Abstract: The Internet of Things (IoT) is the milestone in the evolution of the internet, as everyday objects are connected to the internet, and obtain the capacity to communicate with other devices and sense their environment. Especially the IIoT is one of the most pivotal about industrial business concepts since the recent years, companies try to focus on business models and operational efficiency. This paper emphasizes on researching the Industrial Internet of Things (IIoT). There is already a lot of information about the common Internet of Things but still a gap in research in the business perspective, especially the concept of business models for the IIoT. The goal of this paper is to investigate different kinds of business models, how they work and how feasible they are. The need to research possible business models for an IIoT framework, as traditional business models are relevant for this study, such as the Business Model Canvas which has been proposed by Alexander Osterwalder or the Business Model Navigator by Oliver Gassmann. But there is still a lack of literature covering the business models for the IIoT. Therefore, after researching the concept of IIoT from a business perspective, we identified fruitful criteria and sustainable business models. With a qualitative literature study, I was able to develop an IIoT business model framework, based on the dynamics and complexity of the IIoT concept, which incorporates business strategies and provides companies with a flexible approach. The business model framework can be used in any business industrial context.
Keywords: Internet of Things (IoT), Industrial Internet of Things (IIoT), Business Models
| DOI: 10.17148/IJARCCE.2020.9202