Internet of Nano Things Market

Market Overview

The global Internet of nano things market size was valued at USD 16.35 billion in 2022. It is estimated to reach USD 99.20 billion by 2031, growing at a CAGR of 22.18% during the forecast period (2023–2031).

The Internet of Nano-Things is an interconnection of nano-sized objects. 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. Nano nodes, gateways, nano routers, and nano-micro interface devices are some of their different parts. Using this technology, nanodevices can be deployed along with other advanced technologies like big data, cloud computing, and machine learning.

Data collection, high-speed data transfer, smart home applications, animal fertilizer distribution, illness diagnostics, prophylactic treatments, food packaging, and consumer electronics use IoNT. IoNT is extremely sophisticated in its design, which boosts its effectiveness, adaptability, data collection powers, and durability to survive harsh situations. It helps to quicken communication, increase storage capacity, and ease pressure on the communication sectors. IoNT thus has a wide range of applications in the manufacturing, aerospace, oil and gas, transportation, logistics, healthcare, and entertainment industries.

Market Dynamics

Global Internet of Nano Things Market Drivers

Wide Connectivity in Devices

As devices grow more connected and IoT becomes abundant, the enormous number of devices is projected to enable firms to improve service, create new products, or optimize procedures. Multiple industries are adopting the IoNT ecosystem and demanding IoNT-enabled equipment. The Internet of nano things (IoT) offers a medium to connect various nanodevices with the help of high-speed networks. The technology adds a new scale to IoT, incorporating nano-sensors in the devices, allowing them to connect and communicate through the nanotechnology network with the Internet.

IoT-based smart infrastructure systems enable organizations to improve job productivity and workflow, boosting the IoNT market. In recent years, demand for connected devices like smartphones, tablets, and smartwatches has increased, prompting the market to offer more gadgets with advanced technologies. Due to IoT dependency, healthcare will use more connected devices. Doctors can track nanodevices for patient treatment using real-time location services through IoNT. These factors can drive the global market.

Rapid Growth of IoT and Rising Demand for IoNT from Various End-Users

The quick expansion of the Internet of Things (IoT) is among the important factor driving the IoNT market. IoT is a network of physical bodies, including vehicles, buildings, machines, and other items, with electronics, software, sensors, and other technologies built to collect and share data. The IoT is projected to have a big impact on the development of the IoT. The IoT is expected to create a huge demand for nanomaterials and nanotechnology-based solutions.

Additionally, the manufacturing sector is beginning to transform self-powered, high bandwidth devices used for artificial intelligence (AI), IoT, and advanced manufacturing (AM) by integrating autonomous and embedded sensors via a combination of micro and nanosystem technologies. This will boost market interest in the Internet of nano things and aid its growth over the next few years. Further, the high use of nanotechnology in various application fields, especially the healthcare sector, will also help bolster the growth of this market in the forecast period.

Global Internet of Nano Things Market Restraint

Security Concerns

The number of breaches to private networks and devices via IoT has been increasing in recent years. Adding several devices like IoT increases the surface area of a network, thereby creating more potential attack vectors in the process. Any unprotected network-connected device could serve as the starting point of an ongoing attack. 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. In addition, most business organizations have suffered from cyberattacks and undergone losses in regional and global business operations because of data thefts. These aspects act as the major restraint for the global market.

Global Internet of Nano Things Market Opportunities

Emergence of Nanotechnology

Developing nanomachines with communication capabilities and interconnection with micro and macro devices is expected to empower IoNT, which is increasingly seen as the next major technological innovation. This new networking paradigm is expected to impact various industries, from telecom and IT to homeland security or environmental protection, because the IoNT platform can offer more detailed, inexpensive, and effective data through nanotechnology. As the integration of nanotechnology across various industries increases, the dependence on IoT as a platform for nanodevices is also expected to increase, driving the global market's growth.

Nanomaterials can be used in IoT devices to boost functionality, energy efficiency, and accuracy while lowering device size using their unique features. Incorporating nanodevices into the existing IoT concept gives rise to the Internet of Nano-Things. The growing interest and investment in nanotechnology and the rapid adoption of nanomachines and the Internet of Nano Things (IoT) are expected to have a greater impact on technological advancements. Such factors create opportunities for market growth.

Regional Analysis

Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global Internet of nano things market shareholder and is anticipated to exhibit a CAGR of 19.78% during the forecast period. The growing propensity toward adopting IoNT solutions in regional industries is accelerating, and enterprises are keen on adopting such solutions. For instance, a study comparison by Plataine, which comprised 81% of respondents from North America, found that; in 2018, 27% of the respondents mentioned that digital manufacturing strategies are currently being implemented or evaluating solutions; this number reached 84% in 2020. Such exponential growth is propelling the demand for IoT solutions in the region. In addition, the region has much greater industry knowledge of IoT technologies than other regions. The adoption of IoT in enterprises is triggered by increasing the ease of operations and data analytics to help increase competitiveness. However, the need to reduce costs triggers IoT adoption in the region. According to a study by Ovum, American companies often adopted IoT to reduce costs. In addition to enterprise IoT adoption, the growing propensity of consumers to incorporate connected devices as part of their smart home solutions is further propelling the growth.

Asia-Pacific is projected to exhibit a CAGR of 25.59% over the forecast period. Asia-Pacific has been an early adopter of technological advancements, such as AI, IoT, and nanotechnology. In these developing economies, the market poses a key advantage in implementing industrial automation since it is not tormented with rebuilding legacy automation systems and machine investments. IoT adoption in China is fueling the growth of the nanotech-infused IoT market in the region. According to a study by Ovum, Chinese companies were observed to adopt IoT to increase their competitiveness. In addition, China was among the top six countries globally, with a larger share of IoT adopters, with 91%, according to Microsoft's study in 2020.

