The implementation of IoT solutions transforms business-to-business markets. This transformation is not limited to technological changes. It also affects the actors and activities that characterize markets. We argue that the possibility of forms of exclusion / inclusion, as interpreted in Luhmann's theory, has important consequences for IoT solutions. Different from prior studies which have focused on why and how market-related forces exclude actors from a market, this research aims to provide a comprehensive overview of possible exclusion phenomena linked to IoT implementation in business markets, concerning its affected actors, mechanisms, and consequences. Using ‘cold cases’, this research uses case study methodology to identify potential forms of exclusion and inclusion. It then develops a framework that identifies different situations of exclusion and inclusion. Finally, it suggests avenues for future research and provides managerial implications for the actors concerned in this context.