Internet of Nanothings Market: Increasing Government Support to Promote Growth

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The global internet of nanothings (IoNT) market is expected to grow at a CAGR of almost 22% during the period 2018-2022, according to a new market research study by Technavio.

The report categorizes the global internet of nanothings market by end-user that includes high-tech sector, healthcare sector, and energy sector. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA. 

Market driver: increasing government support

Several governments across the world have provided support to the IoNT and nanotechnology products by supplying ample funds. A major part of the funding for nanotechnology products is from the US. The President’s 2017 Budget in the US provided USD 1.4 billion for the National Nanotechnology Initiative (NNI). Since its inception in 2001, the NNI has obtained a cumulative total of nearly USD 24 billion from the US government.

According to a senior analyst at Technavio for IT services research, “To develop nanotechnology and to fuel the research and infrastructure development in this field, the government of India launched the Mission on Nanoscience and Technology in May 2007. The Union Cabinet of India has provided approval for Nano Mission during the 12th five-year plan period with an allocation of approximately USD 100.7 million. Thus, the increasing government support for developing nanotechnology will fuel the growth of the global IoNT market during the forecast period.” 

Market trend: movement of big data to the cloud

The IoNT leads to the generation of huge volumes of data. The data generated needs to be sent to the cloud to be stored. Three key factors propelling the movement of big data to the cloud are the increase in the amount of data, the growth of the cloud, and the advances in analytics. The cloud technology has become mainstream as of mid-2017 and will play an important role during the forecast period in managing projects powered by analytics. Due to the generation of a huge amount of data from different sources, end-user companies are depending on the cloud technology that is scalable and agile in extracting data. Cloud platforms have high adaptability that makes them more flexible when it comes to the deployment of several types of analytics tools.

Market challenge: data privacy issues

Data security and data privacy are the key concerns in the global IoNT market. Several companies handle sensitive client information and are concerned about their data being misused. In addition to confidential financial information, vendors are handling highly sensitive information. The misuse of any data by big data solution providers can also negatively affect the growth of the market. Cybersecurity issues and data breaches are the major challenges faced by the global IoNT market. Since the implementation of the IoNT generates huge volumes of data, storing and securing data is a huge task.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.