Narrowband-IoT

Narrowband-IoT Market Outlook

The global Narrowband-IoT (NB-IoT) market is projected to reach USD 5.3 billion by 2033, growing at a compound annual growth rate (CAGR) of approximately 29.3% during the forecast period from 2025 to 2035. The growth of this market is primarily driven by the increasing adoption of IoT solutions across various industries, the rising need for cost-effective and efficient communication technologies, and the growing demand for smart city solutions. Furthermore, the proliferation of connected devices and the need for enhanced network connectivity in remote areas are also contributing to the market's expansion. The rising focus on energy efficiency and sustainability, alongside government initiatives to support IoT infrastructure, are expected to further bolster the growth of the Narrowband-IoT market.

Growth Factor of the Market

One of the significant growth factors propelling the Narrowband-IoT market is the escalating demand for reliable and low-power communication solutions in various sectors such as agriculture, healthcare, and smart cities. As the world moves toward digital transformation, the necessity for seamless connectivity in remote and urban environments becomes paramount. The ability of NB-IoT to support a vast number of devices with low energy consumption makes it particularly attractive for businesses looking to implement IoT solutions without incurring excessive operational costs. Additionally, the increasing penetration of 5G technology is expected to catalyze the demand for NB-IoT, as it provides an adequate backbone for the deployment of next-generation IoT applications. Moreover, the rising government investments in smart city initiatives and digital infrastructure is further enhancing the growth prospects of the NB-IoT market. The integration of advanced technologies such as AI and machine learning in NB-IoT applications is also expected to provide enhanced functionalities, driving interest and investment in this sector.

Key Highlights of the Market

• Expected growth at a CAGR of 29.3% from 2025 to 2035.
• Increased adoption of IoT solutions across multiple industries.
• Growing focus on energy-efficient communication technologies.
• Significant investments in smart city infrastructure and applications.
• Rising government support and initiatives to promote IoT developments.

By Product Type

Modules:

Modules are a critical segment of the Narrowband-IoT market as they serve as the foundational components enabling IoT devices to communicate across networks. These modules integrate functionalities such as data processing, communication protocols, and power management, allowing seamless connectivity between devices and the cloud. The robust demand for modules is anticipated to surge, driven by the need for reliable and long-range connectivity in smart applications, particularly in areas with limited network coverage. Manufacturers are increasingly focusing on enhancing the features of NB-IoT modules to support more functionalities and improve energy efficiency, which further propels their adoption in diverse applications such as smart metering and asset tracking.

Chipsets:

Chipsets play a pivotal role in enabling the underlying communication technology for Narrowband-IoT devices. They are designed to provide efficient connectivity solutions with low power consumption, ensuring longevity and reliability of IoT applications. The demand for chipsets is projected to grow significantly, as manufacturers strive to develop more compact and efficient solutions that can be seamlessly integrated into various devices. Innovations in chipset design and the ongoing advancements in semiconductor technology are expected to bolster this segment, making it an integral part of the NB-IoT ecosystem. With the growing emphasis on smart city projects and industrial automation, chipsets will continue to drive the market, supporting a multitude of applications requiring long-range connectivity.

Devices:

The devices segment encompasses a wide range of applications powered by Narrowband-IoT technology, including smart meters, healthcare devices, and asset tracking systems. The proliferation of connected devices across various sectors is significantly enhancing the demand for NB-IoT-enabled devices. These devices are characterized by their ability to operate efficiently in low bandwidth environments while consuming minimal power, making them ideal for long-range applications. The continuous evolution of device capabilities, combined with the growing trend towards automation and remote monitoring, is expected to propel the market for NB-IoT devices. As industries increasingly adopt smart solutions, the need for innovative and reliable devices will become paramount, leading to sustained growth in this segment.

