Data-intensive IoT new product development: a review and future directions

Abstract

Commonly referred to as data-driven product development, incorporating data science into product development to create value out of sensor data is a key challenge and involves unpredictability and invention risk. However, different studies in the current literature rely on different conceptualisations in this interdisciplinary research field, and the literature is scattered. To address this issue, this paper provides a review of recent academic literature on New Product Development (NPD) for the Internet of Things (IoT). The work reveals that distributed literature lacks a standardised process for guiding managers to handle the data product development process of smart products.