Nonfinancial Intangible Assets

Nonfinancial Intangible Assets Market Outlook

The global Nonfinancial Intangible Assets market is projected to reach approximately USD 8.5 trillion by 2035, growing at a considerable CAGR of around 7.8% from 2025 to 2035. The increasing recognition of the value of intangible assets, such as intellectual property and brand equity, is driving this growth, as businesses realize that these elements are vital for competitive advantage. Furthermore, the digital transformation across various sectors is catalyzing the need for companies to leverage their intangible assets effectively. The rising investment in branding and customer relationships is also a contributing factor, reflecting a shift towards a more asset-light business model. As industries continue to evolve, organizations are focusing on strategies to enhance their intangible asset portfolios, thereby propelling market growth.

Growth Factor of the Market

Several factors are influencing the growth of the Nonfinancial Intangible Assets market. Firstly, the increasing focus on innovation and technology has made intellectual property more valuable than ever, as organizations strive to protect their unique ideas and inventions. Secondly, as consumer preferences shift towards brands that resonate with values and experiences, brand recognition has emerged as a significant intangible asset for businesses. Moreover, the growing importance of customer relationships in driving loyalty and repeat business has led companies to prioritize investments in this area. The rise of the gig economy and remote work has also fueled the demand for technology and digital tools, further enhancing the significance of intangible assets. Additionally, as businesses navigate a rapidly changing landscape, they increasingly recognize the need for robust valuation methods to assess and optimize their intangible assets, thereby fostering market growth.

Key Highlights of the Market

• The global Nonfinancial Intangible Assets market is poised for significant growth, with a projected CAGR of 7.8% from 2025 to 2035.
• Intellectual property rights are becoming crucial drivers of business competitiveness, showing increased investment in patent acquisitions and licensing.
• Brand recognition has emerged as a leading intangible asset, significantly influencing consumer purchasing decisions and overall business success.
• Customer relationships are being prioritized, with businesses seeking to enhance engagement through personalized experiences and loyalty programs.
• The increasing complexity of valuation methods is enabling businesses to better understand and leverage their intangible assets for strategic growth.

By Type

Intellectual Property:

Intellectual Property (IP) represents legal rights resulting from intellectual activity in the industrial, scientific, literary, and artistic fields. In the Nonfinancial Intangible Assets market, IP is a dominant segment due to its critical importance in protecting innovative ideas and inventions. Companies invest heavily in securing patents, trademarks, and copyrights, which serve as a foundation for competitive advantage. The value of IP has escalated with the rise of technology and digital content, leading firms to recognize and capitalize on their intellectual assets. Industries such as pharmaceuticals and technology rely extensively on IP to safeguard proprietary products and processes, further emphasizing its significance in driving revenue and market share.

Brand Recognition:

Brand recognition refers to the extent to which consumers can identify a brand by its attributes, logos, or marketing messages. In today’s competitive landscape, brand recognition is a vital component of Nonfinancial Intangible Assets, significantly impacting consumer trust and loyalty. Companies invest in marketing and advertising strategies to build brand equity and create a lasting impression on consumers. A strong brand can command premium pricing and foster customer loyalty, making it an invaluable intangible asset. As businesses expand globally, establishing a recognizable brand has become increasingly important, leading to heightened investments in branding initiatives that resonate with target audiences across diverse markets.

Customer Relationships:

Customer relationships encompass the interactions and connections a company maintains with its clients and prospects. This segment of Nonfinancial Intangible Assets has gained prominence as organizations recognize the value of nurturing relationships to drive customer loyalty and retention. Effective customer relationship management (CRM) strategies enable businesses to personalize experiences and tailor offerings to meet individual needs. As a result, companies are investing in technologies and processes that enhance customer engagement and satisfaction. The importance of customer feedback in shaping product development and service delivery further emphasizes the need for robust relationship management, positioning customer relationships as a key driver of long-term business success.

