LONDON--(BUSINESS WIRE)--#Technavio analysts forecast the global internet of nano things ( #IoNT ) market to grow at a CAGR of more than 24% during the forecast period, according to their latest report.
Global internet of nano things (IoNT) market to grow at a CAGR of more than 24% during the period 2016-2020.
The research study covers the present scenario and growth prospects of the globalinternet of nano things market for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of nanocomponents and devices, such as antennas and transceivers, cameras, memory cards, phones, processors, and sensors.
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global internet of nano things market:
Favorable government supportRise in adoption of nanotechnologyInternet revolutionAffordable nanodevices and nanosensors
Favorable government support
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.
“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.
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