How IIoT can unlock the next wave of PaaS

Product as a Service (PaaS) and subscription-based business models are growing more popular. Instead of selling products, manufacturers rent or lease the products and provide ongoing service to the end user to ensure customer value. This decreases the cost of entry for end customers while providing manufacturers with a steady stream of predictable, recurring revenue.

The Internet of Things domain does not stay impartial to the business model changes. Manufacturers of smart, connected products must adapt to an environment where customers are shifting from a need to own the ‘product’ towards the need for only the product’s ‘outcome’.

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