In IoT scenarios, data needs to be collected from various sites and securely transferred. A signcryption scheme can ensure both data confidentiality and authentication. Given the limited computing power and storage capacity of IoT devices, the signcryption scheme must prioritize higher execution efficiency and shorter cipher-text length. Accordingly, a new signcryption scheme has been proposed to meet these requirements. The confidentiality and unforgeability of the new scheme have been analyzed based on the discrete logarithm problem and the computational Diffie-Hellman problem in the random oracle model. Additionally, the proposed method also demonstrates three other security attributes: public verifiability, key escrow security, and nonrepudiation. Performance analysis indicates that the new scheme requires less storage space and possesses lower computational complexity. Simulation results further confirm that the new method achieves higher efficiency, making it suitable for IoT scenarios.