IoT promises a big market but it has yet to grow exponentially. It’s not about technical challenges, but mainly it’s about having the right IoT business model. It’s not going to be any more about selling silo products based on its features. It’s no longer about subscription-based or pay-per used based. We will see the full strength of IoT when we can develop an Outcome-Based Business Model whereby we pay the services based on the outcomes such as an increase in new revenue streams, costs savings, customer loyalty, new creative products developed etc.