The biggest question asked is how you will make money from it; standard way is to sell the product and make money from it, but the drawback is as days goes by less and less sales will be made, since the consumer's size is fixed to an extent, once everybody has bought the product there will be no more sales.
Below is the graph which shows sales of the most of the companies
You see this is the story of most of the companies; they launch their product and makes good money at the start but as the years pass on their sales decline.
When I was a kid, television revolution came, everyone was buying television, there were at least 100+ television producing companies, but after just around 10 years, hardly 10 companies remained existed, rest all died, why?, now everybody has already bought the television and they won’t need television at least for 10 years. That’s why car sales are always declining once you buy a car, you won’t need car for another 10 years.
Best way to keep on earning money is subscription based model, where you charge monthly fees on recurring basis that will be very steady stream for company, steady stream of income is necessary for growth and you can plan accordingly. Fluctuating income is extremely bad for planning since it disturbs your priorities that’s what happens in sales model, once every possible user has bought your product and there is no more sales, you will be confused and will try everything to push sales, but still sales won’t come, since everybody has already bought your product and using it.
Monetization can also be the best source of revenue, for example this is just my idea “You offer a Television on subscription basis to a consumer” and you also get paid for ads seen by the consumer which appears on that television, just like AdSense model, ad revenue is shared by Google and AdSense publishers (owners of the website). This will be beneficial for you since you as a company now have additional source of revenue and for consumers also as they have to pay much less to have a Television at their home.
Even in mobile apps world money is not in selling mobile apps, that’s just one time money, money is in push notification, showing ads to your app users.
IOT is still a very new concept and here is chances for you to be billionaire build something which millions people will use and then either you can charge based on subscription model or by showing ads or by doing both. That’s how Google and Facebook got rich by showing ads to its users. I myself have earned millions of dollars by showing ads to my website users, I have explained how to start web business and how to make money from it in my eBook “Web Money” it’s available on amazon, best way to make money is to build something which is very useful to the society at large and then make money by showing ads to these users, who are using your service.
You can check out my eBook here
Web Money Ebook