The IoT Business model - Asset or Device as a Service

The Internet of Things started with the simple concept of Connected Devices and Connected Assets. A small network of connected devices made a lot of tasks easier and intuitive that were not feasible earlier. Gradually, connected devices/assets opened up new opportunities with smart devices/assets. In no time, the evolution paced up, and we had a tangible implementation of smart devices in every dimension of consumer electronics, home appliances as well as industrial assets. As the technology matured, the concept of smart factory evolved, that is, Industry 4.0 or the fourth industrial revolution, and eventually smart connected operations became a reality that was complemented with success stories from different parts of the globe.

The Asset as a Service model has its roots in the vanilla 'lease model' widely adopted in the world. You can lease your house, vehicle, or some appliance for a while and earn money for the time period it was utilized...