure to the edge of the network, providing processing capabilities as a service to devices and applications in real-time. While this can reduce latency and improve efficiency, it faces competition from low-cost cloud computing services, which are widely available on a pay-as-you-go basis. The competitive marketplace offers various pricing and volume options, making it challenging for fog computing to gain significant market share. Setting up fog computing infrastructure requires additional capital spending, network infrastructure, and skilled labor, shifting focus from applications to infrastructure management. Additionally, achieving a minimum service level agreement in a fog computing environment can be difficult due to the decentralized nature of the infrastructure. Furthermore, network nodes such as access points, base stations, routers, switches, and gateways can be utilized for fog computing operations, increasing competition from low-cost centralized and general-purpose computing infrastructure.The Fog Computing market is experiencing significant growth as businesses seek to address the challenges of smart home storage, high-speed data analytics, and decentralized computing in various sectors like cloud, machine learning, artificial intelligence, smart home, connected vehicles, smart energy, smart manufacturing, connected health, securities and emergencies, and more. Fog Computing provides real-time analysis in a fog environment, reducing the need for constant data transfer to the cloud. However, it presents new challenges such as cyberattacks, hardware requirements, and network bandwidth. Fog Computing solutions include routers, switches, sensors, gateways, and microdata centers. The Open Fog Consortium is driving the development of hybrid IT infrastructures, including fog nodes, IP video cameras, and ERP models, to address the needs of Industry 4.0. Policy controls, procedures, physical security measures, authentication, IP address, energy efficiency, network privacy, and wireless connectivity are crucial considerations for implementing fog computing solutions.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This fog computing market report extensively covers market segmentation by  

Component 1.1 Software1.2 HardwareApplication 2.1 Utilities2.2 Healthcare2.3 Transportation2.4 Industrial2.5 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Software-  The Fog Computing market is growing as businesses seek to reduce latency and bandwidth usage by processing data closer to the source. Fog Computing, also known as Edge Computing, allows for real-time analysis and decision making. Companies in manufacturing, healthcare, and transportation are adopting Fog Computing to improve efficiency and enhance customer experience. This decentralized computing infrastructure brings data processing power to the edge, enabling faster response times and reducing reliance on cloud resources.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The Global Healthcare Cloud Computing Market is experiencing rapid growth, driven by the increasing adoption of telemedicine, electronic health records (EHRs), and big data analytics in healthcare. This market is expected to expand significantly due to the need for scalable, cost-effective solutions that enhance patient care and streamline operations. Similarly, the Global Edge Computing Market is on the rise, fueled by the demand for real-time data processing in sectors like healthcare, manufacturing, and IoT. Both markets are pivotal in driving innovation and efficiency across industries.

Research Analysis

Fog Computing Market: A New Era of Real-time Data Processing and Connectivity Fog Computing, also known as Edge Computing, is revolutionizing the way data is processed and analyzed in our increasingly connected world. By bringing computing power closer to the source of data generation, Fog Computing enables real-time interactions and reduces latency for smart devices, smart grids, smart buildings, smart cities, automotive networks, and more. Fog Computing leverages 5G technology and Software-Defined Networks to facilitate connectivity for an expanding array of connected devices, including smartphones, tablets, wearables, cameras, sensors, and edge devices.

Market Research Overview

Fog Computing Market: A New Frontier in Real-time Data Processing Fog Computing, also known as Edge Computing or Extended Cloud, is a decentralized computing infrastructure that brings data processing closer to the source of data generation. This architecture is becoming increasingly important in our interconnected world, where smart devices, smart grids, smart buildings, smart cities, automotive networks, and connected devices require real-time interactions and high-speed data analytics. Fog Computing relies on a network of fog nodes, including routers, switches, sensors, gateways, and microdata centers, that act as intermediaries between edge devices and the cloud.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSoftwareHardwareApplicationUtilitiesHealthcareTransportationIndustrialOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Technology

Cat® Simulators New Hydraulic Mining Shovel System Builds Operator Skills for Mine Sites

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September 23, 2024

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Simformotion™ LLC, a leader in heavy equipment simulator training solutions, announces the release of the new Cat® Simulators Hydraulic Mining Shovel System.

PEORIA, Ill., Sept. 23, 2024 /PRNewswire-PRWeb/ — Simformotion™ LLC – a leader in heavy equipment simulator training solutions – announces the release of the new Cat® Simulators Hydraulic Mining Shovel System. Operator trainees can utilize the system inside a classroom or at satellite mine locations.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites,” says CEO Lara Aaron.

