Industrial Internet Application Development

How the IoT changes business models

The continuation of these trends will lead to new business models. We predict some of the following and this is by no means the entire list. There are models that will emerge that we cannot comprehend today:

• Revenue sharing models: It is based on the efficiencies created by using IoT and advanced analytics. As an example, General Electric (GE) produces smarter wind turbines for its renewables business. These wind turbines have several sensors and IoT applications that can gather and harness data, combine with weather data, and predict service operations and maintenance opportunities. GE upgrades the existing install base at the customer site for no cost and the costs saved and additional revenue generated ...