Internet of Nano Things Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 22.02 Billion|
|Market Size (2028)||USD 55.31 Billion|
|CAGR (2023 - 2028)||20.23 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Internet of Nano Things Market Analysis
The Internet Of Nano Things Market size is estimated at USD 22.02 billion in 2023, and is expected to reach USD 55.31 billion by 2028, growing at a CAGR of 20.23% during the forecast period (2023-2028).
The internet of nano things (IoNT) facilitates the interconnection of nano-sensors and nanodevices with the existing communication technologies in the market, including the internet. Developing nano-machines with communication capabilities and interconnection with micro-and macro-devices will empower IoNT, which is increasingly seen as the next major technological innovation. These devices have dimensions ranging from 1 nm to 100 nm and are interconnected with classical networks leading to new networking paradigms.
- IoNT is a modern technology that allows numerous nano gadgets to communicate with one another via a high-speed network. IoNT is used for data gathering, pre-processing, and sharing with end users. It also opens up many possibilities with new technologies, such as cloud computing, big data, and machine learning (ML).
- The increased government spending in the aerospace and defense sector is expected to drive the IoNT market during the forecast period, as IoNT has found significant applications in the fields of nano-drones that could be used for monitoring and carrying explosives sufficient enough to penetrate the targetted subject.
- The technological advancements over the past few years have primarily led to the rapid growth of smart environments (offices, homes, and cities, among others). This rapid increase in such environments has paved the way for the interconnectivity of applications and internet usage, prompting the emergence of IoT technology. The expansion of the IoT concept has also given access to IoNT, a new communication network paradigm primarily based on nanotechnology and IoT.
- The significant market players focused on strategic collaborations and improving the solutions, which increased opportunities for the IoNT Market. In January 2022, Qualcomm Technologies, Inc. announced a collaboration with Microsoft at the 2022 Consumer Electronics Show (CES) to grow and accelerate the adoption of augmented reality (AR) in both the consumer and enterprise sectors. Both companies believe in the metaverse, and Qualcomm Technologies is collaborating with Microsoft on several initiatives to propel the ecosystem forward, including the development of custom AR chips to enable a new wave of power-efficient, lightweight AR glasses to deliver rich and immersive experiences as well as plans to integrate software such as Microsoft Mesh and the Snapdragon SpacesTM XR Developer Platform.
- Nano-drones, employed for monitoring and transporting military troops, are another key use of IoNT. In addition, IoNT can provide more detailed and up-to-date images of cities, houses, and factories. The use of IoNT in smart city projects may monitor various characteristics, such as air and water quality, throughout a metropolis. IoNT can capture real-time data that can be utilized to improve infrastructure, public utilities, and services, among other things. Furthermore, rising awareness of the many benefits of IoNT and the development of nano-machines will considerably enhance market revenue growth throughout the forecast period.
- As devices become more connected and IoT becomes abundant, the sheer rise in the volume of devices is expected to enable companies to improve service, offer newer products, or streamline existing processes. The IoNT ecosystem is gaining widespread adoption across multiple industries and increasing demand for IoNT-enabled devices. The Internet of Nano Things (IoNT) offers a medium to connect various nanodevices with the help of high-speed networks.
- COVID-19 altered the nature and working conditions of businesses worldwide. Companies automated their operations even more while employees continued to work remotely. IoNT developers were working on implementing \IoNT techniques, which helped the IoNT business to flourish. Nano drones helped deliver medical supplies and monitor specific locations, and they were no longer regarded as merely a weapon of war and obscurity. Furthermore, IoNT solutions in the healthcare sector offered numerous benefits, such as lowering service costs and increasing treatment outcomes, propelling the IoNT market forward.
Internet of Nano Things Market Trends
Healthcare Industry is Expected to Hold a Significant Share
- Nanotechnology and the Internet of Nano Things (IoNT) have continuously impacted the healthcare sector and its transformation and contributed to better results. Including nanotechnology in medicine through nanomaterials and devices, known as nanomedicine, has brought many benefits to disease prevention, diagnosis, and treatment.
- The healthcare and life sciences area is predicted to grow rapidly during the forecast period. IoNT can detect life-threatening disorders early on and assists in the collecting of real-time data from patients, allowing for life-saving medical measures.
- According to the American Cancer Society, an expected 1.9 million new cancer cases will be identified in the United States in 2022, with 609,360 cancer deaths. As a result, the rising number of cancer patients propels the healthcare nanotechnology industry forward.
- Nanotechnology products have been increasingly beneficial in healthcare, developing unique nanosystems for diagnosing, imaging, and treating various diseases, including cancer, cardiovascular, ophthalmic, and central nervous system ailments.
- Incorporating the concept of IoNT into healthcare has enabled more personalized, timely, and convenient health monitoring and treatment. Therefore, nanotechnology and IoNT have the potential to revolutionize healthcare in the 21st century completely, creating a system that enables early detection and diagnosis of illness, followed by accurate, on-time, and effective treatment, significantly reducing medical costs.
- The advancement of nanomedicines and nanodevices has spurred many researchers to seek alternative remedies, as current approaches are limited in earlier identification and treatment. The remarkable features and applications of diverse nanomaterials and nanosystems have made them ubiquitous in creating technologies that will be deployed shortly.
- The IoNT can also form a body sensor network (BSN) that easily applies internal nano-sensors to monitor patient health and physiological activity. The patient can view this data obtained by the nano-sensor on a wearable gadget with a doctor.
- Smart wearables have played a significant role in expanding the scope of IoNT in the sector. The massive adoption of fitness tracking devices and growing investments by companies like Apple, Fitbit, and Android enhance the range further by adding more healthcare features. Many startups are also bringing innovation into the sector.
