Whatever happened to IoT?

This presentation provides an overview of the state of the IoT market today. It explains that IoT continues to perform well – connection numbers and revenue numbers consistently trend upwards – even if interest in IoT has fallen far below its 2016 peak.

The presentation explores how operator and investor interest in IoT has declined, but it also shows how connections and revenue are steadily growing for many operators. The two verticals at the heart of IoT usage, automotive and utilities, are still the main drivers of demand. However, other promising applications are emerging.

A version of this presentation was delivered at the IoT Sparks conference in Valencia in October 2025.