The Internet of Things will offer a $1.8 trillion revenue opportunity for mobile operators by 2026, according to new figures from the GSMA.
The report, by analyst firm Machina Research, has predicted the connected home would be the most lucrative segment for operators, offering revenues of $441 billion per year.
This is followed by the consumer electronics market, which is predicted to hit $376 billion.
Connected cars are expected to be worth $273 billion, connected energy $128 billion and connected cities $78 billion.
Around $534 billion, or a third of total revenue, is expected to come from the Americas region.
The GSMA called on mobile operators to take advantage of these benefits by upgrading their cellular networks to support low-power wide area network technologies such as NB-IoT and LTE-M.
Alex Sinclair, Chief Technology Officer, GSMA, said: “There is a real sense of momentum behind mobile IoT networks in licensed spectrum, with multiple commercial launches around the world, as well as the availability of hundreds of different applications and solutions, but there is still much to be done.
“Many operators are already reaping the benefits of deploying mobile IoT and we encourage others to act now to capitalise on this clear market opportunity and further accelerate the development of the Internet of Things.”
Operators across Europe have been activating Internet of Things networks throughout 2017. Last week, Vodafone launched Ireland’s first NB-IoT network.