MWC26: IoT and private networks were less visible than in the past, but steady progress continues

IoT and private networks were not highly visible at MWC26, particularly in the booths and the announcements of the larger operators and vendors. Nevertheless, there was significant activity from smaller players. Our discussions with various providers focused on the following themes and their implications for the market. 

• eSIM and security are set to provide immediate opportunities in IoT.
• Ongoing market consolidation is the immediate focus in private networks. 
• The intersection of AI with IoT and private networks will provide long-term opportunities, notably in physical AI.