By Application

Smart Agriculture:

Smart agriculture is one of the most promising applications of Narrowband-IoT technology, providing farmers with tools to enhance productivity and resource management. By enabling real-time monitoring of soil conditions, weather patterns, and crop health, NB-IoT solutions can significantly improve decision-making processes in agriculture. The increasing adoption of precision farming techniques is driving the demand for NB-IoT applications in this sector, as they facilitate efficient communication between various agricultural equipment and systems. Additionally, the ability of NB-IoT to operate in remote areas with low connectivity makes it an ideal solution for rural and agricultural applications, significantly contributing to market growth in this segment.

Smart Cities:

Smart cities leverage Narrowband-IoT technology to enhance urban infrastructure and improve the quality of life for residents. From smart lighting to traffic management systems, NB-IoT applications enable cities to optimize resources and reduce operational costs. The rising urban population and the consequent pressure on infrastructure necessitate the adoption of smart city solutions, driving demand for NB-IoT technology. Moreover, the emphasis on sustainability and energy efficiency in urban planning further bolsters the growth of this application segment. As governments and municipalities invest in building smart cities, the integration of NB-IoT technology will be crucial for achieving enhanced operational efficiency and improved urban management.

Smart Metering:

Smart metering represents a vital application area for Narrowband-IoT, as it enhances the monitoring and management of utility consumption in real-time. Utilities are increasingly deploying NB-IoT solutions to facilitate remote monitoring of water, gas, and electricity consumption, which significantly reduces operational costs and improves customer service. The market for smart metering is expanding due to the growing need for advanced metering infrastructure and the push for more sustainable energy practices. Furthermore, the adoption of smart meters leads to better demand forecasting and energy management, making them an essential element in the transition towards smarter utility networks. As a result, the smart metering application is expected to contribute substantially to the overall growth of the Narrowband-IoT market.

Asset Tracking:

Asset tracking utilizing Narrowband-IoT technology is gaining traction across various industries, as businesses seek to improve the visibility and management of their assets. The low-power and wide-area capabilities of NB-IoT make it an ideal solution for tracking goods and assets over long distances. Companies are increasingly investing in NB-IoT solutions to optimize supply chain operations, reduce losses, and enhance operational efficiency. The integration of NB-IoT technology into asset tracking systems allows for real-time data collection, which is essential for informed decision-making. As the demand for efficient asset management continues to rise, the asset tracking application is poised for significant growth within the Narrowband-IoT market.

Healthcare:

The healthcare sector is embracing Narrowband-IoT technology to enhance patient monitoring and improve healthcare delivery systems. NB-IoT applications facilitate the remote monitoring of patients' health conditions through connected devices, allowing healthcare providers to obtain vital information in real-time. The increasing adoption of telehealth solutions and wearable health devices is driving the demand for NB-IoT systems in healthcare. Additionally, the capability of NB-IoT to provide reliable connectivity in low-signal areas enhances its appeal for healthcare applications. As the focus on personalized medicine and patient-centered care grows, the integration of Narrowband-IoT technology is expected to transform healthcare delivery models, significantly contributing to market expansion.

By Deployment Mode

In-Band:

The In-Band deployment mode for Narrowband-IoT operates within the existing LTE spectrum, utilizing unused resources to provide connectivity for IoT devices. This mode allows for a seamless integration of NB-IoT technology into the current mobile network infrastructure, which facilitates easier and more cost-effective deployments. In-Band deployment is particularly advantageous for operators already established in the LTE space, as it capitalizes on existing investments while extending coverage to new IoT applications. The increasing demand for enhanced connectivity solutions in urban areas is driving the adoption of In-Band deployment, ensuring that NB-IoT can support the vast array of devices envisioned for future smart applications.

Guard Band:

Guard Band deployment mode is characterized by the allocation of specific portions of spectrum between two carriers to mitigate interference and provide dedicated channels for Narrowband-IoT communication. This mode allows operators to efficiently utilize their spectrum assets while ensuring reliable communication for IoT applications. Guard Band deployment is advantageous in scenarios where spectrum resources are limited, as it enables the coexistence of NB-IoT with other wireless technologies. The growing need for efficient spectrum management and the increasing number of IoT devices are expected to propel the adoption of Guard Band deployment in the coming years, ensuring that NB-IoT technology can meet the demands of diverse applications across various sectors.

