as a result global sms revenues fell from usd billion in to usd billion in and analysts expect that global sms revenues will continue to decline in the next few years investments in developing economies are largely driving this growth with capex increasing by usd billion during this period compared to a usd billion reduction in the developed world growth of the internet of things lot and machinetomachine m m communications is creating revenue opportunities for service providers operating in mature markets which may help to offset declining revenue trends in core business segments