The Internet of Things (IoT) market features a range of technologies and solutions, including devices, software, services, cloud computing, and analytics. One of the overarching issues for companies seeking to conduct business in this space is what business model to choose. Which model is the best fit for the firm and which offers the best opportunities given the current state of the market and future expectations? To answer these fundamental questions, companies contemplating market entry or those already conducting IoT business need to choose from several business models or a blend of them. The main IoT business models companies are considering include: hardware manufacturing, software platform, service provider, and hybrid solutions. The IoT market is ripe for growth, with demand-side customers already adopting connected devices and software solutions to help them manage energy consumption or automate processes in businesses or homes. But key strategic assessments need to be made by vendors in order to leverage the opportunities based on realistic expectations for revenue and margins. This Navigant Research report provides an assessment of IoT business models, describing four models and offering a discussion of the market?s value chain. The study also features a case study, along with an assessment of the pr's and cons of the main IoT business models. In addition, the report delves into the regional and regulatory perspectives regarding IoT business models and highlights the security risks that need to be addressed by stakeholders in this market. Lastly, the report provides a set of recommendations for companies considering their IoT business model options.