The hands-on training system is set in a mining environment and teaches learners how to operate the Hydraulic Mining Shovel, including inspecting the machine, spotting and properly loading trucks, and more. Correct, efficient operation increases safety, production and cost savings. Simulation is a safe alternative to using actual machines for heavy equipment operator training. Students and operators can train anytime and anywhere using simulators — no need to take a costly machine out of production, worry about the weather or, most importantly, worry about the operator’s safety.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites. We often hear of the struggles to find skilled operators. Cat Simulators systems help companies build their own workforce,” says CEO Lara Aaron.

The Cat Simulators Hydraulic Mining Shovel system is available in multiple languages and includes SimU Campus™, a built-in reporting software that records and generates reports of learners’ simulation sessions and compares their performance to Caterpillar benchmarks. The system features authentic Cat controls, a motion system, exclusive walkaround machine inspection training, and a companion SimScholars™ curriculum, making the training package a unique offering.

The companion SimScholars online curriculum is a one-to-one match with the simulator model and can be used in the classroom or for remote learning. It is an interactive, turn-key solution complete with instructor guides, videos, quizzes and more. Integrate the Cat Simulators Hydraulic Mining Shovel system and its curriculum together for a unique, blended learning experience.

For even more training value and for a more immersive experience, add VR Edition. With the VR headset and patented VR Now technology, users experience a larger view of the virtual environment with greater depth perception. The simulator is portable and easy to move from a training room to a trailer to satellite locations.

About Simformotion™ LLC

©Copyright 2024 Simformotion™ LLC is a leader in heavy equipment simulator training solutions. Simulation can help address initiatives such as safety and production; while ensuring training can be delivered anytime day or night, regardless of weather conditions. Cat Simulators are chosen as training solutions in such markets as mining, construction, forestry, government, and trade and vocational schools. Simformotion™ LLC is a licensee of Caterpillar Inc. As used herein, “Simformotion” means Simformotion™ LLC, a Delaware limited liability company.

About Caterpillar Inc.

About Caterpillar Inc. With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.

CAT, CATERPILLAR, LET’S DO THE WORK, their respective logos, “Caterpillar Corporate Yellow,” and the “Power Edge” and “Modern Hex” trade dress, as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used without permission. www.cat.com / www.caterpillar.com Third party trademarks are the property of their respective owners.

Media Contact
Kim Roberts, Simformotion, 1 3096703200, kroberts@simformotion.com, https://simformotion.com/

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GR0 CEO Kevin Miller Snags C-Suite Insiders CEO of the Year Award for Brand Optimization

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September 23, 2024

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GR0 Co-Founder and CEO Kevin Miller Honored for Excellence in Leadership, Innovation, and Industry Impact

LOS ANGELES, Sept. 23, 2024 /PRNewswire-PRWeb/ — Kevin Miller, Co-Founder and CEO of GR0, was awarded CEO of the Year for brand optimization from the prestigious C-Suite Leadership Awards Program. This recognition underscores Miller’s outstanding leadership, innovation, and transformative impact in the digital marketing industry.

Recognized for celebrating excellence in senior executives, the C-Suite Leadership Awards Program highlights remarkable achievements in business. Emphasizing the importance of exceptional leadership, innovation, and industry impact, the program honors high-performing executives who inspire success while shaping the future of their companies.

As Co-Founder and CEO of GR0, Kevin Miller has propelled his company to the forefront of the digital marketing industry. Leveraging extensive expertise from roles at Google and Open Listings, Miller has spearheaded notable successes for GR0, including accolades such as a Platinum dotCOMM award in 2024 and a Best SEO Company award from Clutch in 2021.

Assisting both D2C and B2B clients, GR0 is known for delivering measurable growth and impactful results as a trusted agency for businesses seeking transformative omnichannel digital marketing solutions.

Miller’s dedication to his team and commitment to fostering an exemplary working environment have not gone unnoticed. He was recognized with a Best CEO Award from Glassdoor and was instrumental in GR0 being named a Best Company for Women by Great Place to Work in 2024. These achievements underscore Miller’s holistic approach to leadership, focusing on business success and employee well-being.

For further details on Miller’s remarkable achievements and to explore GR0’s transformative digital marketing strategies, visit GR0’s website.

About GR0: A leading omnichannel digital marketing agency based in Los Angeles, GR0 delivers exceptional growth and impactful results for a diverse clientele. With a record of innovation and recognition in digital marketing, GR0 sets benchmarks and drives success stories for businesses worldwide.

Media Contact

GR0 Agency, GR0, +1 (310) 439-1887, performancepr@gr0.com, gr0.com 

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First Pacific Bank expands its instant payments offerings with Finastra, driving growth

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53 mins ago

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September 23, 2024

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With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities 

LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ — Finastra today announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth. 

As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.

“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”

Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service. As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.

“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”

“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”

To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

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