Who will be the winner in IoT?

Today there’s a lot of debate about whether LPWAN, LTE-M or NB-IoT will be the winner, and what the opportunity is for the mobile industry. But will any of them matter? We will eventually get a communications standard which is cheap and scalable, but by that time the higher levels of the IoT architecture are probably where most of the money will be made. We look at how the value chain is evolving and ask who will really make money from the IoT?