私有窄频物联网市场 - 全球产业规模、份额、趋势、机会及预测（按应用、发展、垂直产业、地区和竞争格局划分，2021-2031年）

全球私人窄带物联网市场预计将从 2025 年的 460.9 亿美元成长到 2031 年的 1,229.7 亿美元，复合年增长率为 17.77%。

私有窄频物联网（PINIoT）是一种低功率广域网路，它利用专用授权频谱为企业应用创建隔离且安全的连接。此市场成长的主要驱动力是：工业建筑内部对可靠讯号穿透能力的需求日益增长，以及公用事业管理中对营运商级安全性的迫切需求。此外，该技术能够支援高密度感测器并拥有长电池续航时间，使其成为智慧计量和企业内部自动化资产追踪等应用的关键要素。

强大的硬体生态系统支撑着该行业的持续成长。根据全球行动通讯系统协会（GSMA）的数据，到2024年，全球支援NB-IoT标准的设备总数将达到570万台，显示该技术已具备成熟的应用环境，可应用于各种工业领域。然而，由于LoRaWAN等非授权替代技术的竞争，市场面临巨大的挑战。这些非授权技术通常具有更低的初始部署成本和更简化的监管流程，目前阻碍了注重成本的企业广泛采用授权的专用窄频物联网解决方案。

市场驱动因素

智慧公用事业计量和关键基础设施监控的日益普及是全球私人窄带物联网 (NB-IoT) 市场的主要驱动力。公共产业正在加速采用这项技术，以确保在传统通讯方式无法覆盖的复杂地下环境和深层室内位置实现可靠的数据传输。这种需求的激增源于对更长时间的设备电池续航和私人网路营运商级安全性的需求，使能源和供水事业能够有效地监控广泛分布的独立感测器网路。例如，沃达丰在 2024 年 2 月宣布计划与西班牙 Aqualia 公司合作，为其水錶提供网路连接。根据协议，沃达丰计划在前五年内为智慧水錶提供超过一百万个 NB-IoT 连接。

同时，工业4.0和智慧製造自动化的快速发展正在加速专用蜂巢式网路的普及。製造商正在整合专用窄带物联网（NB-IoT）技术，将密集分布的低功耗感测器连接起来，用于预测性维护和自动化资产追踪等任务，所有这些都可以在安全、隔离的工厂环境中完成。行业统计数据也反映了这一趋势。全球行动通讯系统协会（GSMA）发布的《2024年9月专用行动网路报告》指出，全球专用行动网路部署的独立客户累积数量已达1,489家，其中製造业为主要产业。中国工业和资讯化部的数据进一步佐证了这一成长趋势，截至2024年7月底，中国行动物联网连接数已达到约25.5亿，为全球企业部署专用网路奠定了坚实的硬体基础。

市场挑战

全球私人窄带物联网市场面临来自免许可、低功率广域网路技术（尤其是LoRaWAN）的激烈竞争，这构成了巨大的障碍。这些替代技术运行在公共频谱频段，使企业能够避免频谱授权费用，并大幅降低网路建设的初始资本支出。这种经济优势在物流和智慧农业等对成本高度敏感的行业中尤为突出，在这些行业中，免许可系统较低的监管负担和操作简便性往往超过了许可连接的优势。因此，许多潜在用户选择成本较低的方案，直接限制了私有窄频物联网在关键产业领域的普及率。

竞争威胁的严重性也体现在竞争技术的全球广泛应用。根据LoRa联盟2024年的数据，届时全球将部署超过3.5亿个终端节点和690万个网关。如此庞大的部署规模表明市场已趋于成熟，消费者对非授权通讯协定充满信心，这使得授权的私有窄带物联网解决方案在那些需要深度覆盖但运营商级安全性并非首要考虑因素的地区越来越难以获得市场份额。这些替代技术的广泛应用和成熟的生态系统，对授权私有市场的扩张构成了持续的挑战。

市场趋势

非地面电波网路 (NTN) 与卫星技术的融合，显着拓展了全球私人窄带物联网 (NB-IoT) 市场，打破了过去限制远端部署的地理连接壁垒。这项发展填补了地面基础设施的关键空白，使得对海洋区域、广袤农田以及传统基地台覆盖范围之外的偏远物流路线上的资产进行持续、安全的监控成为可能。借助符合 3GPP 标准的卫星星系，标准 NB-IoT 设备可以在轨连接和私有地面网路之间无缝漫游，为需要广域覆盖的工业用户提供了巨大的扩充性。 2024 年 8 月，Satelliot 公司宣布计划发射四颗新的 5G NB-IoT 卫星，并引用已签署的全球超过 800 万台设备连接合同，强调了商业性NB-IoT 的即时需求。

