Revisiting IoT Business Model Frameworks in the 5G Era: An Ecosystem Dynamics Perspective

The convergence of 5th Generation Telecommunications (5G) technology and the Internet of Things (IoT) has introduced unprecedented opportunities and complexities, fundamentally reshaping the dynamics of digital ecosystems. However, existing IoT business models, primarily developed for earlier technological landscapes, are increasingly inadequate in addressing the unique demands of the 5G IoT environment. This study critically reviews the current body of research on IoT business models through a narrative literature review, aiming to evaluate their relevance and effectiveness within the evolving 5G ecosystem. The findings reveal significant gaps, particularly in addressing the dynamic, interconnected, and adaptive nature of 5G-enabled ecosystems. Current models fall short in areas such as scalability, stakeholder interdependence, and real-time data monetization, limiting their ability to capture the full potential of 5G IoT networks. This paper highlights the necessity for reimagining business models that are responsive to ecosystem dynamics, fostering value co-creation, adaptability, and collaborative innovation. The insights from this review offer a foundation for developing future-ready business models capable of maneuvering the complexities of the 5G IoT ecosystem, with implications for both academia and industry stakeholders.