세계의 가입자 식별 모듈(SIM) 시장

Global Subscriber Identity Module (SIM) Market to Reach US$9.1 Billion by 2030

The global market for Subscriber Identity Module (SIM) estimated at US$6.7 Billion in the year 2024, is expected to reach US$9.1 Billion by 2030, growing at a CAGR of 5.2% over the analysis period 2024-2030.

The U.S. Market is Estimated at US$1.8 Billion While China is Forecast to Grow at 8.2% CAGR

The Subscriber Identity Module (SIM) market in the U.S. is estimated at US$1.8 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$2.0 Billion by the year 2030 trailing a CAGR of 8.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.3% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR.

Global Subscriber Identity Module (SIM) Market - Key Trends and Drivers Summarized

Subscriber Identity Module (SIM) cards are a foundational component of mobile communication, facilitating seamless connectivity and personalization of services. Acting as a mobile user's identity card, SIM cards store essential data, including the International Mobile Subscriber Identity (IMSI) and key personal information, allowing for secure network authentication. This functionality is vital for accessing mobile services such as voice calls, SMS, and internet data. SIM cards' mobility enables users to transfer them between devices, maintaining continuous service access without the need for new registrations. Upon insertion into a device, the SIM card connects to the nearest cell tower, linking the device to the network provider's service through a secure authentication process, ensuring personalized and safe communication.

As mobile technology has evolved, so have SIM cards, adapting to new devices and enhanced security measures to protect user data. SIM cards come in various sizes to fit different devices, from the standard or Mini SIM cards used in older phones to Micro and Nano SIM cards for modern smartphones and tablets. Despite size differences, all SIM cards perform the same basic functions, tailored to meet the design and space requirements of contemporary mobile devices. The differentiation between SIM cards and memory cards is crucial; while memory cards like SD cards are used for storing data such as photos and videos, SIM cards are essential for network identification and access, storing IMSI numbers, network authorization data, and basic user information like contacts and SMS.

The growth of the SIM card market is driven by several key factors. The diversification of IoT applications in sectors such as healthcare, agriculture, automotive, and smart cities increases the need for SIM technology to manage connectivity and communication between devices and networks. Advances in Machine to Machine (M2M) communication require robust identity and security management, which SIMs provide, particularly in industrial applications where secure data exchanges are crucial. Consumer demand for seamless connectivity across multiple devices and platforms propels the adoption of SIM cards, enabling smooth transitions between networks. The global increase in mobile subscriptions, especially in emerging markets, necessitates the deployment of SIMs to authenticate and manage new users. Enhanced security requirements due to rising cyber threats drive the adoption of SIMs with advanced security features such as encryption and secure storage of subscriber credentials. The trend towards miniaturization in consumer electronics encourages the use of eSIMs and iSIMs that support smaller, more compact devices without compromising functionality or connectivity. Additionally, regulatory and standardization developments mandate security and interoperability standards for mobile devices, often including specifications for SIM technology, further promoting their adoption across various sectors and applications.

SCOPE OF STUDY:

The report analyzes the Subscriber Identity Module (SIM) market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:

Segment (Subscriber Identity Module (SIM))

Geographic Regions/Countries:

World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 39 Featured) -

• Bartronics India Limited
• Eastcompeace Technology Co. Ltd.
• Etisalat Services Holding
• Gemalto NV
• Giesecke + Devrient
• IDEMIA
• KONA I
• Watchdata Technologies Pte Ltd.
• Wuhan Tianyu Information Industry Co. Ltd.

TABLE OF CONTENTS

I. METHODOLOGY

II. EXECUTIVE SUMMARY

• 1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Subscriber Identity Module (SIM) - Global Key Competitors Percentage Market Share in 2025 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2025 (E)
• 2. FOCUS ON SELECT PLAYERS
• 3. MARKET TRENDS & DRIVERS
  • Increasing Adoption of Embedded SIM (eSIM) Technology
  • Growth of Mobile Device and Smartphone Market
  • Advancements in SIM Card Security and Authentication Technologies
  • Rising Demand for Internet of Things (IoT) Connectivity
  • Impact of 5G Technology on SIM Card Market
  • Government Regulations and Standards for SIM Card Issuance
  • Expansion of SIM Applications in Automotive and Connected Vehicles
  • Development of Remote SIM Provisioning (RSP) Solutions
  • Consumer Preferences for Dual SIM and Multi-SIM Devices
  • Role of SIM Cards in Enhancing Mobile Network Security
  • Market Penetration of SIM Cards in Smart Wearables and Devices
  • Influence of Technological Innovations on SIM Card Form Factors
  • Growth of SIM Applications in Mobile Payment and Banking
  • Challenges Related to SIM Card Supply Chain and Manufacturing
  • Emerging Markets and Growth Opportunities in Developing Regions
  • Future Trends and Innovations in SIM Technology and Applications
• 4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Subscriber Identity Module (SIM) Market Analysis of Annual Sales in US$ Million for Years 2015 through 2030
  • TABLE 2: World Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 3: World Historic Review for Subscriber Identity Module (SIM) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 4: World 15-Year Perspective for Subscriber Identity Module (SIM) by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2015, 2025 & 2030