同时，混合公共-私有网路架构的兴起，正与新兴的高速标准共同巩固这项技术。企业并没有完全迁移到私有5G网络，而是采用了一种融合环境：私有NB-IoT网络支撑着高密度、低功耗的传感器网络，而5G网络则负责管理频宽密集型应用。这种架构的共存使得企业能够避免过度设计网络，同时保持室内深度覆盖，并降低智慧电錶等固定资产的成本效益。产业数据也印证了这种方法的重要性。全球行动通讯系统协会（GSMA）发布的《2024年9月版私有行动网路报告》证实，LTE仍是主流技术，占已知私有行动网路部署的50%以上。这表明，工业用户仍优先考虑现有蜂巢式物联网通讯协定的稳定性，以确保核心营运数据的稳定传输。

目录

第一章概述

第二章调查方法

第三章执行摘要

第四章：客户评价

第五章 全球专用窄频物联网市场展望

• 市场规模及预测
  • 按金额
• 市占率及预测
  • 依应用领域（即时流分析、资产追踪、智慧停车管理、安防、物流追踪、土壤监测等）
  • 依开发类型（带内、独立、保护带）
  • 按行业划分（农业、物流和运输、医疗保健、工业製造、能源和公共产业、其他）
  • 按地区
  • 按公司（2025 年）
• 市场地图

第六章：北美专用窄频物联网市场展望

• 市场规模及预测
• 市占率及预测
• 北美洲：国家分析
  • 我们
  • 加拿大
  • 墨西哥

7. 欧洲专用窄频物联网市场展望

• 市场规模及预测
• 市占率及预测
• 欧洲：国家分析
  • 德国
  • 法国
  • 英国
  • 义大利
  • 西班牙

8. 亚太地区专用窄频物联网市场展望

• 市场规模及预测
• 市占率及预测
• 亚太地区：国家分析
  • 中国
  • 印度
  • 日本
  • 韩国
  • 澳洲

9. 中东和非洲私有窄带物联网市场展望

• 市场规模及预测
• 市占率及预测
• 中东和非洲：国家分析
  • 沙乌地阿拉伯
  • 阿拉伯聯合大公国
  • 南非

10. 南美洲专用窄频物联网市场展望

• 市场规模及预测
• 市占率及预测
• 南美洲：国家分析
  • 巴西
  • 哥伦比亚
  • 阿根廷

第十一章 市场动态

• 司机
• 任务

第十二章 市场趋势与发展

• 併购
• 产品发布
• 最新进展

第十三章 全球私人窄频物联网市场：SWOT分析

第十四章：波特五力分析

• 产业竞争
• 新进入者的可能性
• 供应商电力
• 顾客权力
• 替代品的威胁

第十五章 竞争格局

• Huawei Technologies Co., Ltd
• Telefonaktiebolaget LM Ericsson
• Qualcomm Incorporated
• AT&T Inc
• Verizon Communications Inc.
• Nokia Corporation
• Vodafone Group Plc
• Intel Corporation

第十六章 策略建议

第十七章：关于研究公司及免责声明

The Global Private Narrowband IoT Market is projected to expand from USD 46.09 Billion in 2025 to USD 122.97 Billion by 2031, registering a CAGR of 17.77%. Private Narrowband IoT is defined as a cellular low-power wide-area network utilizing dedicated licensed spectrum to create isolated, secure connectivity for enterprise applications. This market is primarily propelled by the growing need for reliable signal penetration deep within industrial structures and the critical demand for carrier-grade security in utility management. Additionally, the technology's capacity to support high densities of sensors with long battery life renders it a vital component for applications such as smart metering and automated asset tracking on private corporate campuses.

A robust hardware ecosystem underpins the sector's continued growth. Data from the Global Mobile Suppliers Association indicates that in 2024, the global count of devices supporting the NB-IoT standard hit 570, signaling a mature environment ready for diverse industrial implementations. However, the market encounters significant hurdles due to competition from unlicensed alternatives like LoRaWAN. These options often present lower initial deployment costs and reduced regulatory complexities, factors that currently hinder the broader adoption of licensed Private Narrowband IoT solutions among enterprises focused on minimizing expenses.

Market Driver

The growing uptake of Smart Utility Metering and Critical Infrastructure Monitoring acts as a major engine for the Global Private Narrowband IoT Market. Utility companies are increasingly deploying this technology to guarantee dependable data transmission from challenging underground and deep indoor locations where conventional connectivity fails. This surge in demand is driven by the necessity for extended device battery life and carrier-grade security within private operational networks, enabling energy and water providers to effectively oversee extensive, isolated sensor grids. Highlighting the scale of these initiatives, Vodafone announced in February 2024 a partnership to connect Aqualia's meters in Spain, aiming to supply over one million NB-IoT connections for smart water meters within the first five years of the agreement.