Technology:

Technology as a type of Nonfinancial Intangible Assets refers to the proprietary systems, processes, and methodologies that a company develops and utilizes to gain a competitive edge. In an era characterized by rapid technological advancements, organizations are increasingly recognizing the value of their technology assets. This includes software applications, algorithms, and operational efficiencies that contribute to productivity and innovation. Companies that leverage their technological assets effectively can streamline operations, reduce costs, and enhance overall performance. As businesses embrace digital transformation, investments in technology-related intangible assets continue to grow, underscoring their critical role in driving business success.

Goodwill:

Goodwill represents the premium a company pays over the fair value of tangible assets during acquisitions, reflecting intangible factors such as brand reputation, customer loyalty, and employee relations. In the Nonfinancial Intangible Assets market, goodwill is a significant component, especially for businesses engaged in mergers and acquisitions. Companies often seek to acquire established firms with strong goodwill, as this indicates a favorable market position and potential for future earnings. Goodwill can contribute to a company's overall valuation and has implications for financial reporting and assessment, making it an essential aspect of intangible asset management.

By Industry

IT & Telecom:

The IT & Telecom industry is a major segment within the Nonfinancial Intangible Assets market, driven by the need for innovation, intellectual property, and technology development. Companies in this sector heavily invest in R&D to create cutting-edge technologies and services, leading to significant intangible asset accumulation. Intellectual property rights such as patents and trademarks are particularly critical, as they protect the unique software solutions and telecommunications technologies developed by these firms. Furthermore, brand recognition plays a crucial role in consumer trust and loyalty, making it imperative for IT and telecom companies to establish a strong market presence through effective branding strategies.

Healthcare:

The healthcare sector is increasingly recognizing the value of Nonfinancial Intangible Assets as they contribute to competitive advantages and patient satisfaction. Intellectual property, particularly in pharmaceuticals and biotechnology, is paramount as companies seek to protect their innovative treatments and therapies. Additionally, strong customer relationships are vital in healthcare, as providers aim to foster trust and loyalty among patients. Brand recognition within healthcare is also critical, as organizations strive to differentiate themselves in a crowded marketplace. As the industry continues to evolve with advancements in technology, the emphasis on intangible assets is expected to grow, driving investments in this area.

Manufacturing:

In the manufacturing industry, Nonfinancial Intangible Assets play a crucial role in enhancing operational efficiency and market competitiveness. Companies are increasingly focused on technology as a means to streamline processes and reduce costs, leading to the development of proprietary systems that constitute significant intangible assets. Intellectual property is also important, as manufacturers seek to protect their innovations and designs. Additionally, brand recognition is vital for companies looking to establish themselves as leaders in quality and reliability, influencing consumer purchasing decisions. The sector’s growing emphasis on sustainability and corporate social responsibility also highlights the importance of customer relationships, further enhancing the role of intangible assets in driving business success.

Retail:

The retail industry has witnessed a significant transformation driven by e-commerce and changing consumer preferences, highlighting the importance of Nonfinancial Intangible Assets. Brand recognition is paramount, as retailers aim to create memorable shopping experiences that resonate with consumers. Strong customer relationships are essential in fostering loyalty and repeat business, leading organizations to invest in personalized marketing and loyalty programs. Additionally, the retail sector relies heavily on technology to enhance operational efficiency and customer engagement, making it a critical component of intangible assets. As the competitive landscape evolves, retailers are increasingly focused on leveraging their intangible assets to maintain a strategic advantage in the market.

Others:

This segment encompasses various industries that also recognize the significance of Nonfinancial Intangible Assets in driving business growth. Sectors such as finance, education, and entertainment are increasingly focusing on intangible assets like intellectual property, technology, and brand recognition. In finance, for instance, firms leverage customer relationships to enhance trust and loyalty, while educational institutions invest in brand equity to attract students. The entertainment industry relies heavily on intellectual property rights to protect creative works and innovations. As businesses across diverse industries recognize the value of their intangible assets, the demand for effective management and valuation strategies continues to grow.

