Analysis of Stakeholders Within IoT Ecosystem

Internet of Things (IoT) as a field consists of multiple coexisting and competing products and platforms. IoT business ecosystem represents community of firms interacting with each other as well with the socioeconomic environment. To survive, the firms must cooperate as well as compete by using a common set of resources like hardware, software, platforms, standards that cater to the connectivity of connected devices, applications developed, provisioning services, assurance of quality and billing, etc. This paper analyzes prominent literature, reports, and white papers on the community psychology of members or players in the IoT ecosystem. Some of the key findings in this paper highlight that (i) the firms join the IoT ecosystem community due to their dependency on the ecosystem; (ii) they are motivated to bring in quality of life to the citizens via delivering cost-effective goods and services while focusing on profitable growth; (iii) depending on the role they play in the IoT value chain, their aspirations could differ from each other; and (iv) areas of special attention required around various challenges to ensure IoT ecosystem remain promising to stakeholders.