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IQST: The Best-Kept Secret In A $20 Billion Market Boom

  • Writer: Checkers
    Checkers
  • May 29
  • 3 min read

For decades, connecting to a mobile network meant inserting a physical SIM card into your device. eSIM changes this by making connectivity purely digital: a programmable chip that stores multiple carrier profiles and switches between them through software alone. Users download new carrier profiles over-the-air and activate them instantly, like having multiple SIM cards built into your device as updatable software.


This shift solves critical connectivity problems. Traditional SIM cards create friction for international travel through expensive roaming charges. With eSIM, travelers download local carrier profiles instantly upon arrival. More importantly, the Internet of Things demands connectivity for millions of devices across connected cars, industrial sensors, and medical equipment. Managing physical SIM cards across thousands of globally deployed devices becomes logistically impossible, while eSIM enables remote provisioning worldwide.


Bar chart titled "eSIM Global Market Report 2025" shows growth from $10.76B in 2024 to $20.53B in 2029, with a 14.2% CAGR

The market opportunity has exploded. Over 500 million eSIM shipments occurred in 2024 alone, with 98% of North American mobile phones expected to support eSIM by 2025. The global eSIM market is tracking toward $20.53 billion by 2029. IoT amplifies this exponentially. More than 650 million cellular IoT modules with eSIM capabilities were in use by 2023, representing significantly less than half of market penetration. IoT eSIM penetration could reach 60% within five years as enterprises demand flexible connectivity for millions of connected devices.


Implementation requires sophisticated infrastructure most companies cannot build independently. Success demands mobile core networks, unique identifier ownership, global roaming agreements, and software platforms managing connectivity at scale. Building this requires massive capital investment and years of development, creating barriers that protect companies with established capabilities.


Abstract financial concept with a glowing hand pointing at rising digital graphs and charts on a blue-toned grid background. Data and arrows suggest growth

IQSTEL Inc. (NASDAQ: $IQST) has built exactly these comprehensive telecommunications capabilities. When IQST launched its eSIM platform at International Telecom Week 2025, the strong industry response reflected how eSIM fits strategically within the company's broader portfolio. Rather than competing for retail customers, IQST leveraged existing infrastructure to create a turnkey platform enabling other carriers, enterprises, and IoT providers to launch branded eSIM services.


Through its QXTEL subsidiary, IQST operates with major network capabilities while avoiding retail overhead. The company owns its International Mobile Subscriber Identity blocks, operates a complete mobile core, and maintains roaming agreements with over 40 carriers worldwide. This infrastructure provisions connectivity across multiple continents within weeks. Partners brand and package services under their identity while IQST handles technical complexity using infrastructure already deployed for other operations.


Bar graph showing revenue growth from 2018 to 2024 with red bars. 2024 is blue. Revenues rise from $13.8M to $277.0M. Percentages added.

This infrastructure-as-a-service approach creates attractive unit economics. Because core infrastructure serves multiple business lines, each new eSIM client activation flows almost directly to gross profit with minimal incremental costs. After their record-setting 2024, IQST projects approximately $340 million in revenue for 2025, with 20% expected from high-tech services including eSIM connectivity. The company targets $1 billion in annual revenue by 2027 as multiple technology segments scale simultaneously.


The numbers make IQST's opportunity clear. With eSIM shipments exceeding 500 million in 2024 and IoT penetration still well under 50%, the market is in early expansion mode. IQST doesn't need to dominate to win big. Capturing just 1% of the projected $20.53 billion market by 2029 would generate over $200 million annually from eSIM services alone. Given their infrastructure model lends itself to minimal incremental costs, even modest market penetration could translate directly to high-margin revenue growth.


While competitors build infrastructure from scratch or chase low-margin retail customers, IQST has positioned itself as the enabler. Their existing mobile core networks, global roaming agreements, and carrier-grade provisioning systems create the foundation other companies need but cannot easily replicate. As enterprises deploy millions of connected devices and international connectivity demands surge, IQST's infrastructure advantage becomes increasingly valuable in a market that's accelerating worldwide.

Disclaimer: Mt. Zion Market Ventures has received compensation for the creation and dissemination of this article. For more information, please visit https://www.opendisclose.com. The information provided here is not intended to be a comprehensive analysis of the subjects mentioned. All information, opinions, and forecasts contained herein should not be construed as investment advice, a recommendation, or an offer to buy or sell any securities or related financial instruments. Investors should conduct their own research or consult with a qualified financial advisor before making any investment decisions. The author and publisher of this content are not responsible for any losses, damages, or other consequences that may result from the use of the information provided. Investing in stocks, including those mentioned here, involves risks, including the risk of loss.

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