Berg Insight estimated cellular IoT connectivity revenue at €14.5 billion in 2025, while cellular IoT connections reached 4.2 billion worldwide.
The same data set puts the market at 5% revenue growth for the year, alongside 11% growth in connections and a monthly ARPU of €0.31. That is still a scale story, but not a pricing-power story.
Revenue up, ARPU down
Berg Insight said global IoT connectivity revenues increased by 5% in 2025 to €14.5 billion. It also said cellular IoT connections grew by 11% to 4.2 billion at year-end, equal to around 32% of all mobile subscriptions.
Monthly ARPU fell by 7% to €0.31. The gap between connection growth and revenue growth is the point: more devices are coming onto mobile networks, but they are not pulling up unit economics.
Where the volume sits
Berg Insight said IoT managed service providers had more than 250 million cellular IoT connections under management at the end of 2025 and generated around €1.9 billion in annual revenues. The category includes 1GLOBAL, 1NCE, Aeris, BICS, Cubic, emnify, Eseye, floLIVE, Giesecke+Devrient, KORE, Soracom, Tata Communications, Teal, Telit Cinterion, Velos IoT, and Wireless Logic.
Those providers sit between operators and enterprise customers, aggregating multiple networks and packaging connectivity across borders.
Signal for cellular IoT connectivity buyers
For operators and IoT connectivity buyers, the headline numbers are straightforward: the market kept expanding in volume, but average revenue per connection still fell. That leaves managed-service and multi-network models in a stronger negotiating position than pure per-connection pricing.
Berg Insight pointed to network-agnostic models built on roaming agreements, sponsored IMSIs, and eSIM profiles. Those models let providers aggregate multiple mobile networks for customers operating across borders.