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27 Cellular IoT MVNOs Managed 25% of Connections Outside China in 2023

New IoT MVNO Tracker From Kaleido Finds Over 195 Million Connections Managed by Firms in 2023, Led by 1NCE, KORE and Cubic Telecom

London, April 11th, 2024: Kaleido Intelligence, a leading connectivity market intelligence and consulting firm, has found that 27 IoT MVNOs managed over 195 million connections in 2023, which represents close to 25% of all cellular IoT connections if China is excluded. Connections among these IoT MVNOs are estimated to reach over 530 million in 2028, representing a CAGR of 22% over the forecast period.

Kaleido’s new IoT MVNO Tracker: Connectivity & VAS 2024 research found the total IoT MVNO market reached over 240 million connections in 2023, and generated revenues of over $2 billion.

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1NCE, KORE and Cubic Telecom Lead Connection Market Share

1NCE reached the highest number of IoT MVNO connections under management during 2023, followed by KORE and Cubic Telecom. Notably, each vendor has been able to bring unique differentiators to the market thus far, and all are predicted to outstrip the average market growth in terms of connection volume until 2028.

Steffen Sorrell, Chief Analyst at Kaleido, commented: “While price will always remain a factor, technical and solution differentiation as well as best-in-class sales and logistics processes have emerged as key drivers behind customer buying decisions. Bringing additional value to the connectivity proposition is now more important than ever.

Enterprise Sophistication Driving Need for Innovative Services Strategies

Kaleido’s primary research activities with enterprise IoT customers has repeatedly shown how these players value a high level of commercial and technical flexibility. To secure future growth and profitability, several of the IoT MVNOs analysed in this research are undergoing strategic transformations via in-house technical development, partnership activities or professional services offerings to meet those requirements.

Nevertheless, it is notable that a large portion of the market remains stuck in legacy approaches to IoT. For example, despite MVNOs being perceived as drivers of eSIM adoption for IoT, less than 20% of managed connections in 2023 were enabled through eSIM by IoT MVNO players other than the 27 tracked in this data set. Additionally, Value-added Services (VAS) income as a proportion of total revenues is often considerably unbalanced.

The research has analysed 27 leading IoT MVNOs offering Connectivity & VAS. It includes an in-depth evaluation of vendor performance across 12 verticals, including connections, average revenue per connection, eSIM connections, data consumption and revenues derived from connectivity services and VAS.

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About Kaleido Intelligence

Kaleido Intelligence is a specialist consulting and market research firm with a proven track record of delivering telecom research at the highest level. Kaleido Intelligence is the leading research company addressing mobile roaming and connectivity services in its entirety, covering industry-leading market insights, data forecasts, historical viewpoints, competitive intelligence and operator market surveys.

Research is led by expert industry analysts, each with significant experience delivering market research and insights that matter.

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