By Valuation Method

Cost Approach:

The Cost Approach is a valuation method that estimates the value of Nonfinancial Intangible Assets based on the costs incurred to develop or reproduce those assets. This approach is particularly useful for assets where market data is limited or non-existent. It involves assessing the expenses associated with creating or acquiring the intangible asset, including research and development costs, and any other related expenditures. This method provides a foundational understanding of an asset's worth, allowing companies to evaluate their investments in innovation and intellectual property accurately. The Cost Approach is often applied when dealing with distinct types of intangible assets, particularly in industries where development costs are significant.

Market Approach:

The Market Approach focuses on determining the value of Nonfinancial Intangible Assets by comparing them to similar assets that have been sold or licensed in the market. This method relies on observable market data to assess the fair value of an intangible asset, making it a favored choice among analysts and appraisers. By examining transactions involving comparable intangibles, companies can derive insights into their asset valuations. The Market Approach emphasizes the importance of identifying suitable comparables, which can be challenging in niche markets or specialized sectors. This method is often used for brand recognition and customer relationships, where market trends play a significant role in determining value.

Income Approach:

The Income Approach is a valuation method that estimates the value of Nonfinancial Intangible Assets based on the anticipated future economic benefits they are expected to generate. This approach considers the projected cash flows attributable to the intangible asset, discounted to present value, providing a comprehensive understanding of its worth. The Income Approach is particularly relevant for assessing assets such as customer relationships and proprietary technology, where future income generation is pivotal. Companies utilizing this method must conduct thorough market research and financial analysis to accurately project and discount cash flows, ensuring a reliable valuation process.

Relief from Royalty Method:

The Relief from Royalty Method is a specialized valuation technique that estimates the value of Nonfinancial Intangible Assets by considering the hypothetical royalties that would be saved if the asset were owned rather than licensed. This method is particularly applicable to intellectual property, where licensing agreements are common. By calculating the present value of future royalty savings, companies can derive an asset's worth while accounting for the costs associated with licensing similar intangible assets. This method is valuable in assessing brand recognition and proprietary technologies, providing businesses with insights into the financial implications of their intangible assets.

Multi-Period Excess Earnings Method:

The Multi-Period Excess Earnings Method is a comprehensive valuation approach that quantifies the value of Nonfinancial Intangible Assets by analyzing the excess earnings generated over a specified period. This method focuses on identifying the earnings attributable to the intangible asset, deducting a fair return on tangible assets, and discounting the resulting excess earnings to present value. It is particularly useful for assessing customer relationships and technology assets, where future income generation is pivotal. Companies employing this method must conduct thorough financial analyses and market research to ensure accurate projections, facilitating a reliable valuation process for their intangible assets.

By Organization Size

Small & Medium Enterprises:

Small and Medium Enterprises (SMEs) represent a vital segment in the Nonfinancial Intangible Assets market, as they increasingly recognize the importance of leveraging intangible assets for growth and competitiveness. Despite facing resource constraints compared to larger organizations, SMEs are focusing on building brand recognition and customer relationships to drive customer loyalty and market presence. Many SMEs invest in technology and intellectual property to innovate and differentiate themselves in the marketplace. As the digital landscape expands, SMEs are also adopting advanced valuation methods to manage and enhance their intangible assets effectively, recognizing their potential to generate sustainable business value.

Large Enterprises:

Large Enterprises dominate the Nonfinancial Intangible Assets market, given their extensive resources and global reach. These organizations typically have well-established intangible asset portfolios, including significant intellectual property, strong brand recognition, and robust customer relationships. Large Enterprises invest heavily in R&D, branding initiatives, and technology development to maintain their competitive edge. Furthermore, they often utilize sophisticated valuation methods to evaluate and optimize their intangible assets, facilitating informed decision-making for strategic growth. The recognition of intangible assets as key drivers of business value has prompted large organizations to adopt comprehensive management strategies, ensuring the continued evolution of their intangible asset portfolios.

