In the last decade the world of manufacturing firms is completely changed thanks to the use of new technologies. Internet of Things (IoT) is one of these technologies that not only has the potential to impact how we live, but also how the businesses are being ran. Innovative companies are adopting IoT strategies and technologies to reengineer their products and services and redefine their relationships with customers, employees and partners. The IoT market is exploding at a significant pace as consumers, businesses, and governments are recognizing the benefits of connecting devices to the Internet. The purpose of this thesis is to explore in depth the different business model utilized by different companies, with no distinction of specific industry. Moreover, this thesis aims to study the IoT platforms business models and to understand how these platforms change the market competition by leveraging the IoT technologies. In order to reach this aim a structured literature review will be performed. Then, analysing different companies by using the business model canvas approach, three business scenarios will be identified and defined, as follows: servitisation, lean and world manufacturing and, digital platforms for manufacturing. Finally, it will be applied a mathematical model in order to discuss whether and how an IoT investment can give advantage to a manufacturing firm.