TheFourth Industrial Revolution (4IR) in the twenty-first century led to the Marketing Revolution (Marketing 4.0). The scale, scope, and complexity of new technologieshas a positive impact onthe global market, and alters the way we work, live, and interact.Nanotechnology and IoT are two key technologiesthat spur the global market towards its rapid growth.
What is IoT?
Internet of Things (IoT) refers to the connection of physical objects embedded with sensors, chips, software, or other technologies with other objects, devices, or systems over the internet. This connected network of devices, objects, and machines collects, processes, and exchanges data without human-to-human or human-to-computer interaction. IoT helps automate everyday devices and machines, aiding people to live and work efficiently. Companies benefit from IoT in reducing costs, cutting down wastage, and improving services.
What is Nanotechnology?
Nanotechnology encompasses understanding and manipulating phenomena and materials with dimensions between approximately 1 to 100 nanometers. It is a study of small things used in chemistry, biology, physics, engineering, and materials science. Physical, chemical, and biological properties differ in bulk materials and in single atoms. Understanding single atoms and molecules improves understanding of bulk materials.
How does Nanotechnology fit in IoT?
IoT drove the Fourth IndustrialRevolution with many breakthrough innovationsand the potential to change lives of people. Integration of nanotechnology in IoT is the next natural step to enhance its impact. IoT is a network of physical objects implanted with sensors, software, processors, antennas, and other technologies. These sensors, antennas, processors, or hardware are attached either inside or outside of the physical objects.
Adoption of nanotechnology and nanomaterials in IoT devices reduces their sizes. IoT devices and objects incorporate nanosensors, nanoantennas,nanoprocessors, nanobatteries, and othersto increase their functionality, accuracy, and energy efficiency in a compact size. Small sizes make IoT devices versatile. They fit in any place that was inaccessible before. Smart devices are affordable, as they need less material to make them.
How IoT and Nanotechnology Spurs the Market?
The Internet of Nano Things (IoNT) market was valued at USD 1.76 billion in 2020. It is expected to expand at a substantial Compound Annual Growth Rate (CAGR) during the forecast period between 2021 and 2028.Rapid adoption of nanotechnology across various industrial domains such as communications, transportation, chemical sectors, and othersis driving the market.
The global market is classified as healthcare, energy, aerospace & defense, electronics, chemical manufacturing, and others. The aerospace & defense segment is anticipated to be a key factor driving the market. Nanotechnology is used widely in many military projects such as casualty care, medical application, emergence response, and advanced automation. Governments increased investment in this sector, especially with nano-drones that are used for monitoring and carrying explosives across to the targeted area. Government organizations investing in Research and Development (R&D) projects for self-powered nanodevices, nanosensors, and others offer growth opportunities for the players in the market. Nanosensors are expected to promote high growth of the market, as they assist in detecting chemical and mechanical information and observing physical parameters.
According to Forbes, in January 2022, IoT and nanotechnology are among the top ten technology trends that bring transformation to the world. Forbes states that this trend delivers a breakthrough in electric car batteries, making solar energy affordable. Another major innovation in technology is the innovation ofnano machines with communication abilities that connect with other various devices. Dimensions of these devices range between 1 nanometer to 100 nanometers. These devices are interconnected with classical networks,offering a new networking standard. Using nanoscale devices and sensors to monitor structural performances of infrastructural projects helps boost the market.
Healthcare and medicine sectors accounted for the largest revenue share of the global nanotechnology market in 2021. Increased use of nano devices in the healthcare field for medical diagnosis and imaging process fuels the market.Advancement in the field of nanotechnology and IoT facilitated the development of nanomedicine with the potential to cross natural barriers and interact with Deoxyribonucleic Acid(DNA) and small proteins in blood, organs, tissues, and cells. In April 2019, Eon Soo Lee and Bharath Babu Nunna from New Jersey Institute of Technology (NJIT) developed nanotechnology-enabled biochip that detects cancer, malaria, and other viral diseases early in their progression.
In terms of regions, Asia Pacific accounted for a major share of the nanotechnology and IoT market in 2020. The region is projected to dominate the market in the coming years with rapid expansionof various industries, growing urbanization, increasing number of information technology companies, and growing developments in scientific research. The market in North America is projected to expand, due to rising number of government initiatives in the field of nanotechnology and IoT as well as growing Research & Development (R&D) expenditures, fast and secure 5G connectivity facilitates automated warehouses, automated assembly, automated product packing and handling, and connected logistics in North America.
Applied Nanotech Holdings Inc., Altair Nanotechnologies Inc., Thermofisher Scientific, eSpin Technologies inc., Imina Technologies SA, and others are competing in the global market by business development, collaborations, partnerships, establishing their geographical presence, and expanding their consumer base.
What is new with IoT and Nanotechnology?
In March 2021, Nokia announced the completion of a Narrowband Internet of Things (NB-IoT) inpartnership with Mobily. It connects more than 4000 sites and facilitates NB-IoT cell radius averaging 20 km per cell, which is wider thanLong-Term Evolution(LTE) cell. In February 2022, Siemens Digital Industries Software launched its industry-leading software called NX software. The software with Artificial Intelligence (AI) and advance simulation capabilities aids designers, engineers, and manufacturers in productivity. According to the latest report from the International Mining and Resources Conference (IMARC), thevalue of the IoT in global transportation market is expected to reach USD 315.5 billion by 2027 and reflect CAGR of 20.60% between 2022-2027.
Conclusion
If IoT imparts controlof smart devices to our palm, nanotechnology puts them on our fingertips. Rapid demand for innovations spurred the market to deliver efficient, functional, accurate, and compact technologies to consumers with the help of IoT and nanotechnology.