Mid Sweden University

The area of business models for the Internet of Things and how to approach modelling them is relatively unexplored. Therefore this study researches how others have previously approached the area through a literature analysis. The articles showed several different ways of describing business models for IoT, some of these where based around old and well known tools such as Business model canvas. While other approaches where based on creating entirely new models based on modern technology. One of these models is based around blockchain technology, the last main approach is to innovate the tool used to describe business models in order to be able to manage the change in actors. After analysing the different approaches by comparing them to either their standard model or seeing what the key part of the model was, it became obvious that business models for IoT have certain areas that need to be taken into account. These areas are not commonly seen in previous tools used to describe business models. One of these areas is increased collaboration as a consequence of increased number of participants in the creation of an IoT service or product. The other area is increased focus on IT knowledge, partners and therefore also increased cost. This is a consequence of the increased amount of technology needed. These areas in particular the increased collaboration strongly affects the business model and therefore is one of the main reasons for the business model innovation in the IoT market.