## 5 The Conceptual Model for IoT Adoption in the MS
### Perceived Benefits  
Perceived benefits are defined as the expected advantages of IoT technology for the MS [75; 99; 100]. Many researchers described the potential IoT benefits by analyzing the increased data created by sensors and process integration. Perceived benefits are a critical factor and might be a robust predictor of IoT adoption [12; 16; 25; 26; 30; 33; 51]. The IoT confers significant direct and indirect benefits to the MS [23; 44; 84; 85; 100; 101]. Direct benefits are immediately perceived and frequently related to operational benefits [23; 54], such as improving asset management and operational efficiency. While indirect benefits are related to organizational strategy development [23; 54], such as sustainability and competitive advantage, and can be observed over time [84; 101]. Studies in technology adoption showed  
\begin{table}
\begin{tabular}{c c c c c c c c c c c c} \hline \hline  & & & & & & & & & & & & & & & \\ \cline{3-12}
**Ref** & **Technology/Area** & **Theory** & **Technology** & **Technology** & **Technology** & **Technology** & **Technology** & **Technology** & **Technology** & **Technology** & **Technology** & **Technology** & **Technology** \\ \hline
[7] & IoT adoption in manufacturing &
\begin{tabular}{c} DOI + \\ TOE \\ \end{tabular} & & & & & & & & & & & & & \\ \hline
[21] & Big Data analytics adoption in manufacturing & TOE & X & & & X & X & & & & & \\ \hline
[25] & IoT adoption in the agricultural supply chain & TOE & & & & X & X & X & & & & \\ \hline
[27] & IoT adoption in auto-component manufacturing SMEs & TOE & & & X & & & X & & & & & \\ \hline
[31] & IoT adoption in agribusiness & TOE + HOT-fit & & & X & & X & X & & & & & \\ \hline
[66] & Tablet PCs adoption in firms & VAM & X & & X & & & & & & & \\ \hline
[75] & Enterprise 2.0 adoption in business & VAM & X & & & X & & & & & & \\ \hline
[84] & EDI adoption and impact on small organizations & TOE & & X & X & & & & & & & \\ \hline
[85] & EDI adoption in small businesses & TOE & X & X & & & & & & & & \\ \hline
[93] & Blockchain adoption in supply chains of SMEs & TAM + DOI + TOE & & & X & X & X & & & & & \\ \hline
[94] & Cloud computing adoption in industries & DOI + & & & & X & X & & & & & \\ \hline
[95] & Water supply systems adoption in the urban area & DOI & & & & X & & & & & \\ \hline
[96] & AI applications adoption in learning institutions & DOI & & & & X & & & & & \\ \hline
[97] & Cloud computing adoption in the higher education sector & DOI + & & & & & & & & & \\ \hline
[98] & Fintech adoption in small businesses & TOE & X & X & & & & & & & \\ \hline \hline \end{tabular} Legend: Ref = reference; SMEs = small and medium enterprises; HOT-fit = human-organization-technology; PC = personal computer; EDI = electronic data interchange; and AI = artificial intelligence.  
\end{table}
Table 1: Mapping matrix of VAM, DOI, and TOE constructs used in this study.  
that perceived benefits and perceived value were positively related [78; 99]; thus, both direct and indirect IoT benefits [23; 44; 84; 85; 100; 101] positively influence the perceived value. Based on this assumption, the following hypotheses (H) are formulated:  
**Hypothesis 1 (H1).**_Perceived direct benefits can have a positive impact on the IoT's perceived value._  
**Hypothesis 2 (H2).**_Perceived indirect benefits can have a positive impact on the IoT's perceived value._