Business model innovation through the application of the Internet-of-Things: A comparative analysis

Abstract

The Internet-of-Things (IoT) empowers remote monitoring and management of the performance of machines, vehicles, processes, etc., which facilitate service business models. However, companies in emerging and transitional economies, in particular, face challenges when applying IoT, not only related to the use of technology, but especially regarding the need for a new business model. The main goal of this paper is to better understand emerging IoT business models in Vietnam through identifying and interpreting business model design options and choices. The case studies and their commonalities are used to perform a morphological analysis and create a generic IoT business model providing business model alternatives for each of the four business model dimensions. The research provides insights into the commonalities and discrepancies of IoT-based business models. Also, it provides a novel application of morphological analysis to business model innovation to create a generic business model for IoT applications in emerging markets.