LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global internet of nano things (IoNT) market to grow at a CAGR of more than 24% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global internet of nano things market for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of nanocomponents and devices, such as antennas and transceivers, cameras, memory cards, phones, processors, and sensors.
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global internet of nano things market:
- Favorable government support
- Rise in adoption of nanotechnology
- Internet revolution
- Affordable nanodevices and nanosensors
Favorable government support
The rise in the number of connected nanoscale devices in industries has led to generation of large data sets. These data can be used to optimize costs, deliver better services, and boost revenues. Also, the interconnection of nanoscale devices has enabled efficient data communication between disparate devices over the network. Thus, IoNT helps organizations to reduce the complexity in communication and increase the process efficiency using data collected from nanoscale devices.
“Even governments have realized the importance of IoNT technology in the healthcare sector that can be used to treat cancer and other genetic diseases at the molecular level. This has further increased the demand and awareness of IoNT among multiple industries,” says Amit Sharma, a lead analyst at Technavio for research on IT professional services.
The report also highlights the US government's National Nanotechnology Initiative (NNI) that supports the adoption of nanotechnology in industries, such as healthcare, defense, and textiles, due to its vast applications. This initiative has been awarded over USD 22 billion since 2001 to promote the adoption of nanoscience and nanotechnology by states, universities, and companies.
Rise in adoption of nanotechnology
The rise in demand for miniaturization of electronics products coupled with increased consumer demand for smaller and more powerful devices at affordable prices has made nanotechnology more popular among industries. Both private and public sectors are investing heavily in R&D to tap the potential benefits of nanotechnology.
In 2014, NMP Programme under 7th EU Framework Programme for Research invested around USD 480 million in nanomedicine research projects, such as nanodiagnostics, targeted nanopharmaceuticals, and regenerative medicine.
Also, the rise in commercialization of nanomaterials, such as nanocatalyst thin films for catalytic converters, nanotechnology-enhanced thin-film solar cells, and nanoscale electronic memory, is shaping the growth of the global nanotechnology market. Thus, there is an increase in the number of interconnected nanodevices. IoNT provides a communication infrastructure for interconnected nanodevices to share information and coordinate multiple activities over the Internet.
Internet revolution
According to a 2015 report from the International Telecommunication Union (a UN agency), the number of people using the Internet is on the rise. In 2015, about half of the world's population used Internet, reaching a 3.2 billion count.
“The Internet revolution is fueling global connectivity by bringing unconnected devices, such as nanoscale devices, on the network. The nanonetwork technology is evolving to meet the needs of various applications. Such technologies provide an effective communication infrastructure for the rapid pace of communication among nanoscale devices,” says Amit.
The scope of Internet has been extended due to increased interconnection of nanosensors with consumer devices and other physical assets. IoNT enables data collection, processing, and sharing with end-users. It finds application in industries such as healthcare, manufacturing, transportation and logistics, energy and utilities, and other services.
Affordable nanodevices and nanosensors
Advances in nanotechnology and innovations in material sciences have led to the proliferation of different types of nanodevices and sensors, such as cameras, scalar sensors, phones, and processors. These have led to increased availability and affordability of sensors for all industries to consume. Sensors are in high demand due to their advantages, such as low power consumption and price.
Nanosensors enhance productivity. The adoption of these sensors in industries to facilitate automation of several processes is on the rise. Also, employing these sensors reduces the need for manual labor and time to decision making. Sensors also generate data collected in the Internet framework that are sent to IT systems for data analytics. The results of these analytics play a key role in making profitable business cases through process improvements.
Browse Related Reports:
- Global Internet of Things Security Market 2016-2020
- Global IoT Market 2016-2020
- Global Industrial Internet-of-Things Market 2016-2020
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