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North America is Expected to Hold the Largest Share
- Modern manufacturing facilities in the United States rely on new technologies and innovations to produce higher quality products significantly with lower costs. Fast and secure 5G connectivity is expected to enable agile operations and flexible production. This technology is expected to facilitate automated warehouses, automated assembly, connected logistics, packing, product handling, and autonomous carts.
- The prominent players in this region are focused on strategic acquisitions and collaborations to remain competitive and enhance their capabilities. For instance, in July 2022, Intel and MediaTek announced a collaborative agreement to manufacture semiconductors using advanced process technology from Intel Foundry Services (IFS). The partnership is intended to assist MediaTek in developing a more balanced, resilient supply chain by adding a new foundry partner with significant capacity in the United States and Europe.
- Moreover, in July 2022, Intel announced the first open-source AI reference kits to make AI more accessible to enterprises operating in on-premises, cloud, and edge environments. The reference kits first unveiled at Intel Vision feature AI model code, end-to-end machine learning pipeline instructions, libraries, and Intel one API components for cross-architecture performance. These kits teach data scientists and developers how to deploy AI more quickly and easily in healthcare, manufacturing, retail, and other industries, resulting in increased accuracy, better performance, and reduced overall cost of implementation.
- Among emerging technologies that are expected to emerge out of the existing technologies transforming manufacturing in the United States is expected to include the convergence of AI and IoNT, with companies like SAS Software touting IoNT as the next wave for IoT based upon nanotechnology.
- The key players across this region are developing new solutions to remain competitive in the market. In May 2021, IBM announced the development of the world's first chip with 2 nanometers (nm) nanosheet technology, marking a milestone in semiconductor design and process. Semiconductors are used in various applications, including computing, appliances, communication devices, transportation systems, and critical infrastructure.
- Also, the emerging 5G standards with New Radio (NR) target capabilities, such as vehicle-to-everything and ultra-reliable low-latency communications, as industrial use cases. With industrial communication buses standardized by IEC, such as PROFINET and Modbus, the market is headed toward reliable and securer industrial adoption.
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Internet of Nano Things Industry Overview
The internet of nano things market is semi competitive and consists of several key players like Schneider Electric, IBM, and Intel. 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.
In January 2022, a ground-breaking new strategy for licensing the use of cellular IoT Standard Essential Patents was revealed by Nokia and Nordic Semiconductor. Nordic will now offer businesses the chance to purchase licenses to Nokia's impressive collection of cellular patents, which leads the industry.
In September 2021, Siemens AG focused on enhancing its distribution capabilities. For instance, the company announced that it entered a strategic distribution partnership with Digi-Key Electronics to offer its automation and control products.
Internet of Nano Things Market Leaders
Schneider Electric SE
Cisco Systems Inc.
*Disclaimer: Major Players sorted in no particular order
Internet of Nano Things Market News
- February 2023: Siemens Digital Industries Software launched the latest update of its industry-leading NX software, part of the Xcelerator portfolio of software and services. The newest update of NX software leverages advanced technologies, such as artificial intelligence (AI) and advanced simulation capabilities, while continuing to invest in significant productivity and capability enhancements to enable its community of designers, engineers, and manufacturers to innovate more quickly.
- January 2023: Advanced Material Development (AMD) announced that it had won a vital InnovateUK 'Analysis 4 Innovators' grant to work on validating its next-generation novel nanomaterial-based gas sensors. The company is working with the National Physical Laboratory (NPL) on developing and testing devices using advanced testing equipment and measurement and analysis experience.
Internet of Nano Things Market Report - Table of Contents
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Research Framework
2.2 Secondary Research
2.3 Primary Research
2.4 Primary Research Approach and Key Respondents
2.5 Data Triangulation and Insight Generation
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
4.5 Technology Snapshot
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Wide Connectivity in Devices
5.1.2 Emergence of Nanotechnology
5.2 Market Challenges/Restraints
5.2.1 Security Concerns
5.2.2 High Costs of the Technology
6. MARKET SEGMENTATION
6.1 By Component
6.2 By End User
6.2.3 Defense and Aerospace
6.2.5 Energy and Power
6.2.7 Other End Users
6.3 By Geography
6.3.1 North America
6.3.4 Latin America
6.3.5 Middle-East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Schneider Electric SE
7.1.2 Siemens AG
7.1.3 IBM Corporation
7.1.4 Intel Corporation
7.1.5 Cisco Systems Inc.
7.1.6 SAP SE
7.1.7 Juniper Networks Inc.
7.1.8 Qualcomm Inc.
7.1.9 Nokia Corporation
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Internet of Nano Things Market Research FAQs
How big is the Internet Of Nano Things Market?
The Internet Of Nano Things Market size is expected to reach USD 22.02 billion in 2023 and grow at a CAGR of 20.23% to reach USD 55.31 billion by 2028.
What is the current Internet Of Nano Things Market size?
In 2023, the Internet Of Nano Things Market size is expected to reach USD 22.02 billion.
Who are the key players in Internet Of Nano Things Market?
Schneider Electric SE, Siemens AG, IBM Corporation, Intel Corporation and Cisco Systems Inc. are the major companies operating in the Internet Of Nano Things Market.
Which is the fastest growing region in Internet Of Nano Things Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Internet Of Nano Things Market?
In 2023, the North America accounts for the largest market share in Internet Of Nano Things Market.
Internet of Nano Things Industry Report
Statistics for the 2023 Internet of Nano Things market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Internet of Nano Things analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.