ICT - Overview - Market - Text

The global ICT market is forecasted to reach $6.6 trillion in 2022 and almost $8 trillion in 2023. In 2021, The United States represented 36% of the global ICT market share, followed by Europe and China. Nanotechnologies in ICT are expected to grow across all geographic regions.1 Electronics and semiconductors are predicted to lead the nanotechnology market in 2026 at 18.2% CAGR from 2021 to 2026. In 2019, these industries were valued at $419 billion globally.2 The nanodevices and nanomachines market was valued at 736.1 million in 2018 and is projected to reach $1.3 billion in 2023 and $2.7 billion in 2028, with CAGRs of 11.6% (2018-2023) and 16% (2023-2028).3 

Despite production shortages because of COVID-19, this market has quickly recovered. Shortages of semiconductor devices were most notable, but in 2021, the semiconductor market grew by 20% to reach a value of $590 billion and could reach $1 trillion by 2030. Of this, computing and data storage, wireless communication, consumer electronics and wired communication accounted for $480 billion. Computing and data storage and wireless communication represent the largest sectors of the semiconductor market, with respective projected CAGR of 5% and 6% from 2021 to 2030.4 The market value of other ICT devices that use nanotechnologies is in the table below:

Table AVII-1: Market value of ICT devices using nanotechnologies
Market Market value (indicated year) Predicted market value (indicated year) CAGR
Nanodevices and Nanomachines (BCC Research, 2018) $736.1 million (2018) $1.3 billion

$2.7 billion
11.6% (2018-2023)

16% (2023-2028)
Quantum Sensors5 $161.3 million (2019) $299.9 million 13.2%
Smart Displays (global) (BCC Research, 2021) $98.9 billion (2021) $205.4 billion
Smart Displays (consumer electronics market) (BCC Research, 2021) $87.2 billion (2021) $179.2 billion
Semiconductor (Burkacky et al., 2022) $590 billion (2021) $1 trillion
Compound semiconductor6 $93.45 billion (2019) $184.77 billion (2027) 10.4%
Silicon wafer semiconductor (BCC Research, 2019) $17 billion
$21.3 billion
Electromagnetic Interference (EMI) and Radio Frequency Interference (RFI) (BCC Research, 2018) $7.0 billion (2018) $9.3 billion by
Flexible Electronics (BCC Research, 2019) $30.5 billion (2021) $54.2 billion
Printed Electronics (BCC Research, 2018) $14 billion
$26.6 billion
Cloud Components (BCC Research, 2019) $28.6 billion (2019) $48 billion
Internet of Things (BCC Research, 2019) $52.2 billion (2019) $141.2 billion


Consumer electronics is the main market for nanotechnology in ICT and is also the main driver of continued growth and development. Other important markets include the military, research purposes and niche markets, like space and satellite communication. Consumer markets have largely called for smaller, faster, cheaper and better performing devices, which in turn further drives demand and miniaturization (More Moore). Other factors, such as demands for devices with better energy efficiency, cheaper manufacturing costs and materials with high thermal and electrical conductivity to help reduce excessive heat production, also contribute to the evolution of the nanotechnologies in the ICT market. Consumer demand has also influenced developments in certain areas. For example, demands for better computing performance has created a need for nanoscale integrated circuits and demands for portable devices has created a need for low-power technologies.7 

Most of the growth is and will most likely continue to be from ICT products already on the market, rather than emerging products. Much of the market growth is in already commercialized devices in part because as the devices become smaller, every aspect of the device also needs to be reduced while maintaining functionality. In hard discs, for example, all aspects of the magnetic systems used to store data must be reduced, while still maintaining a balanced signal-to-noise ratio to store information (Waldrop, 2016). However, there is still a market for novel tools and applications. Miniaturization is placing physical limits on ICT growth and development. Solutions to overcome these obstacles require novel approaches, nanotechnology tools and nanomaterials for their unique properties (More than Moore) (Allan et al., 2017; Filipponi and Sutherland, 2010).

Other technological advancements, increases in telecom and IT infrastructure and greater technological connectivity and capabilities, like wireless technology, 5G and cloud infrastructure, are expected to help continue to drive market growth. These factors increase ICT awareness, accessibility and usability, thus increasing the demand for innovative nanotechnology in ICT. Other emerging and future technologies, like Internet of Things, also encourage innovation, opening new paths for research and development. Key challenges of emerging and future technologies are costs, heat production, energy efficiency, connectivity, security and scalability. Continuous investments are needed to bring new nanotechnologies from the lab to the market. ICT research and development is usually high risk and capital intensive because of the need for specialized equipment, high cost of materials and often there is a lack of previously adopted applications and services related to new technologies, thus hindering the scalability of ICT innovations (Waldrop, 2016; Market Research Future, 2021;8 MarketWatch, 2022)9.



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IndustryARC (2021). Nanotechnology market – forecast (2022 - 2027). Available at: https://www.industryarc.com/Report/15022/nanotechnology-market.html

BCC Research (2018). Nanodevices and nanomachines: The Global market. Available at: https://www.bccresearch.com/market-research/nanotechnology/nanodevices-and-nanomachines-market-report.html

Burkacky, O., Dragon, J., & Lehmann, N., (2022). The semiconductor decade: A trillion-dollar industry. Available at: https://www.mckinsey.com/industries/semiconductors/our-insights/the-semiconductor-decade-a-trillion-dollar-industry

BCC Research (2019). Quantum sensors market to see 13.2% annual growth through 2024. Available at: https://www.bccresearch.com/pressroom/ias/quantum-sensors-market-to-see-132-annual-growth-through-2024

BCC Research (2020). Global compound semiconductor market. Available at:  https://www.bccresearch.com/partners/verified-market-research/global-compound-semiconductor-market.html

Compano, R., Molenkamp, L., & Paul, D. J. (1999). Technology roadmap for nanoelectronics. Available at: https://citeseerx.ist.psu.edu/viewdoc/download?doi=

Market Research Future (2021). Nanoelectronics market size, share, demand and forecast to 2027| MRFR. https://www.marketresearchfuture.com/reports/nanoelectronics-market-6085

MarketWatch (2022). Nanotechnology market in-depth insights, revenue details, regional analysis by 2030. https://www.marketwatch.com/press-release/nanotechnology-market-in-depth-insights-revenue-details-regional-analysis-by-2030-2022-06-09?mod=search_headline