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The internet of things (IoT) is gaining attention from both scholars and practitioners regarding its potential as a key enabler of servitized business models; academic research on this emerging concept is increasing but overall underexplored, however. This paper comprehensively analyses and consolidates the relevant literature on the emerging concept of IoT and servitized business models through conducting a systematic literature review. Based on an analysis of 74 articles, four archetypes of business models are identified that are enabled by the IoT: add-on, sharing, usage-based and solution-oriented and supplemented with information on what role IoT adoption takes, benefits from the provider perspective, and the inhibiting factors per archetype. A framework draws the findings together and forms five propositions about these elements and their corresponding business models that may guide future empirical research and serve as a common typology. Therefore, this study contributes to the body of knowledge on innovative servitized business models by classifying emergent business models utilising IoT and what is currently known about them. For practice, this paper provides an overview for initial consideration by practitioners before adopting IoT in enabling servitized business models and the range of applications IoT may have in enabling servitized business models with examples.