The value creation of artificial intelligence: business models based on the Internet of Things (IoT)

Abstract

The purpose of the chapter is to examine the theoretical work conducted in the fields of artificial intelligence, mainly considering the business models based on the Internet of things (IoT). The primary aim of the chapter is to access such business models influencing the value creation of artificial intelligence. IoT is the most significant promise of the technology today but still lacks a novel mechanism. There is a need to recognize and measure the perceived business models enabling technologies, applications, and value creation of artificial intelligence. Therefore, the business model concept is characterized by various fields of use that are promising in today’s business practice. Consequently, research on business models has attracted many scholars and has gained increasing attention in the scientific world. A structured work was applied to combine different theories about the value creation of artificial intelligence and how it is linked to business models. A search of the existing literature is done to select the databases and keywords of the primary search. Finally, after the selection of papers, they are classified according to their content. A thorough search of the existing literature is done in Scopus and Google Scholar using a combination of keywords such as Artificial Intelligence, Value Creation, Business Models, Internet of Things. Artificial intelligence systems are accepted as a technology offering an alternative way to tackle complex problems. At the same time, the business model concept offers strategists a new way to consider options in complex, uncertain, and unpredictable environments. This chapter offers a vast amount of content that establishes a strong link between artificial intelligence and business models usages or roles based on IoT. Thus, this will help receive attention from academia and the business industry, benefiting researchers and practitioners.