ABSTRACT
This chapter deals with identification of opportunities created by the Internet of Things (IoT) and links it to the needs of the organizations. Value creation, capture, and proposition will be used to identify business models as per established literature methods. There will be a number of cases where traditional methods of running and generating new business will be transformed radically or significantly. The IoT has the potential to bring in cost savings, increase productivity, monitor for downtime and nonproductive hours, while also providing data that can generate more digital revenue than physical revenue and open opportunities for offering services. Changing forms of business models will have an effect on the industrial ecosystem and a country's economy at large.