Standalone:

Standalone deployment mode for Narrowband-IoT operates independently of existing cellular networks, utilizing dedicated spectrum to provide connectivity specifically designed for IoT devices. This mode is particularly beneficial in rural and remote areas where traditional network infrastructure may not be available. Standalone deployment enables operators to offer low-power, long-range communication solutions specifically tailored for IoT applications. The growing emphasis on rural connectivity and the need for dedicated solutions for IoT networks are driving the adoption of Standalone deployment mode. As industries increasingly focus on expanding IoT capabilities in underserved regions, Standalone deployments will play a critical role in bridging the connectivity gap and driving market growth.

By Vertical

Manufacturing:

Narrowband-IoT is increasingly being adopted in the manufacturing sector to enhance operational efficiency, optimize resource management, and enable smart factory solutions. The technology allows for seamless communication among manufacturing equipment, enabling real-time data collection and monitoring. As manufacturers seek to implement Industry 4.0 principles, the demand for NB-IoT applications is expected to grow, facilitating predictive maintenance, supply chain optimization, and production process improvements. The reliability and energy efficiency of NB-IoT technology make it particularly suited for the manufacturing environment, where operational continuity is critical. As a result, the manufacturing vertical is anticipated to experience substantial growth in the NB-IoT market, driven by the digital transformation of industrial operations.

Healthcare:

The healthcare vertical stands to benefit immensely from the deployment of Narrowband-IoT technology, offering solutions that enhance patient care and optimize healthcare delivery. NB-IoT enables the development of connected medical devices that facilitate remote patient monitoring, medication adherence tracking, and improved health management. The growing emphasis on telehealth solutions and chronic disease management is driving the adoption of NB-IoT applications in healthcare, as they enable healthcare providers to monitor patients in real-time. Furthermore, the integration of NB-IoT technology can streamline healthcare workflows and improve operational efficiency, significantly impacting patient outcomes. As the healthcare sector continues to evolve, the role of NB-IoT will become increasingly vital, leading to sustained growth in this vertical.

Agriculture:

Narrowband-IoT technology is revolutionizing the agriculture sector, providing innovative solutions that enhance productivity and resource efficiency. By enabling real-time monitoring of soil conditions, crop health, and livestock management, NB-IoT applications empower farmers to make informed decisions and optimize their operations. The adoption of smart agriculture practices is on the rise, driven by the need for sustainable farming and improved yield. Moreover, the ability to operate in remote areas with limited connectivity makes NB-IoT an attractive solution for rural agricultural applications. As farmers increasingly embrace IoT solutions, the agriculture vertical is expected to witness significant growth in the NB-IoT market, contributing to overall market expansion.

Energy & Utilities:

The energy and utilities sector is leveraging Narrowband-IoT technology to enhance infrastructure management, improve operational efficiency, and promote sustainability. NB-IoT applications enable utilities to implement smart metering solutions, enabling remote monitoring of energy consumption and facilitating data-driven decision-making. The growing emphasis on renewable energy sources and the need for efficient energy management are driving the adoption of NB-IoT in this sector. Furthermore, the ability to collect and analyze data in real-time allows utilities to optimize their operations and reduce costs. As the energy and utilities sector continues to evolve towards digitalization, the integration of NB-IoT technology is expected to play a crucial role, leading to substantial growth in this vertical.

Transportation:

Narrowband-IoT is poised to transform the transportation sector by enabling enhanced connectivity and operational efficiency. NB-IoT applications facilitate real-time tracking of vehicles, fleet management, and smart logistics solutions, significantly improving the overall efficiency of transportation systems. The growing trend of smart transportation initiatives and the need for improved safety and compliance measures are driving the adoption of NB-IoT technology in this sector. Additionally, the ability to collect and analyze data from connected vehicles allows for better route optimization and reduced operational costs. As the transportation sector increasingly embraces IoT solutions, the demand for NB-IoT applications is expected to grow, contributing to the overall market expansion.

