Nanotechnology Key Driver for the Global Internet of Things Market

Analysts from Technavio,  a leading market research companyforecast the global internet of nano things (IoNT) market to grow at a annual growth rate of more than 24% during the 2016/2020  period, according to their latest report. The rise in the number of connected nanoscale devices in industries has led to generation of large data sets. These data can be used to optimize costs, deliver better services, and boost revenues. Also, the interconnection of nanoscale devices has enabled efficient data communication between disparate devices over the network. Thus, IoNT helps organizations to reduce the complexity in communication and increase the process efficiency using data collected from nanoscale devices.

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Even governments have realized the importance of IoNT technology in the healthcare sector that can be used to treat cancer and other genetic diseases at the molecular level. This has further increased the demand and awareness of IoNT among multiple industries,” says Amit Sharma, a lead analyst at Technavio for research on IT professional services.

The report also highlights the US government’s National Nanotechnology Initiative (NNI) that supports the adoption of nanotechnology in industries, such as healthcare, defense, and textiles, due to its vast applications. This initiative has been awarded over USD 22 billion since 2001 to promote the adoption of nanoscience and nanotechnology by states, universities, and companies.

The rise in demand for miniaturization of electronics products coupled with increased consumer demand for smaller and more powerful devices at affordable prices has made nanotechnology more popular among industries. Both private and public sectors are investing heavily in R&D to tap the potential benefits of nanotechnology.

Also, the rise in commercialization of nanomaterials, such as nanocatalyst thin films for catalytic converters, nanotechnology-enhanced thin-film solar cells, and nanoscale electronic memory, is shaping the growth of the global nanotechnology market. Thus, there is an increase in the number of interconnected nanodevices. IoNT provides a communication infrastructure for interconnected nanodevices to share information and coordinate multiple activities over the Internet.

“The Internet revolution is fueling global connectivity by bringing unconnected devices, such as nanoscale devices, on the network. The nanonetwork technology is evolving to meet the needs of various applications. Such technologies provide an effective communication infrastructure for the rapid pace of communication among nanoscale devices,” comments Amit.

The scope of Internet has been extended due to increased interconnection of nanosensors with consumer devices and other physical assets. IoNT enables data collection, processing, and sharing with end-users. It finds application in industries such as healthcare, manufacturing, transportation and logistics, energy and utilities, and other services.

Source: http://www.businesswire.com/