To many analysts and observers, the switch from the traditional removable SIM card to its virtual counterpart (eSIM) has transformational potential for IoT. By 2025, it is estimated that e-SIM will be present in two billion devices, with the proportion of total connections expected to rise steadily. 

In this report, we will unpick why e-SIM is seen to be such a game-changer for IoT, before looking closer at the size and nature of the opportunity it presents to mobile operators, device OEMs and IoT service providers, and finally assessing some of the challenges that lie ahead.