By Region

North America is anticipated to hold a significant share of the Narrowband-IoT market, driven by the rapid adoption of IoT technologies and the presence of leading telecommunication companies. The region's focus on smart city initiatives and infrastructure development is further propelling the growth of the NB-IoT market. With a projected CAGR of 30.2%, North America is expected to witness substantial growth as industries increasingly look to implement IoT solutions for enhanced operational efficiency. The presence of established technology players and increased investments in IoT infrastructure will contribute to the dominance of North America in the Narrowband-IoT landscape.

Europe is also a key player in the Narrowband-IoT market, with a growing emphasis on digital transformation and smart city projects across various nations. The region is expected to experience significant growth due to its strong regulatory framework supporting IoT deployments and robust investment in telecommunications infrastructure. Additionally, the rising focus on sustainability and energy efficiency in urban planning is driving demand for NB-IoT solutions in Europe. As a result, the European market is projected to grow at a notable rate, contributing to the overall expansion of the global Narrowband-IoT market.

Opportunities

The Narrowband-IoT market is ripe with opportunities, particularly as industries increasingly shift towards digital transformation and automation. One of the most significant opportunities lies in the agriculture sector, where the need for smart farming solutions continues to grow. As agricultural practices evolve, NB-IoT technology can facilitate precision agriculture, enabling farmers to monitor and manage crops and livestock more effectively. The integration of NB-IoT solutions can help address challenges related to resource management, sustainability, and yield optimization, thereby driving growth in this segment. Moreover, as governments around the world invest in smart city initiatives, the need for reliable and efficient connectivity solutions becomes paramount. This presents an excellent opportunity for NB-IoT technology to play a crucial role in the development of smart urban infrastructure, enhancing public services and quality of life for city residents.

Another notable opportunity for the Narrowband-IoT market is the rising trend of telehealth and remote patient monitoring in the healthcare sector. The ongoing advancements in NB-IoT technology enable healthcare providers to offer innovative solutions that enhance patient care and improve outcomes. With an increasing number of patients requiring remote monitoring due to chronic diseases or mobility issues, there is a growing need for connected healthcare devices that can communicate via NB-IoT networks. The ability to leverage real-time data for informed decision-making not only benefits healthcare providers but also empowers patients to take charge of their health. As the demand for telehealth solutions continues to rise, the Narrowband-IoT market has the potential to capitalize on this opportunity, leading to sustained growth in the coming years.

Threats

Despite the promising growth prospects of the Narrowband-IoT market, several threats could hinder its expansion. One of the primary concerns is the increasing competition among various connectivity technologies vying for dominance in the IoT space. Technologies such as LoRaWAN, Sigfox, and traditional cellular networks are continuously evolving and may pose a threat to the adoption of NB-IoT, potentially fragmenting the market and complicating the decision-making process for businesses looking to invest in IoT solutions. Additionally, the rapid pace of technological advancements may result in the obsolescence of existing NB-IoT solutions if they are unable to keep up with the evolving requirements of industries. Ensuring that NB-IoT technology remains competitive and relevant will be crucial for the market's continued growth.

Another significant threat to the Narrowband-IoT market is the potential for regulatory challenges and compliance issues. As governments around the world implement new regulations regarding data privacy and security, businesses may face difficulties in navigating the complex regulatory landscape. Ensuring compliance with these regulations can result in increased operational costs and delays in the deployment of NB-IoT solutions. Furthermore, concerns regarding data breaches and the security of connected devices may deter businesses from adopting NB-IoT technology, impacting market growth. Addressing these potential threats and developing robust security measures will be critical for the successful deployment and adoption of Narrowband-IoT solutions across various industries.

