IoNT: Key market research findings
- Growing demand for big data analytics
- Increased adoption of nanomedicine in the healthcare sector
- Key vendors include Alcatel-Lucent, Cisco, IBM, Intel, and Qualcomm
Technavio’s market research analysts predict the global IoNT market to grow at a CAGR of more than 24% between 2016 and 2020. The increase in the number of connected nanoscale devices and sensors among organizations has fueled growth in the Internet of nano things (IoNT) market. The IoNT has created an effective communication infrastructure enabling seamless transmission and communication of data with interconnectivity of nanoscale devices and sensors over the Internet. The Americas is the leading region in the market and occupied more than 40% of the overall market revenue in 2015. The growing popularity of nanotechnology in industrial, automotive, and healthcare sectors to achieve operational efficiency is leading to this region’s growth considerably. Additionally, the federal government has enacted legislations, such as ACA and HITECH Act, to promote the adoption of the latest technologies, such as telehealth, mobile health, and nanomedicine, to improve patient care which is accelerating the market’s growth in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Owing to the IoNT adoption, the data volumes in organizations has increased considerably, which has necessitated the use of big data technology. Big data analytics helps in generating actionable insights by using the necessary technologies. Also, it assists organizations to optimize their business decisions and innovate new business models, products, and service offerings. Moreover, several enterprises are combining analytics with IoNT as the integration allows a communicative transfer of real-time data between nanomachines and nanonetworks,” says Amit Sharma, Lead Analyst, ICT, Technavio Research
During 2015, the healthcare sector was the largest user of IoNT and accounted for around 40% of eth total market share. Much of this segment’s growth can be attributed to the mandated government initiatives like digitization of healthcare operations. Nanotechnology has a range of applications in the healthcare sector such as in the development of new diagnostic and imaging applications, effective drug delivery mechanisms, and implants and devices. Factors such as the increasing adoption of sensors and wireless devices for blood pressure monitoring and transmitting vital patient information will aid in the growth of this market segment by the end of 2020.
The global IoNT market is still in its nascent stage and is expected to grow tremendously over the next few years. Some of the factors that will drive growth are the entry of new vendors, technological innovations, and partnerships. To become successful, vendors have to focus on interoperability issues and develop real-world testing platforms and also share best practices by building common security frameworks.
A more detailed analysis is available in the Technavio report, Global IoNT Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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