Peculiarities of IoT Based Business Model Transformations in SMEs
Internet of Things (IoT) is gaining much attention from practitioners and academia and serves as a business mean to increase efficiency and improve business processes. Since small and medium sized enterprises (SMEs) play an important role in the market's value creation, it is particularly important to understand key aspects of IoT based business model transformations in SMEs. However, the existing literature on IoT based business models mainly focused on transformations in large companies. Therefore, this paper aims to identify the preconditions of adopting IoT in SMEs and possible resulting business model transformations. A systematic literature review was chosen as the main research method for this paper. Results of the analysis were summarized as the preconditions for IoT based business model transformations using Osterwalder Pigneur's Business Model Canvas concept as a basis.