Internet of Nano Things Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Internet of Nano Things Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Internet of Nano Things Market was valued at USD 13.39 billion in 2021 and is expected to reach USD 47.77 billion by 2027, registering a CAGR of 22.38% over the forecast period (2022 - 2027). 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.

• 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 defense 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 targetted subject.
• The technological advancements over the past few years have primarily led to the rapid growth of smart environments (offices, homes, cities, among others). This rapid increase in such environments has paved the way for the interconnectivity of applications and the usage of the Internet, prompting the emergence of the Internet of Things (IoT) technology. The expansion of the IoT concept has also given access to the Internet of Nano Things (IoNT), which is a new communication networks paradigm that is primarily based on nanotechnology and IoT.
• The manufacturing sector, with the integration of the autonomous and embedded sensors through a combination of micro and nanosystem technologies, is revolutionizing the self-powered, high bandwidth devices that are used for advanced manufacturing (AM), artificial intelligence (AI), and IoT.
• As devices become more connected and the Internet of Things (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, along with an increased 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.
• The number of breaches to private networks and devices via IoT has been increasing in the recent few years. The addition of several devices like IoT increases the surface area of a network, thereby creating more potential attack vectors in the process. Any unsecured device connected to a network may serve as a point of entry for an active attack on the network. Most government and public enterprises are mostly dependent on information infrastructure services, and this dependency has become a major vulnerability factor due to cyber security threats.
• By end-user, the healthcare sector is expected to dominate the market. According to US-based Aruba, 73% of healthcare organizations use IoT for maintenance and monitoring.
• Due to the COVID-19 pandemic, the global supply chain and demand for electronics were disrupted, owing to which the IoNT market hardware adoption was severely impacted. Due to the production shutdown in countries such as China, the electronics industry has observed a shortage of electronics supply during the pandemic. However, the demand for IoNT in government-deemed essential industries, such as healthcare, food, agriculture, and education, has been increasing due to the lack of workforce and remote monitoring and working requirements.

• Nanotechnology and the Internet of Nano Things (IoNT) have continuously impacted the healthcare sector and its transformation and contributed to better results. The inclusion of nanotechnology in medicine through nanomaterials and devices known as nanomedicine has brought many benefits to disease prevention, diagnosis, and treatment.
• 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 completely revolutionize healthcare in the 21stcentury, creating a system that enables early detection and diagnosis of illness, followed by accurate, on-time, and effective treatment, significantly reducing medical costs.
• The Internet of nano things can also be used to 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 investments by companies like Apple, Fitbit, and Android enhances the range further by adding more healthcare features. Many startups are also bringing innovation into the sector.

• Modern manufacturing facilities in the United States rely on new technologies and innovations to produce higher quality products at a significant rate, 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.
• 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.​
• Compared to the United States, Canadian companies have been slower to adopt advanced technologies, as per the 2020 Advanced Manufacturing survey of SMEs in North America. The Canadian energy sector has been procuring internet-connected sensors to monitor a range of activities across generating plants, distribution networks, and smart home meters.
• Also, the emerging 5G standards with New Radio (NR) are targeting capabilities, such as vehicle-to-everything and ultra-reliable low-latency communications, as industrial use cases. Additionally, with industrial communication buses standardized by IEC, such as PROFINET and Modbus, the market is headed toward reliable and securer industrial adoption.

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.

• January 2022 - Advanced Material Development (AMD) announced that it had won an important 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 the development and testing of devices using advanced testing equipment and measurement and analysis experience.
• September 2021 - Siemens AG is focusing 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.

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