Abstract
Internet of things (IoT) has advanced the evolution of the Internet that connects the physical objects to obtain the Internet access in order to communicate and sense the physical environment with other devices. A significant phenomenon is to ramify the objective of business model that has a lack of literature studies to appraise the scope of business models, i.e., how does various IoT application transform into design creation, model delivery and value captivation. Therefore, this chapter retrospects the design strategies of business model and addresses the researches gap to analyze the IoT application in order to enable the business platform models. Moreover, this business platform plays a crucial role to connect the IoT devices and the enterprise IoT applications as distributed business application software. The business IoT model is preferably chosen to enable qualitative based interview approaches that allow the elemental business models to discover. In general, the elemental model inquires the business model objectives and their relevance that construct the elemental blocks to determine whether the previous studies research on IoT based business model for generic application systems or not. Moreover, the comparative studies show that how the business IoT application models differ the generic IoT applications. This chapter chiefly focuses on the theoretical implication that is related to the previous literature studies on IoT and other functioning phenomena. It shows the resultant studies in terms of business model, building blocks, 276and its primitive types, which are the key factors of business IoT model. Notably, this chapter thoroughly reviews the business IoT modeling platform with generic IoT applications to determine: (1) Importance of value proposition and customer relationships to construct the business building blocks; and (2) Dissimilarities and IoT practitioners with real-time application to refer the business findings.
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