By Region

In the North American region, the Nonfinancial Intangible Assets market is expected to reach approximately USD 3 trillion by 2035, growing at a robust CAGR of 8.5%. The region is characterized by a strong emphasis on innovation and technology, with companies investing significantly in intellectual property and brand recognition. The presence of numerous Fortune 500 companies further enhances the demand for effective management of intangible assets, as these organizations seek to sustain their competitive advantages in dynamic markets. Additionally, North America's well-developed financial infrastructure supports diverse valuation methods, enabling businesses to assess and optimize their intangible assets effectively.

In Europe, the Nonfinancial Intangible Assets market is projected to grow steadily, reaching an estimated USD 2.5 trillion by 2035. The region's diverse industries, including healthcare, manufacturing, and technology, recognize the critical role of intangible assets in driving business success. European companies are increasingly focusing on brand recognition and customer relationships to enhance consumer trust and loyalty. Moreover, the growing regulatory framework surrounding intellectual property rights bolsters the need for effective management and valuation of intangible assets. Together, these factors contribute to the continued expansion of the Nonfinancial Intangible Assets market in Europe.

Opportunities

The Nonfinancial Intangible Assets market is brimming with opportunities for businesses seeking to enhance their competitive advantage and drive growth. As organizations increasingly recognize the value of intangible assets, there is a rising demand for innovative strategies to optimize and manage these assets effectively. For instance, companies can leverage advanced analytics and technology to assess the performance of their intangible assets, providing valuable insights into areas for improvement and investment. Additionally, the expansion of digital platforms and e-commerce presents opportunities for organizations to enhance brand recognition and cultivate customer relationships on a global scale. Furthermore, the growing emphasis on sustainability and corporate social responsibility opens avenues for businesses to differentiate themselves based on their intangible values, attracting environmentally-conscious consumers and investors.

Moreover, the evolving landscape of regulatory frameworks surrounding intellectual property and intangible assets presents significant opportunities for organizations to navigate compliance effectively while maximizing their asset value. As businesses expand internationally, understanding the nuances of intangible asset valuation and protection across different jurisdictions will become increasingly important. This demand for expertise in intangible asset management will spur growth in consulting and advisory services, offering businesses tailored solutions to optimize their asset portfolios. Ultimately, as the Nonfinancial Intangible Assets market continues to evolve, organizations that strategically harness these opportunities will be well-positioned to achieve sustainable growth and long-term success.

Threats

Despite the promising growth of the Nonfinancial Intangible Assets market, certain threats could hinder progress and affect businesses' ability to manage these crucial assets effectively. One significant threat is the increasing prevalence of intellectual property theft and infringement, which poses risks to organizations' proprietary technologies and brand recognition. As businesses invest heavily in innovation, the potential for competitors to exploit their intangible assets without proper authorization becomes a pressing concern. Additionally, the complexity of valuation methods poses challenges, as companies may struggle to accurately assess the true worth of their intangible assets, leading to potential financial miscalculations. Furthermore, the rapid pace of technological advancements creates an environment of uncertainty, as organizations must continuously adapt their strategies to remain relevant and competitive.

Another threat stems from the economic fluctuations and market volatility that can affect consumer behavior and organizational performance. Changes in the regulatory landscape can also impact how companies value and protect their intangible assets, making it essential for businesses to stay abreast of evolving laws and best practices. Moreover, the growing emphasis on data privacy and security can create obstacles for organizations seeking to leverage customer relationships effectively, as consumers become more cautious about sharing their information. These threats necessitate proactive strategies and risk management approaches to ensure that organizations can safeguard their intangible assets and maintain their competitive positions in the market.

Competitor Outlook

• IBM Corporation
• Microsoft Corporation
• Johnson & Johnson
• Coca-Cola Company
• Samsung Electronics Co., Ltd.
• Procter & Gamble Co.
• Siemens AG
• Apple Inc.
• Pfizer Inc.
• Nestlé S.A.
• Disney Enterprises, Inc.
• Oracle Corporation
• Adobe Inc.
• Berkshire Hathaway Inc.
• Exxon Mobil Corporation

The competitive landscape of the Nonfinancial Intangible Assets market is dynamic, characterized by a diverse range of companies vying for market share across various industries. Major players such as IBM, Microsoft, and Apple are at the forefront, leveraging their extensive portfolios of intellectual property and technology to maintain a competitive edge. These organizations recognize the critical importance of protecting their intangible assets and actively invest in R&D and branding initiatives to enhance their market presence. Additionally, companies like Coca-Cola and Procter & Gamble exemplify the significance of brand recognition, utilizing robust marketing strategies to foster consumer loyalty and trust.

