STUDY ON THE IOT ECOSYSTEM BUSINESS MODELS AND THE SEGMENT OF STARTUPS
This paper is focused on the rising segment of Internet of things (IoT) startup companies as part of the new Digital business models based on the Ecosystem of Internet of things and their platforms.
The connected cyber physical systems transform and make more connected our life, people and things into overall world. Internet of Things is at a peak of hype and builds its own Ecosystem based on sensors and actuators, which communicate on industry and custom designed platforms through plethora of wireless, cellular and fixed communication networks. The IoT Ecosystem generates enormous amount of data, which is captured, filtered, analyzed and perform through data analytics – fundamental process for making IoT applications smart systems.
This paper makes overall literature review of IoT Ecosystem and explain its business models and infrastructure and how it is different in its Vertical and Horizontal levels. Whereas the Big Data space, moves from core infrastructure to vertical applications, the IoT space sees a lot of early action directly at the vertical application level. Internet of Things is the place where concurs three key technological tendencies: distribution increasing of mobile and social media networks, ubiquitous increase of data amount produced by the new devices and business efficiency to provoke growth via passing from Edge computing, through Fog to the Cloud computing. This transformation will change the companies’ operation management using smarter decision making based on real-time data mining and data analytics.
Digital transformation is not just about encompassing new technologies, it goes deeper and deal with a change in thought and organization behavior and culture. Organizations need to respond in fast changing business scenarios, dynamic business demands and innovate ways and quickly adopt to new challenging provocations. Leaders and IT teams in any enterprise should work hand in hand to meet the business requirements, drive innovation and march towards continuous improvement. Digital business models transformation accelerates business activities from startups through small business to multinational corporations. It’s reflect into lower cost, improve time to market, bring about a positive change in processes, people, and competency models.
This transformation leads to urgent amendment of well-known business models to Internet of Things Ecosystem Business Models. The dependency of centralized/decentralized models offered by the IoT platforms and are displaced from e-commerce and service oriented business to Digitally charged products and Sensors as a Services.
Our research is focused on the emerging digital startups, exploring the legal frameworks and politics for promoting entrepreneurs. The basic paper focus in put on the segmentation of start-ups based thoroughly on the IoT business models and patterns. The research methodology structure follows with concepts overview and scope of digital start-up companies, defining the start-ups fund and venture capital funds, analyzing the cumulate information based on acquisition of IoT startups from digital and non-digital corporations and elicitation of challenges and knowledge produced of the new processes and trends. Implication is directed on how IoT Ecosystem places challenges in High Education as knowledge creation, change the skills and competencies in entrepreneurship point of view and models funding resources and market and skills form technical point of view.