At the same time, the swift advance of Industry 4.0 and Smart Manufacturing Automation is hastening the adoption of private cellular networks. Manufacturers are integrating Private Narrowband IoT to link high concentrations of low-power sensors for tasks like predictive maintenance and automated asset tracking in secure, isolated factory settings. Industry statistics reflect this trend; the Global Mobile Suppliers Association's 'Private Mobile Networks September 2024' report noted that cumulative unique customer references for global private mobile network deployments hit 1,489, with manufacturing as the leading sector. Further bolstering this growth, the Ministry of Industry and Information Technology reported that mobile IoT connections in China reached roughly 2.55 billion by the end of July 2024, establishing a strong hardware basis for private enterprise adoption worldwide.

Market Challenge

The Global Private Narrowband IoT Market faces a significant obstacle due to fierce competition from unlicensed Low Power Wide Area Network technologies, particularly LoRaWAN. Because these alternatives function on public spectrum bands, enterprises avoid the cost of frequency licenses and benefit from considerably lower upfront capital expenditures for network setup. This financial advantage appeals strongly to cost-sensitive organizations in industries like logistics and smart agriculture, where the reduced regulatory burden and operational simplicity of unlicensed systems often outweigh the benefits of licensed connectivity. As a result, many prospective users choose these more affordable options, directly limiting the penetration rate of Private Narrowband IoT in key industrial segments.

The severity of this competitive threat is underscored by the extensive global reach of these rival technologies. According to the LoRa Alliance in 2024, more than 350 million end nodes and 6.9 million gateways have been deployed around the world. This vast installed base indicates a high degree of market maturity and confidence in unlicensed protocols, making it increasingly challenging for licensed Private Narrowband IoT solutions to capture market share in areas where deep coverage is needed but carrier-grade security is not the top priority. The widespread availability and established ecosystem of these alternatives continue to challenge the expansion of the private licensed market.

Market Trends

The integration of Non-Terrestrial Networks (NTN) and satellite technology is significantly broadening the Global Private Narrowband IoT Market by removing geographical connectivity barriers that previously limited remote deployments. This development fills a vital gap in terrestrial infrastructure, allowing for the continuous, secure monitoring of assets across maritime zones, extensive agricultural lands, and isolated logistics paths beyond the reach of traditional towers. By utilizing 3GPP-compliant satellite constellations, standard NB-IoT devices can seamlessly roam between orbital connections and private terrestrial networks, offering immense scalability for industrial users needing universal coverage. In an August 2024 announcement regarding the launch of four new 5G NB-IoT satellites, Sateliot highlighted the immediate commercial demand by revealing binding contracts to connect over eight million devices globally.

Concurrently, the rise of Hybrid Public-Private Network Architectures is solidifying the technology's position alongside newer high-speed standards. Instead of shifting solely to Private 5G, enterprises are adopting converged environments where Private NB-IoT supports high-density, low-power sensor grids while 5G manages bandwidth-heavy applications. This architectural coexistence enables organizations to sustain deep indoor penetration and cost-efficiency for static assets, such as smart meters, without over-engineering their networks. The enduring importance of this approach is supported by industry data; the Global Mobile Suppliers Association's 'Private Mobile Networks September 2024' report confirms that LTE remains the leading technology, comprising just over 50% of known private mobile network deployments, indicating that industrial users continue to prioritize the stability of established cellular IoT protocols for their core operational data.

Key Market Players

• Huawei Technologies Co., Ltd
• Telefonaktiebolaget LM Ericsson
• Qualcomm Incorporated
• AT&T Inc
• Verizon Communications Inc.
• Nokia Corporation
• Vodafone Group Plc
• Intel Corporation

Report Scope

In this report, the Global Private Narrowband IoT Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Private Narrowband IoT Market, By Application

• Real-Time Streaming Analytics
• Asset Tracking
• Smart Parking Management
• Security
• Logistics Tracking
• Soil Monitoring
• Others

Private Narrowband IoT Market, By Development

• In-Band
• Standalone
• Guard Band

Private Narrowband IoT Market, By Vertical

• Agriculture
• Logistics & Transportation
• Healthcare
• Industrial Manufacturing
• Energy & Utilities
• Others

Private Narrowband IoT Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Private Narrowband IoT Market.

