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Understanding the Machine Economy: Combining Findings from Science and Practice

Author

Listed:
  • Sebastian Duda

    (Branch Business & Information Systems, Engineering of the Fraunhofer FIT, Bayreuth 95444, Germany)

  • Jens-Christian Stoetzer

    (FIM Research Center, University of Bayreuth, Universitätsstraße 30, Bayreuth 95447, Germany)

  • Tobias Guggenberger

    (FIM Research Center, University of Bayreuth, Universitätsstraße 30, Bayreuth 95447, Germany)

  • Nils Urbach

    (Ditlab, Frankfurt University of Applied Sciences, Nibelungenpl. 1, Frankfurt Am 60318, Germany)

Abstract

The machine economy (ME) is an emergent phenomenon that combines multiple emerging digital technologies, such as Internet of Things (IoT), artificial intelligence (AI), or blockchain, enabling economically autonomous acting machines. We investigate this phenomenon by combining a literature review and a qualitative interview study across different industries to derive propositions about the ME. Finally, we develop a five-layer model of the ME from our propositions that helps academia and practice explore this emerging phenomenon further. Our results indicate that the ME builds on several emerging digital technologies and becomes increasingly relevant for practice and academia.

Suggested Citation

  • Sebastian Duda & Jens-Christian Stoetzer & Tobias Guggenberger & Nils Urbach, 2024. "Understanding the Machine Economy: Combining Findings from Science and Practice," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 21(04), pages 1-19, June.
    • Handle: RePEc:wsi:ijitmx:v:21:y:2024:i:04:n:s0219877024500342
    DOI: 10.1142/S0219877024500342
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