IoT, security and cloud are areas of focus for many operators; enterprise divisions. Unlike most operators, Telefónica reports revenue from each category. This comment explores Telefónica's performance in each of these key growth areas.
Figure: Telefonica's total revenue (enterprise and consumer) from cloud, security and M2M in 2015, 2016 and 2017
Figure: Number of M2M connections by country/region, 4Q 2016 and 4Q 2017
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