Vodafone remains the leader in the growing internet of things (IoT) roaming market, although Telefónica is emerging as a strong competitor, according to a new study by Juniper Research. The study assessed 18 IoT roaming service providers and evaluated their offerings, innovation, and prospects. Vodafone retained its top position due to its global IoT roaming network expansion, investments in new networks like narrowband internet of things (NB-IoT) and LTE-M, and improvements to its IoT management solutions.

Telefónica made significant progress, climbing six places to secure the second spot. The company’s success was attributed to its innovative solutions simplifying the roaming monetization process, including billing and charging evolution (BCE) and services that assist with managing roaming regulations.

Completing the top five in the market ranking are Tata Communications, TNS (Transaction Network Services), and BICS (a subsidiary of Proximus).

Juniper Research predicts that roaming IoT connections will increase from 145 million in 2023 to 595 million by 2028, representing a growth of over 900% compared to 2020. The Far East, China, and North America are expected to contribute significantly to this market growth.

The study emphasizes the need for new roaming standards to detect and monetize IoT roaming, with BCE identified as a critical technology for operators to fully maximize inbound roaming revenue. The report estimates that total operator IoT roaming revenue will rise from $690 million in 2023 to $1.5 billion in 2028, a 117% increase.

The future looks promising for operators who can implement these standards and capitalize on the growing market, enabling them to significantly increase their revenue over the next five years.