The Internet of Things has become a major hunting ground for tier one telcos, but also a field where revenues and especially profits are proving elusive. Many operators are eager to establish pole position in a field they believe has huge growth prospects and will eventually generate large profits, but some have been reluctant to commit heavily too soon with the risk of throwing good money after bad. They fear this would disrupt their profitable operations and also their mainstream investment in 5G infrastructure, which has proved very costly, especially where spectrum has fetched inflated prices at auction. As a result, while all operators have made noises around the IoT, some have been more serious over their investments and commitments…