We believe future communities will thrive with intelligent infrastructure. The IoT's potential is vast: from smartwatches to autonomous factories, and even smart cities and economies. Consumer benefits range from cutting insurance costs to advanced in-car solutions. For businesses, the IoT enables huge improvements in value, service and support.
Internet of Things connections grew 15% to 16.6bn between 2022 and 2023. They're expected to reach 40b by 2030.
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Vodafone is collaborating with world-class partners, such as Microsoft, to expand our IoT capabilities while upholding our ethical stance on data and technology. With solutions ranging from fleet management to environmental research and smart cities, we have over 205 million IoT connections globally.
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In addition to providing secure connectivity, Vodafone is investing in fintechs to offer innovative digital services, including loans, insurance, e-commerce, payment wallets, and tap and pay. The opportunities are boundless, and we continue to invest in advanced infrastructure such as 5G to support vibrant growth in this area.
The annual value of mobile money transactions is accelerating and grew 16% to $1.68 trillion globally in 2024. There were 75% more registered accounts in sub-Saharan Africa than previously estimated.
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M-PESA, Africa's leading mobile money service, showcases Vodafone's pioneering influence in digital payments. M-PESA serves over 25 million users with secure transactions, bill settlement, loans, and salary payments – and empowers millions of people excluded from traditional banking.
The increasing adoption of advanced cloud technologies by consumers and businesses drives demand for fast and secure connectivity. It also creates enormous potential for Vodafone to drive simplicity, growth and enhanced experiences for customers.
Cloud revenue growth more than doubled to $496bn between 2019 in 2023. But only 30% of workloads have moved to cloud so far. The addressable market is set to grow 22% a year and reach $2 trillion by 2030.
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In 2024, Vodafone forged a pivotal partnership with Google to provide customers with faster access to the cloud and enable them to realise its full potential. This collaboration unlocks value for both partners, bringing compelling opportunities to drive responsible innovation, access new markets, and build sustainable growth.
Advancements in generative artificial intelligence are creating unprecedented possibilities in areas such as content creation, customer service, software development, operational efficiency, and hyper-personalised marketing. We believe this trend will drive significant long-term value for telcos committed to responsible usage.
Worldwide GenAI spending growth is stratospheric. It's set to grow 76% to $644bn between 2024 and 2025, and the market is predicted to reach $1.3 trillion by 2032.
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Vodafone is adopting GenAI at industry-leading speed and scale, harnessing our data ocean, leading architecture, and close long-term partnerships with Google and Microsoft. One pioneering use has been to enhance customer satisfaction with hyper-personalised experiences across all touch points, including our digital assistant.
