Analysis of digital platforms' business models and their applications in the 4th industrial revolution

Abstract

Digital revolution, as a result of the fourth industrial revolution is changing the way people live and conduct their business. Its promise of sustainability is building optimism amongst users. However, there is a lack of research in understanding how digital platform business models can be tailored for use in existing businesses and how this technology can be used to revolutionize new businesses. This study conducted a systematic literature review to create a deeper understanding of the technology of digital platform business models and their characteristics and application. The results of this study are used to develop a hybrid structure of the digital platform business models and their components. Also, this study identified the critical elements of the cyber-physical system. Herein, the core, trendy, intermittent, and emergent keywords relating to digital platform business models are placed and analyzed. This study contributed to the body of knowledge by an in-depth understanding of digital platform business models and their relevance in the fourth industrial revolution by removing barriers that may limit their use.