Role of IIoT as New Business Model Innovation in the Manufacturing Industry

The manufacturing Industry in Europe plays a significant role in economic growth and development. Given the increased role of technology in this sector, the Industrial Internet of Things (IIoT) is one of the technological advancements that improve the Business Model (BM) efficacy in various manufacturing industries. However, research into the role of IIoT as a BM in the manufacturing industry is limited despite its contribution to the success and performance of the firms. Therefore, this study explores the role that IIoT plays as a BM in various manufacturing industries. A survey was conducted utilizing open-ended questionnaires across 60 manufacturing firms in Europe including automotive suppliers, information and communication, machine and plant engineering, electrical engineering, and medical engineering. The findings indicate that IIoT as a BM has different levels of contribution across the manufacturing industry with glaring variations in terms of performance between information and communication firms as well as automotive. This study can act as a guideline for further research on the complex relationship between IIoT as a BM and firms' performance to influence decision-making processes within the manufacturing industry. Given that this is a pre-study, the limitations, and recommendations for future research are highlighted.