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Carlos Alberto Lopez1, Luis Fernando Castillo1,2,3,4, Juan M Corchado4,5,6,7

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This summary is machine-generated.

Internet of Things (IoT) enables new business models beyond cost reduction by monetizing data. This research models IoT ecosystems to understand value creation and capture in connected homes.

Keywords:
IoT ecosystembusiness modelsystem dynamicsvalue capturevalue creationvalue offer

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Area of Science:

  • Systems Engineering
  • Business Strategy
  • Data Monetization

Background:

  • The Internet of Things (IoT) is often viewed narrowly as a tool for manufacturing cost reduction.
  • A paradigm shift is needed to recognize IoT's potential for enabling new data-driven business models.

Purpose of the Study:

  • To investigate the transition to new business models enabled by IoT data monetization.
  • To analyze the interplay between digital strategy and technological platform deployment in IoT ecosystems.
  • To establish a framework for evaluating IoT ecosystem behavior in connected home environments.

Main Methods:

  • Conceptualization using systems theory.
  • Fuzzy logic for input parameter evaluation subsystem.
  • System dynamics for computational modeling and dynamic simulation.
  • Iterative model adjustment based on simulation results.

Main Results:

  • Identification of diverse value creation and capture behaviors within IoT ecosystems.
  • Development of a simulation model based on system conceptualization and value function.
  • Establishment of a reference framework for analyzing IoT ecosystem performance.

Conclusions:

  • IoT facilitates a strategic shift towards data monetization and new business models.
  • The developed simulation model provides insights into IoT ecosystem dynamics and value generation.
  • Understanding these dynamics is crucial for optimizing IoT deployment in connected homes.