Available Customizations:

Global Private Narrowband IoT Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Private Narrowband IoT Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Application (Real-Time Streaming Analytics, Asset Tracking, Smart Parking Management, Security, Logistics Tracking, Soil Monitoring, Others)
  • 5.2.2. By Development (In-Band, Standalone, Guard Band)
  • 5.2.3. By Vertical (Agriculture, Logistics & Transportation, Healthcare, Industrial Manufacturing, Energy & Utilities, Others)
  • 5.2.4. By Region
  • 5.2.5. By Company (2025)
• 5.3. Market Map

6. North America Private Narrowband IoT Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Application
  • 6.2.2. By Development
  • 6.2.3. By Vertical
  • 6.2.4. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Private Narrowband IoT Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Application
      • 6.3.1.2.2. By Development
      • 6.3.1.2.3. By Vertical
  • 6.3.2. Canada Private Narrowband IoT Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Application
      • 6.3.2.2.2. By Development
      • 6.3.2.2.3. By Vertical
  • 6.3.3. Mexico Private Narrowband IoT Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Application
      • 6.3.3.2.2. By Development
      • 6.3.3.2.3. By Vertical

7. Europe Private Narrowband IoT Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Application
  • 7.2.2. By Development
  • 7.2.3. By Vertical
  • 7.2.4. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Private Narrowband IoT Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Application
      • 7.3.1.2.2. By Development
      • 7.3.1.2.3. By Vertical
  • 7.3.2. France Private Narrowband IoT Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Application
      • 7.3.2.2.2. By Development
      • 7.3.2.2.3. By Vertical
  • 7.3.3. United Kingdom Private Narrowband IoT Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Application
      • 7.3.3.2.2. By Development
      • 7.3.3.2.3. By Vertical
  • 7.3.4. Italy Private Narrowband IoT Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Application
      • 7.3.4.2.2. By Development
      • 7.3.4.2.3. By Vertical
  • 7.3.5. Spain Private Narrowband IoT Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Application
      • 7.3.5.2.2. By Development
      • 7.3.5.2.3. By Vertical

8. Asia Pacific Private Narrowband IoT Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Application
  • 8.2.2. By Development
  • 8.2.3. By Vertical
  • 8.2.4. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Private Narrowband IoT Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Application
      • 8.3.1.2.2. By Development
      • 8.3.1.2.3. By Vertical
  • 8.3.2. India Private Narrowband IoT Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Application
      • 8.3.2.2.2. By Development
      • 8.3.2.2.3. By Vertical
  • 8.3.3. Japan Private Narrowband IoT Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Application
      • 8.3.3.2.2. By Development
      • 8.3.3.2.3. By Vertical
  • 8.3.4. South Korea Private Narrowband IoT Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Application
      • 8.3.4.2.2. By Development
      • 8.3.4.2.3. By Vertical
  • 8.3.5. Australia Private Narrowband IoT Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Application
      • 8.3.5.2.2. By Development
      • 8.3.5.2.3. By Vertical

9. Middle East & Africa Private Narrowband IoT Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Application
  • 9.2.2. By Development
  • 9.2.3. By Vertical
  • 9.2.4. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Private Narrowband IoT Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Application
      • 9.3.1.2.2. By Development
      • 9.3.1.2.3. By Vertical
  • 9.3.2. UAE Private Narrowband IoT Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Application
      • 9.3.2.2.2. By Development
      • 9.3.2.2.3. By Vertical
  • 9.3.3. South Africa Private Narrowband IoT Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Application
      • 9.3.3.2.2. By Development
      • 9.3.3.2.3. By Vertical

10. South America Private Narrowband IoT Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Application
  • 10.2.2. By Development
  • 10.2.3. By Vertical
  • 10.2.4. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Private Narrowband IoT Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Application
      • 10.3.1.2.2. By Development
      • 10.3.1.2.3. By Vertical
  • 10.3.2. Colombia Private Narrowband IoT Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Application
      • 10.3.2.2.2. By Development
      • 10.3.2.2.3. By Vertical
  • 10.3.3. Argentina Private Narrowband IoT Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Application
      • 10.3.3.2.2. By Development
      • 10.3.3.2.3. By Vertical

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Global Private Narrowband IoT Market: SWOT Analysis

14. Porter's Five Forces Analysis

• 14.1. Competition in the Industry
• 14.2. Potential of New Entrants
• 14.3. Power of Suppliers
• 14.4. Power of Customers
• 14.5. Threat of Substitute Products

15. Competitive Landscape

• 15.1. Huawei Technologies Co., Ltd
  • 15.1.1. Business Overview
  • 15.1.2. Products & Services
  • 15.1.3. Recent Developments
  • 15.1.4. Key Personnel
  • 15.1.5. SWOT Analysis
• 15.2. Telefonaktiebolaget LM Ericsson
• 15.3. Qualcomm Incorporated
• 15.4. AT&T Inc
• 15.5. Verizon Communications Inc.
• 15.6. Nokia Corporation
• 15.7. Vodafone Group Plc
• 15.8. Intel Corporation

16. Strategic Recommendations

17. About Us & Disclaimer