Berg Insight estimates that cellular IoT connectivity revenues reached €14.5 billion in 2025, while the number of cellular IoT connections rose to 4.2 billion worldwide. The figures point to a market that is still expanding in volume, but where revenue per connection remains under pressure. Cellular IoT has become a scale business, but not necessarily a high-ARPU one. As more meters, vehicles, payment terminals, industrial devices and tracking units are connected to mobile networks, the economics of the market are increasingly defined by very large installed bases, automated lifecycle management and thin recurring connectivity margins. That tension is visible in new data from Berg Insight, which says global IoT connectivity revenues increased by 5 percent in 2025 to €14.5 billion. Over the same period, cellular IoT connections grew by 11 percent to 4.2 billion at year-end, equivalent to around 32 percent of all mobile subscriptions. Monthly ARPU fell by 7 percent to €0.31. The distinction matters. A market can be expanding in unit terms while becoming more demanding commercially for operators and IoT connectivity providers. The gap between connection growth and revenue growth indicates that additional devices are, on average, contributing less revenue per month than the installed base. For IoT buyers, this may support lower connectivity costs at scale. For connectivity providers, it reinforces the need to compete on platform capabilities, coverage reach, integration tools and operational efficiency rather than SIM volume alone. China’s operators dominate the connection rankings Berg Insight’s ranking also underlines how concentrated cellular IoT scale remains in China. China Mobile is identified as the world’s largest cellular IoT connectivity provider, with 1.48 billion connections at the end of 2025 and 5 percent year-on-year growth. China Telecom followed with 746 million connections, while China Unicom ranked third with 723 million. That means the three Chinese operators