Telenor revamped its IoT business by consolidating its Nordic operations under one division to create a unified offering, as it looks to establish a top five position in the global market.

The operator stated its Nordic operations will now fall under Telenor Connexion to create “a global IoT powerhouse”, bringing what it claimed is millions of SIMs and significant recurring revenue into the unit.

In addition, its portfolio brand Telenor IoT will establish new legal entities in Finland and Norway, in a bid to respond to evolving market dynamics and strengthen its position in the region.

Telenor stated the global managed IoT market outside China is projected to reach around $30 billion by 2030, fuelled by rising demand for connected devices across industries including manufacturing, automotive and smart cities.

Providing some background on its IoT operations, Telenor stated that after 20 years of strategic investment, the company has become one of the world’s largest IoT providers, with more than 25 million devices in use ranging from Volvo cars to water pumps.

The unit generated NOK1.7 billion ($169 million) in 2024. Head of Telenor Amp Dan Ouchterlony said the consolidation was about “unlocking scale and accelerating growth”.

CEO of Telenor Connexion and head of Telenor IoT Mats Lundquist added it has a vision to be among one of the top five IoT providers globally, excluding China.

The transition is expected to complete in January 2026.