Device price reductions support growth in the number of loT devices connected to mobile networks, but the average revenue per licensed cellular loT connection declined from USD 9 to USD 2 per month between 2010 and 2017 and is expected to continue to decline over the coming years (GSMA, 2018c). This trend is also partly linked to the nature of the short-range technologies being deployed, which focus on achieving data economics to transmit low data volumes at low speeds, but are consequently priced as a utility. Revenues in Asia and the Pacific are expected to grow at a compound annual growth rate (CAGR) of 29 per cent between 2016 and 2025 to reach USD 386 billion in 2025, a trend driven by government mandates and strong gowth in industrial loT connections. The region is expected to overtake North America in terms of loT revenue in 2023, becoming the largest loT revenue market worldwide40. The developing world is expected to have a strong role in driving loT revenue opportunities, fuelled by greenfield investments focused on connecting businesses and consumers to services for the first time.