Furthermore, India is seen leapfrogging the deployment of emerging technologies. The country offers an opportunity to deploy such emerging technologies at a large scale to bring efficiencies and economies of scale. The Government of India has taken extra steps to push the adoption of IoNT with innovative initiatives such as Digital India, Make in India, and Smart Cities, to name a few. Such factors drive regional market expansion.

Latin America has contributed significantly to IoT and IoNT adoption, with the Brazilian President signing a decree in June 2019. This strategy is the pinnacle of a multi-year public-private partnership (PPP) led by the Brazilian Development Bank (BNDES) and the Ministry of Science, Technology, Innovation, and Communications (MCTIC). This will promote the development and adoption of IoT/IoNT/IoBNT applications throughout the Brazilian economy, fostering free competition and the free flow of data. Such national policies seek to advance IoT/IoNT to enhance the standard of living for its people and to boost Brazil's involvement in global fora, such as standards bodies, to hasten the growth of IoT.

In addition, Mexico's digital transformation initiative overlooks projects using machine learning, AI, automation, and the Internet of Things (IoT). For instance, in 2020, Microsoft announced its investment plans for Mexico. The announcement indicates the company's expansion goals, making economic growth inclusive. Mexico has become a part of this inclusive global digital revolution. Therefore, the factors above propel the market growth.

In the Middle East and Africa, government-funded public administration initiatives suggest the region's adoption of the IoNT networks and related 5G and analytics applications. The Gulf Cooperation Council increased activity in IoNT networking and related technology, such as machine learning and 5G mobile platforms. Most IoNT adoption in the Middle East is directed toward public administration applications and smart cities. The Gulf region is pressing on with its smart city program to establish a USD 1 trillion digital economy by 2025. In addition, regional governments enact plans for smart mobility, infrastructure, and buildings as the Gulf Cooperation Council (GCC) looks to diversify economies and forge a sustainable future. By the end of 2021, experts think the Middle East will have invested USD 2.3 billion annually in smart city technology due to the region's growing investment in smart city infrastructure. These developments are driving the growth of IoNT in the region.

Segmental Analysis

The global market is segmented by component and end-user industry.

Based on components, the global Internet of nano things market is segmented into hardware, software, and connectivity/services. 

The connectivity/services segment owns the highest market share and is anticipated to exhibit a CAGR of 22.54% during the forecast period. Cloud services are enabling IoNT remote device lifecycle management. This gives a 360-degree data view of the overall device infrastructure. Major cloud providers have been seen providing various IoT device lifecycle tools to make updating and configuring software and firmware over the air easier. A successful IoNT onboarding depends on the consumer choosing the right location for the device, the right connection to the current infrastructure and the Internet, and the right configuration with the associated apps.

As nanotechnology adoption matures and the range and complexity of connected devices increase, there is a need for new approaches to support IoNT device onboarding. Private networks for IoNT, while operating on LTE bands, provide superior connectivity for critical applications. There are many network protocols, the NB-IoT and LTE-M Cat 18, which are becoming standards for transmission. Further, businesses rely on larger data sets and many edge devices across their enterprise networks nowadays.

The Internet of Things (IoNT) has benefited from advancements in cloud computing, big data, mobile services, and social networking applications due to the exponential growth of the digital world. Data is being generated by almost all kinds of devices, which include sensors, RFID tags, PCs, supercomputers, supercolliders, and other IoT devices. World Bank Open Data stated that digital data collection will reach 175 zettabytes by 2025. Most data will be kept in conventional cloud storage and cloud storage systems. In addition, the IoNT infrastructure enables various combinations of nano-sensor network technologies, nano-cameras, nanophones, and nanothings/objects. By pooling resources and significantly expanding the scope and reliability of the ensuing services, these nano things can realize, explore, and learn to use each other's data in the IoNT architecture.

Based on the end-user industry, the global Internet of nano things market is divided into manufacturing, logistics, aerospace, manufacturing, retail, energy power, and others. 

The healthcare segment is responsible for the largest market share and is expected to grow at a CAGR of 19.90% over the forecast period. Over the last decade, IoT solutions have been increasingly adopted for optimizing discrete manufacturing products and environments. Discrete manufacturers (in automotive and industrial machinery) and process manufacturers face intense competition; hence, they are increasingly investing in novel technologies that support the capabilities of IoT, Big Data analytics, and cloud to improve their ability to innovate and maximize return on their assets. In addition, the IoNT system can be used in the manufacturing sector in various ways. Currently, only specific sectors are ahead of the game and starting to implement IoT-based systems. However, in the long run, most sectors and any data transfer activity will embrace IoT systems. Further, the growing adoption of IoT sensors, especially in automotive manufacturing, and the increasing deployment of industrial robots for achieving smart factory trends are some of the primary drivers of the segment's growth.

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 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 Internet of nano things can also form a body sensor network (BSN) that easily applies internal nano-sensors to monitor patient health and physiological activity.

Recent Developments

• May 2023- CardoO, a rapidly expanding brand for IoT consumer electronics, announced the release of its new IoT mobile app and its participation in GITEX Africa 2023. The Egyptian-based firm is designed to transform the market by producing exceptional, price-efficient smart devices that enhance people's day-to-day lives.
• April 2023- CrowdStrike announced that it had expanded the CrowdStrike Falcon platform to offer the first and only EDR/XDR solution for Extended Internet of Things (XIoT) assets. XIoT is an emerging category that includes IoT, OT, medical devices, IIoT, and industry 4.0 assets.