Competitor Outlook

• Qualcomm Technologies, Inc.
• Huawei Technologies Co., Ltd.
• Sierra Wireless, Inc.
• Vodafone Group Plc
• Ericsson
• Nokia Corporation
• Semtech Corporation
• Telit Communications PLC
• ZTE Corporation
• Intel Corporation
• Analog Devices, Inc.
• Microchip Technology Inc.
• AT&T Inc.
• Thales Group
• Gemalto NV

The competitive landscape of the Narrowband-IoT market is characterized by the presence of several key players, each striving to establish a strong foothold in this rapidly evolving sector. Leading telecommunication companies, semiconductor manufacturers, and IoT solution providers are actively engaged in research and development efforts to enhance their product offerings and capture a larger share of the market. Collaborations and partnerships between technology providers and end-users are becoming increasingly common, as businesses seek to leverage the expertise of established players in the industry. The significance of innovation and differentiation is paramount in this competitive environment, as companies look to address the unique challenges and requirements of various applications across different sectors.

Qualcomm Technologies, Inc. has emerged as a significant player in the Narrowband-IoT space, leveraging its extensive experience in wireless communication technologies to develop cutting-edge chipsets and solutions. Qualcomm's NB-IoT technology enables efficient connectivity for a multitude of IoT applications, positioning the company as a leader in the sector. Similarly, Huawei Technologies Co., Ltd. is actively engaged in the development of NB-IoT solutions, focusing on enhancing its telecommunications infrastructure to support a wide range of IoT applications. The company's extensive global reach and expertise in network technology provide a solid foundation for its growth in the Narrowband-IoT market.

Sierra Wireless, Inc. is another key player, known for its innovative IoT solutions and modules designed for NB-IoT applications. The company's commitment to developing reliable and scalable connectivity solutions has positioned it as a trusted partner for businesses looking to implement NB-IoT technologies. Vodafone Group Plc is also making strides in the Narrowband-IoT market, with a focus on providing comprehensive IoT solutions and services that cater to various industries. The company's robust network infrastructure and expertise in IoT connectivity make it a formidable competitor in the landscape.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Ericsson
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 AT&T Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Gemalto NV
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Thales Group
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 ZTE Corporation
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Intel Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Nokia Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Vodafone Group Plc
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Semtech Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Analog Devices, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Sierra Wireless, Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Telit Communications PLC
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Microchip Technology Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Qualcomm Technologies, Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Huawei Technologies Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Narrowband-IoT Market, By Vertical
    • 6.1.1 Manufacturing
    • 6.1.2 Healthcare
    • 6.1.3 Agriculture
    • 6.1.4 Energy & Utilities
    • 6.1.5 Transportation
  • 6.2 Narrowband-IoT Market, By Application
    • 6.2.1 Smart Agriculture
    • 6.2.2 Smart Cities
    • 6.2.3 Smart Metering
    • 6.2.4 Asset Tracking
    • 6.2.5 Healthcare
  • 6.3 Narrowband-IoT Market, By Product Type
    • 6.3.1 Modules
    • 6.3.2 Chipsets
    • 6.3.3 Devices
  • 6.4 Narrowband-IoT Market, By Deployment Mode
    • 6.4.1 In-Band
    • 6.4.2 Guard Band
    • 6.4.3 Standalone

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 Narrowband-IoT Market by Region
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Narrowband-IoT market is categorized based on

By Product Type

• Modules
• Chipsets
• Devices

By Application

• Smart Agriculture
• Smart Cities
• Smart Metering
• Asset Tracking
• Healthcare

By Deployment Mode

• In-Band
• Guard Band
• Standalone

By Vertical

• Manufacturing
• Healthcare
• Agriculture
• Energy & Utilities
• Transportation

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Qualcomm Technologies, Inc.
• Huawei Technologies Co., Ltd.
• Sierra Wireless, Inc.
• Vodafone Group Plc
• Ericsson
• Nokia Corporation
• Semtech Corporation
• Telit Communications PLC
• ZTE Corporation
• Intel Corporation
• Analog Devices, Inc.
• Microchip Technology Inc.
• AT&T Inc.
• Thales Group
• Gemalto NV