Abstract

A new generation of ubiquitous computing, also known as the Internet of Things (IoT), is an opportunity but also a challenge for companies in several industries. With IoT, the industrial products, including cars, phones, televisions, refrigerators, cameras and even books, may have built‐in digital capability, offering new features, performance rates and affordable prices that change design, production, distribution and use. The challenge for organizations is to innovate the existing business model so they can successfully enter this promising new technological context. This article reviews the literature of Information Systems and Strategic Management, exploring what are the components of a business model for products/services based on IoT; moreover, it seeks to identify the barriers and facilitators that can help companies to redefine their business models to take advantage of the opportunities of IoT. The method used for the construction of the article was the systematic and critical review of the literature. The results are the identification of elements to be considered in the development of business models for services and products based on IoT. They enable us to observe potential facilitators and barriers, so indicating topics for future research. In this way, this article seeks to provide a reference and insights for academics and professionals, into how to define structured business models for IoT, analyzing the main aspects that must be considered when the innovations for this digital context are planned.

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