III. MARKET ANALYSIS

• UNITED STATES
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2025 (E)
  • TABLE 5: USA Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 6: USA Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• CANADA
  • TABLE 7: Canada Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 8: Canada Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• JAPAN
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2025 (E)
  • TABLE 9: Japan Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 10: Japan Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• CHINA
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2025 (E)
  • TABLE 11: China Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 12: China Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• EUROPE
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2025 (E)
  • TABLE 13: Europe Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Geographic Region - France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 14: Europe Historic Review for Subscriber Identity Module (SIM) by Geographic Region - France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 15: Europe 15-Year Perspective for Subscriber Identity Module (SIM) by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets for Years 2015, 2025 & 2030
• FRANCE
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2025 (E)
  • TABLE 16: France Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 17: France Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• GERMANY
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2025 (E)
  • TABLE 18: Germany Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 19: Germany Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• ITALY
  • TABLE 20: Italy Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 21: Italy Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• UNITED KINGDOM
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2025 (E)
  • TABLE 22: UK Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 23: UK Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• SPAIN
  • TABLE 24: Spain Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 25: Spain Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• RUSSIA
  • TABLE 26: Russia Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 27: Russia Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• REST OF EUROPE
  • TABLE 28: Rest of Europe Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 29: Rest of Europe Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• ASIA-PACIFIC
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2025 (E)
  • TABLE 30: Asia-Pacific Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Geographic Region - Australia, India, South Korea and Rest of Asia-Pacific Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 31: Asia-Pacific Historic Review for Subscriber Identity Module (SIM) by Geographic Region - Australia, India, South Korea and Rest of Asia-Pacific Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 32: Asia-Pacific 15-Year Perspective for Subscriber Identity Module (SIM) by Geographic Region - Percentage Breakdown of Value Sales for Australia, India, South Korea and Rest of Asia-Pacific Markets for Years 2015, 2025 & 2030
• AUSTRALIA
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2025 (E)
  • TABLE 33: Australia Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 34: Australia Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• INDIA
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2025 (E)
  • TABLE 35: India Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 36: India Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• SOUTH KOREA
  • TABLE 37: South Korea Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 38: South Korea Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• REST OF ASIA-PACIFIC
  • TABLE 39: Rest of Asia-Pacific Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 40: Rest of Asia-Pacific Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• LATIN AMERICA
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2025 (E)
  • TABLE 41: Latin America Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Geographic Region - Argentina, Brazil, Mexico and Rest of Latin America Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 42: Latin America Historic Review for Subscriber Identity Module (SIM) by Geographic Region - Argentina, Brazil, Mexico and Rest of Latin America Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 43: Latin America 15-Year Perspective for Subscriber Identity Module (SIM) by Geographic Region - Percentage Breakdown of Value Sales for Argentina, Brazil, Mexico and Rest of Latin America Markets for Years 2015, 2025 & 2030
• ARGENTINA
  • TABLE 44: Argentina Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 45: Argentina Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• BRAZIL
  • TABLE 46: Brazil Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 47: Brazil Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• MEXICO
  • TABLE 48: Mexico Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 49: Mexico Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• REST OF LATIN AMERICA
  • TABLE 50: Rest of Latin America Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 51: Rest of Latin America Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• MIDDLE EAST
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2025 (E)
  • TABLE 52: Middle East Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Geographic Region - Iran, Israel, Saudi Arabia, UAE and Rest of Middle East Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 53: Middle East Historic Review for Subscriber Identity Module (SIM) by Geographic Region - Iran, Israel, Saudi Arabia, UAE and Rest of Middle East Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 54: Middle East 15-Year Perspective for Subscriber Identity Module (SIM) by Geographic Region - Percentage Breakdown of Value Sales for Iran, Israel, Saudi Arabia, UAE and Rest of Middle East Markets for Years 2015, 2025 & 2030
• IRAN
  • TABLE 55: Iran Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 56: Iran Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• ISRAEL
  • TABLE 57: Israel Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 58: Israel Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• SAUDI ARABIA
  • TABLE 59: Saudi Arabia Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 60: Saudi Arabia Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• UNITED ARAB EMIRATES
  • TABLE 61: UAE Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 62: UAE Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• REST OF MIDDLE EAST
  • TABLE 63: Rest of Middle East Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 64: Rest of Middle East Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
• AFRICA
  • Subscriber Identity Module (SIM) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2025 (E)
  • TABLE 65: Africa Recent Past, Current & Future Analysis for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 66: Africa Historic Review for Subscriber Identity Module (SIM) by Segment - Subscriber Identity Module (SIM) Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR

IV. COMPETITION