IoT business model change in theIndustrial sector

Abstract: The industrial domain is experiencing relatively a higher growth rate than other Internet-ofThings (IoT) market domains. Much as a lot is said about its technological capabilities andapplications, less has been said about the business side, and specifically how business modelsfor IIoT are changing currently. This paper seeks to explore how industrial IoT business modelsare changing the key drivers in the now. Some of the key finding include the fact that thischange is expressed most within the value proposition, collaborations and partnerships, newskill sets, internal departmental convergences etc. The key drivers are mainly bothtechnologically and market driven with mostly reasons of IIoT adoption being cost cutting andefficiency in operations. It is also found out that standardization and regulations also play akey role but only to arbitrate (issue like privacy security, ownership interoperability etc.) whathas or is already been put to service, in most of the cases e.g., The General Data ProtectionRegulation (GDPR).