Evolution in transistor technology from increasingly large power consuming single gate planar devices to energy efficient multiple gate non-planar ultra-narrow (< 20 nm) fins has enhanced the scaling trend to facilitate doubling performance. However, this performance gain happens at the expense of arraying multiple devices (fins) per operation bit, due to their ultra-narrow dimensions (width) originated limited number of charges to induce appreciable amount of drive current. Additionally arraying degrades device off-state leakage and increases short channel characteristics, resulting in reduced chip level energy-efficiency. In this paper, a novel nanotube device (NTFET) topology based on conventional group IV (Si, SiGe) channel materials is discussed. This device utilizes a core/shell dual gate strategy to capitalize on the volume-inversion properties of an ultra-thin (< 10 nm) group IV nanotube channel to minimize leakage and short channel effects while maximizing performance in an area-efficient manner. It is also shown that the NTFET is capable of providing a higher output drive performance per unit chip area than an array of gate-all-around nanowires, while maintaining the leakage and short channel characteristics similar to that of a single gate-all-around nanowire, the latter being the most superior in terms of electrostatic gate control. In the age of big data and the multitude of devices contributing to the internet of things, the NTFET offers a new transistor topology alternative with maximum benefits from performance-energy efficiency-functionality perspective.