Nanotechnology is providing apt solutions to numerous applications across different industrial verticals ranging from military to biomedical. Internet of nano things or IoNT is often embedded with nanotechnology for seamless transmission and data communication within the provided range of operations. Internet of nano things (IoNT) is the interconnectivity of nano-scale devices with communication networks and accessible internet. Changing demand patterns and innovative applications are creating strong rise in demand in the global internet of nano things market during the next few years. Technological advancements and continuous demand from the emerging regions are expected to create exciting business opportunities in this market in near future.
Segmentation in IoNT Market
Researchers segment the internet of nano things market on the basis of various market components. These components include communication types, industry verticals, device components and geographic regions. The types of communications include femtocell, Zigbee, near field communication (NFC), ultra width band (UWB), Li-Fi, and so on. The industry verticals include defense and aerospace, healthcare, biomedical, media, entertainment, manufacturing, retail, energy and utilities, and such other. The device components include nano phones, nano cameras, scale nano sensors, nano memory cards, nano processors, nano antennas and transceiver, and such other components. Geographically, the IoNT market is divided into North America, Latin America, Asia Pacific, Europe and Middle East and Africa.
Market Drivers & Restraints
According to the experts, the internet of nano things market is strongly driven by three major drivers. These drivers include ubiquitous connectivity, government driven nature of this technology, and advantages of connected devices. However, privacy and security concerns and capital investment in the field of nanotechnology are expected to be the strongest restraining factors for the global IoNT market. Despite these restraints, rising demand from different industrial verticals are expected to create better investment and expansion opportunities for the global market.
The internet of nano things market is expected to maintain an impressive CAGR of over 22% during the next few years. At the projected growth rate, the market is anticipated to become worth more than $9.69 billion by the end of the year 2020. Researchers expect the industry to reach past $4.26 billion by the end of 2016. North America and Europe are the biggest regions in the global industry in terms of market shares. However, Asia Pacific, Latin America and Middle East and Africa are expected to witness healthy rise in demand and revenue during the forecasting period, which is a good sign for the global market.