Business Models and Use Cases for the IoT

Internet of Things (IoT) is a challenging subject that includes a wide range of technologies and industries, performing tasks on an infinite number of possibilities. Growing demand for IoT solutions increased the need for adopting new research and development options to bring IoT technology to the market. Business plans are important in order to understand how an IoT product adds value to customers and companies so at the moment there are various emerging IoT business models. In this chapter, we are presenting an overview of business models as well as IoT impact. Moreover, we are analysing some of the current challenges in building, transport, energy, and health domain and how use cases developed to facilitate these challenges. We further analyse business models of the VICINITY IoT platform and generally the digital transformation impact on business models. Finally, the business model design of the Gorenje group is presented. Gorenje Group is a company moving from being a traditional manufacturer towards a services-oriented organisation.