Internet of Nano Things Market - Growth, Trends, and Forecast (2019 - 2024)
The Internet of Nano Things Market is expected to grow at a CAGR of 24.12% over the forecast period (2019 - 2024). The internet of nano things is very much similar to the internet of technology in which the devices that are interconnected with IoNT are miniaturized.
The development of nano-machines with communication capabilities and interconnection with micro- and macro-devices will empower IoNT, which is being increasingly seen as the next major innovation in technology. These devices have dimensions ranging from 1 nm to 100 nm, and are interconnected with classical networks leading to new networking paradigms.
The increased government spending in the aerospace and defence sector is expected to drive the IoNT market for the forecast period as IoNT recently has found major applications in the fields of Nano-drones that could be used for monitoring and carrying explosives sufficient enough that penetrates the targeted subject.
The world economic forum in 2016, released the list of top 10 emerging technologies in which nano-sensors and nanotechnology were ranked first. As the integration of the nanotechnology in various industries increases, it would increase the dependence on IoT as a platform for nanodevices which would boost the IoNT market positively.
However huge capital investment required for the development of nanotechnology is a factor that could hinder the growth of the IoNT market.
Scope of the Report
The Interconnection of nanoscale devices with existing communication networks and ultimately the Internet defines a new networking paradigm called “Internet of Nano-Things”. This report segments the market by Device (Nano Cameras, Nano Phones, Nanosensors, Nano Processors, Nano-Memory Cards, Nano Power Systems, Nano-Antennas, Nano Transceivers), End-user (Healthcare, Logistics, Media & Entertainment, Telecom & IT, Defense & Aerospace, Manufacturing, Energy & Power, Retail), and Geography.
Key Market Trends
Healthcare Industry is Expected to Hold a Significant Share
The expectations of a better quality of life coupled with the aging population and the changing lifestyles have resulted in an increase in demand for more efficient and affordable and improved healthcare.
For instance, Cambridge University nanotech researchers collaborated with a US insurer and other corporate players to explore the commercial potential of an intelligent lavatory that capture's massive amount of key data in users urine which could then be used for the timely and effective delivery of the personalized medicines.
The development of nanomedicine which uses properties of a material developed on a nanoscale offering the potential to cross natural barriers and access new sites of delivery. This nanometric size allows interaction with the DNA or small proteins at different levels in the blood or within organs, tissues, and cells.
With advancements in the fields of nanotechnology has allowed in the detection of diseases in very minute amounts or in the initial stages. For instance, in April 2019, a pair of NJIT inventors Bharath Babu Nunna and Eon Soo Lee has been instrumental in developing nanotechnology enhanced biochip to detect cancers, malaria and viral diseases such as pneumonia early in their progression with a pinprick blood test.
With increased spending on healthcare by emerging and developed economies is expected to boost the investment in the fields of IoNT which would influence the market positively.
North-America is Expected to Hold the Largest Share
Various harmful diseases are proving to be a tremendous challenge for modern medicine. This, coupled with growing consumer health awareness in the region, means for more advanced technology. Nano medicine was introduced in this industry to overcome this hurdle since it offers a number of potential ways to improve medical diagnosis & therapy, even in regenerating tissues and organs.
Nanomaterials have been instrumental in improving a body's acceptance of transplants, artificial bone materials, and other implanted medical devices. For instance, in 2016, the US Department of Health and Human Services invested USD 500 million for the development of medical devices containing nanomaterials.
Various companies have been instrumental in developing devices that drastically helps the person to improve breathing especially for asthma and allergy sufferers. For instance, Molekuile's Air purifier that was developed by Dr. Goswami, the Director of the University of South Florida's Clean Energy Research Center uses brand new nanotechnology that is far superior to the HEPA air filters.
The internet of nano things market is highly competitive and consists of several key players like Schneider Electric, IBM, Intel and many more. However, the market remains consolidated with many players trying to occupy the share. Their ability to continually innovate their products and services by investing significantly in research and development has allowed them to gain a competitive advantage over other players.
August 2017 - Internet of Nano Things (IoNT) has wide applications that can revolutionize various domains. One such application has been in telemedicine. The cost of clinical trials and drug delivery can be significantly reduced. The patient data can be analyzed in real time and necessary analysis can be performed in the patient reaction.
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