In the healthcare sector, firms like Johnson & Johnson and Pfizer distinguish themselves through their strong emphasis on intellectual property, investing heavily in R&D to develop innovative treatments and therapies. Their focus on building substantial goodwill and customer relationships further enhances their positions within the market. Meanwhile, companies in the technology sector, such as Oracle and Adobe, utilize sophisticated valuation methods to optimize their intangible assets, ensuring alignment with industry trends and consumer preferences. The competitive environment necessitates that organizations continuously evolve their strategies to effectively manage and leverage their intangible assets, positioning themselves for sustainable growth in an increasingly complex market.

Emerging players and startups are also entering the Nonfinancial Intangible Assets market, bringing innovative solutions and technologies that challenge established competitors. These companies are often characterized by their agility and ability to adapt quickly to changing market dynamics, allowing them to capture niche segments and market opportunities. As such, incumbents must remain vigilant and proactive in their strategies to retain their market dominance. With the growing recognition of intangible assets as key drivers of business value, the competitive landscape is expected to evolve further, leading to increased collaboration and partnerships among organizations seeking to leverage their intangible assets for mutual benefit and growth.

• 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 Adobe Inc.
    • 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 Apple 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 Siemens AG
    • 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 Pfizer Inc.
    • 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 IBM 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 Coca-Cola Company
    • 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 Johnson & Johnson
    • 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 Nestlé S.A.
    • 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 Oracle 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 Procter & Gamble Co.
    • 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 Microsoft Corporation
    • 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 Berkshire Hathaway Inc.
    • 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 Exxon Mobil Corporation
    • 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 Disney Enterprises, 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 Samsung Electronics 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 Nonfinancial Intangible Assets Market, By Type
    • 6.1.1 Intellectual Property
    • 6.1.2 Brand Recognition
    • 6.1.3 Customer Relationships
    • 6.1.4 Technology
    • 6.1.5 Goodwill
  • 6.2 Nonfinancial Intangible Assets Market, By Industry
    • 6.2.1 IT & Telecom
    • 6.2.2 Healthcare
    • 6.2.3 Manufacturing
    • 6.2.4 Retail
    • 6.2.5 Others
  • 6.3 Nonfinancial Intangible Assets Market, By Valuation Method
    • 6.3.1 Cost Approach
    • 6.3.2 Market Approach
    • 6.3.3 Income Approach
    • 6.3.4 Relief from Royalty Method
    • 6.3.5 Multi-Period Excess Earnings Method
  • 6.4 Nonfinancial Intangible Assets Market, By Organization Size
    • 6.4.1 Small & Medium Enterprises
    • 6.4.2 Large Enterprises

• 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 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Nonfinancial Intangible Assets Market by Region

• 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 Nonfinancial Intangible Assets market is categorized based on

By Type

• Intellectual Property
• Brand Recognition
• Customer Relationships
• Technology
• Goodwill

By Industry

• IT & Telecom
• Healthcare
• Manufacturing
• Retail
• Others

By Valuation Method

• Cost Approach
• Market Approach
• Income Approach
• Relief from Royalty Method
• Multi-Period Excess Earnings Method

By Organization Size

• Small & Medium Enterprises
• Large Enterprises

By Region

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

Key Players

• IBM Corporation
• Microsoft Corporation
• Johnson & Johnson
• Coca-Cola Company
• Samsung Electronics Co., Ltd.
• Procter & Gamble Co.
• Siemens AG
• Apple Inc.
• Pfizer Inc.
• Nestlé S.A.
• Disney Enterprises, Inc.
• Oracle Corporation
• Adobe Inc.
• Berkshire Hathaway Inc.
• Exxon Mobil Corporation