This consolidation is about unlocking scale and accelerating growth. By bringing our IoT capabilities together under Telenor Connexion and our portfolio brand, Telenor IoT, we are creating a stronger platform to serve customers across the Nordics and globally, while capturing the opportunities of a rapidly expanding market, says Dan Ouchterlony, Head of Telenor Amp.
The global managed IoT market outside China is projected to reach around USD 30 billion by 2030, fuelled by rising demand for connected devices across industries including automotive, manufacturing, and smart cities. By consolidating its IoT operations in the Nordics, Telenor IoT aims to strengthen its number-one position in the region and accelerate growth, while responding to evolving market dynamics.
As part of the consolidation, Telenor will transfer its managed IoT operations from the Nordic markets to its specialised IoT unit, Telenor Connexion, bringing millions of SIMs and significant recurring revenues into the unit. In addition, Telenor IoT will establish two new legal entities in Finland and Norway, strengthening the Nordic organisation, enhancing local presence, and providing even better support for customers.
Aiming for Top 5 Globally
After 20 years of strategic investment, Telenor has become one of the world’s largest IoT providers, recently surpassing a major milestone of 25 million IoT devices in use – powering everything from Volvo cars and water pumps to lawnmowers and even smart rat traps. In 2024, Telenor’s IoT business generated NOK 1.7 billion in revenue, and the company has set an ambitious goal to accelerate further growth.
The transition is expected to be completed during January 2026, with no disruption to existing customer services. Customers will continue to receive the same high-quality service, and Telenor will continue to develop and support their IoT solutions.
Mats Lundquist, CEO of Telenor Connexion and Head of Telenor IoT
In Norway, Telenor will continue to invest in IoT as part of its core business offering – particularly within mission-critical and nationally anchored solutions where local presence is key. Similarly, DNA in Finland will maintain and develop its local IoT business in close collaboration with Telenor Connexion
Mats Lundquist, CEO of Telenor Connexion and Head of Telenor IoT
We have high growth ambitions, and our vision is to be among the top five IoT providers globally, excluding China. By consolidating our IoT operations under Telenor Connexion, we are creating a stronger, more agile organisation that can accelerate innovation and deliver world-class IoT services at scale
