Platform business models in Industry 4.0

The fourth Industrial revolution or “Industry 4.0” represents a new era of automated production as well as data transfer in factories and technology keeps challenging current manufacturers’ business models. Business models which are emerging in Industry 4.0 have new approaches towards interactions between participants of such business models, as well a new logic for value creation and value capture. The lack of suitable business models makes it harder to deploy IoT for proper value capture. For business-to-business contexts, co-creation of value requires deeper interactions in business networks. The need to concentrate on how actors achieve value co-creation in technology enabled platforms has emerged. IoT-enabled business models bring a lot of opportunities to capture better value, establish more efficient production and innovation.