Internet of Nano things (IoT) Market
Over the recent years, technological advancements in the ICT sector have led to the rapid growth of smart environments such as smart cities, homes, and offices. Thus, with the increasing number of smart device users, there has been a rapid demand for interconnectivity of applications and internet.
Internet of Nano things (IoNT) market size is expected to reach USD 46.09 Billion in 2028 and register a revenue CAGR of 22.1% over the forecast period, according to the latest report by Emergen Research. The emergence of nanotechnology and increasing adoption of IoT among various domains such as aerospace & defense, healthcare & life science, and others are key factors driving global IoNTIoT market revenue growth.
The Internet of Nano things (IoT) is one such technology that is rapidly changing the dynamics of the ICT industry. Modern technologies such as IoT are incorporating nanotechnology, leading to the development of IoT. Nanotechnology offers intelligent solutions for various sectors such as medicine, military and defense, agriculture, and manufacturing among others. This technology can be applied in data processing for collecting, analyzing, and storing large volumes of data generated by nanodevices.
IoT is an interconnection of nanoscale devices with existing networks using high-speed services. This technology is widely used along with other advanced technologies such as big data, cloud computing, and machine learning. One of the most popular applications of IoT is monitoring the environment in which nanosensors help to monitor and check on prevailing air pollution and heat in public areas such as airports bus stops, railway stations, and parks.
In addition, it is widely used in the agriculture field for collecting and tracking essential data about crop yield and soil. The nanosensors gather real-time information about soil quality, dampness, crop growth, and regulation of pesticides and insecticides. IoT is also used in smart homes and companies where nanosensors help in identifying gas leakage, maintaining optimum temperatures, recognizing harmful gases, and controlling carbon emissions in companies.
Some of the major companies included in the global market report are Cisco Systems Inc., Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines (IBM) Corporation, Qualcomm Technologies, Inc., Robert Bosch GmbH, Bruker Corporation, Agilent Technologies, Inc., Juniper Networks, Inc., and SAP SE.
Factors such as rapid advancements in nanotechnology and the Internet of Things, increasing adoption of IoT across various sectors such as automotive, aerospace and defense, agriculture, media and entertainment, and transportation and logistics among others, and rising adoption of smart cities and smart homes are expected to drive global market revenue growth during the forecast period.
However, high initial investments required for deploying IoT tools and systems, chances of data breaching and security concerns, and rising cybercrime incidences are some key factors that can hamper the market growth to a certain extent during the forecast period.
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