Market Trends of Fog Networking Industry
This section covers the major market trends shaping the Fog Networking Market according to our research experts:
Smart Meter to Witness Higher Growth
- A smart meter is an electronic device that records the consumption of electrical energy units and communicates it to the power company from which the power is supplied.
- Many power companies across the world are planning to adopt smart meters to remotely monitor consumers' energy consumptions and to prevent fraudulent energy consumption. Moreover, smart energy and metering solutions are becoming more prevalent in both businesses and households.
- The data collected by smart meters is sufficient to draw inferences, such as the behavior, sleeping cycle, home occupancy, eating routines, etc. of the consumers. However, for it to make sense, the data needs to be analyzed in real-time.
- The data collected per household can be used by various organizations. For instance, an electric or power company can sell its products or services based on energy units consumed.
- As smart meters produce a tremendous amount of data, which is hard to process and analyze, even with cloud computing, there is a need for fog computing, which offers a place for collecting, computing, and storing smart meter data before transmitting it to the cloud.
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North America Occupies the Largest Market Share
- The North American region occupies the largest share in the market, as most fog networking enterprises are based out of North America. Moreover, most cloud computing providers working in this region have already started offering fog networking hardware and software solutions, to stay up to date with the technology.
- The OpenFog Consortium, which is a consortium of high tech companies and academic institutions across the world, aiming at the standardization and promotion of fog computing in various capacities and fields, including companies like Cisco, Dell, Intel, and Microsoft, is also headquartered in the United States. More companies are joining this consortium, to gain insights about fog computing.
- The North American region is also the leader in IoT and 5G technology, which generates a huge amount of data to be processed in real time.
- With the emergence of connected cars in the region, the market is expected to witness huge growth, as the cars will need to communicate with not only each other but also traffic lights, where traffic lights will act as fog nodes. Moreover, these cars will require real-time analysis of data to function accurately.
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