Business models for the Internet of Things: Which business model innovation fits the company?

The increasing connectivity of machines and systems is changing products, companies, and competitive boundaries. The devaluation of pure product hardware forces traditionally product-driven companies to develop digital services in order to continue securing unique selling points and competitive advantages. However, only a few market participants manage to integrate these solutions profitably and competitively into their business model. In order to provide remedy for companies with this problem, this article deals with the development of a methodology for developing business models for the Internet of Things. For this purpose, business model patterns are used which are based on successful business models from practice and thus represent 90% of all business model innovations. © Carl Hanser Verlag GmbH & Co. KG