Industry 4.0 is one of the fastest growing topics amongst both practitioners and academics. To this day, no definition of Industry 4.0 has reached consensus. However, some definitions can be considered more correct than others and the most accurate one is summarized as “Industry 4.0 is a concept for creating value throughout the whole value-chain”. This has been made possible through digital solutions, advanced technologies, which often are associated with Industry 4.0. This thesis started off finding the key aspects of Industry 4.0 and through a literature review it was concluded to be Cyber-Physical Systems (CPS) which will bring new innovative Business Models. The fundamental aspect of Industry 4.0 is data, data which has become available through the usage of CPS, data which will transform how business are conducted. This thesis aims to develop a better understanding for how CPS affects the Business Model. The thesis started with a literature review, investigating the value of information in a digitalized era. It was established that the value is found in the capability to monitor, remote control, optimize, and automate products and machines. Furthermore, it was also established through the literature review that manufacturing industries are becoming more services-focused and that value-creation is done through networking. Moreover, the Business Model Canvas was embraced as theoretical framework for what a business model should consist of. Data was gathered through semi-structured interviews with experts on the subject of Industry 4.0 and digitalization. The data was then compared to the theoretical framework. The results showed that CPS will not affect business models in any direct way as it is very well founded that the business model always should be based on the customer segment. However, CPS did have an indirect impact on business models i.e. through expected changes in customer relationships and distribution channels, but foremost, through changes regarding specialization and partnerships.