The other man's grass: Wild optimism at Telefonica
If they think that IoT is going to save them, they perhaps need to sober up, have a strong coffee.
The value of IoT will be minimal, and it will be like mobile phones, that the bulk of any value that accrues will be unevenly distributed. Most will go to platform owners, followed by a subset of successful IoT tatmakers. Device retailing by the telcos will be a tiny margin business in a perpetual battle with low or zero margin internet retailers, and more complex installations such as home hubs or heating controls will see the value extracted by blue collar installation firms (eg British Gas).
For all their ludicrously expensive advertising, the brand of the MNOs is weak, with low portability, and harmed by poor customer service. They can't put more money into customer service because at a market level people won't pay the extra when taking a new contract, so levels of trust will remain low. So they won't be able to change the dynamics mentioned above.
The real growth opportunity would be to roll out proper 4G, allow tethering, arrange content delivery, and completely bypass the fixed line providers, but the MNOs seem to regard 4G as a costly nuisance that they would prefer not to have to deliver. They've seen the "dumb pipe" threat evolve for years, but still have done nothing about it. To be fair, I think that Telefonica are like most big companies - far keener to sell what they'd like to sell, rather than producing either what the market wants now, or what the market would want if it were offered.