Business Modeling and Design in the Internet-of-Things Context

The advances of cloud computing and Internet-of-things (IoT) technologies are motivating the transformation from the traditional product-focused development to service-oriented business models with cloud-based solutions in many companies. Different business approaches have emerged with innovative ideas on creating intelligent services and profitable business ecosystems with many actors involved in various value chains. In this transition process, the design of business models plays an essential role to a company's growth and success, and requires a mindset shift in how to create and capture value for companies in the connected world. In order to adapt to the global and collaborative business environment, some of the traditional business models are further developed to adjust to the Internet-of-things context, and some new ones have emerged. The aim of this study is therefore to survey these business modeling and design methods, identify their characteristics, and analyze how they manage the dynamic, global, and collaborative environment in the Internet-of-things business ecosystem. We discuss also the challenges related to the business model transformation process for businesses, including data, services, transition process, and legal and regulation perspectives.