PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1174541
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1174541
Internet of Nano Things Market size was valued at USD 10,308.3 Million in 2021, expanding at a CAGR of 30.7% from 2022 to 2028.
The healthcare industry's revolution and improved outcomes have been consistently touched by nanotechnology and the Internet of Nano Things (IoNT). Nanomedicine, the application of nanotechnology to medical devices and materials, has greatly improved illness detection, diagnosis, and therapy.
Internet of Nano Things (IoNT) has found significant applications in the fields of nano-drones that could be used for monitoring and carrying explosives strong enough to penetrate the targeted subject, which is expected to drive the market for IoNT during the forecast period due to the rise in government spending in the aerospace and defense sector. IoNT, which is increasingly seen as the next significant technological advancement, will be strengthened by the development of nano-machines with communication capabilities and connectivity with micro- and macro-devices. These devices, whose sizes range from 1 nanometer to 100 nm, are coupled to conventional networks, creating new paradigms for networking.
Further, the rapid expansion of smart environments is partly due to recent technology developments (offices, homes, and cities, among others). This quick rise in such situations has paved the road for application interoperability and internet usage, sparking the development of IoT technology. The IoT concept has been expanded, opening the door to IoNT, a brand-new paradigm for communication networks that are primarily based on nanotechnology and IoT. Global business practices and working conditions have changed as a result of COVID-19. While people continue to work remotely, businesses must further automate their operations. IoNT developers are currently working on putting existing IoNT approaches into practice, which will aid in the growth of the IoNT industry. Using nano drones to transport medical supplies has been beneficial. Thus, the COVID-19 pandemic had a positive impact on market growth.
The Global Internet of Nano Things Market is segmented on the basis of Component, Device Type, End User, and Region.
The market is split into three categories based on Components: hardware, software, and services. The hardware category has captured the lion's share. Growing demand for IoNT supportive devices is mainly contributing to segment growth.
The market is segmented into six categories based on Device Type: nano-phones, nano-cameras, nano sensors, nano processors nano power systems, and others. The nano-phones segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for mobile devices.
The market is segmented into seven categories based on end-user: healthcare, logistics, defense and aerospace, manufacturing, energy and power, and retail, and others. The aerospace segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for communication and other devices.
The worldwide market for the Internet of Nano Things is moderately fragmented and comprised of large and small-sized market players. Key players are adopting strategies to reach out consumer base. Some of the techniques used by corporations to strengthen their reach include partnerships, new product launches, and acquisitions. For example, recently, Siemens Digital Industries Software introduced the latest update of its industry-leading NX software, part of the Xcelerator portfolio of software and services in February 2022. The new update of NX software leverages advanced technologies, such as artificial intelligence (AI) and advanced simulation capabilities.
The scope of this report covers the market by its major segments, which include as follows: