The telecommunications industry in Indonesia has experienced a decline in revenue growth in recent years. This is due to a shift in the trend of digital transformation which has caused a shift in the need from legacy service to digital service. Meanwhile, revenues from digital services currently cannot replace revenue from legacy services. Internet of Things (IoT) is a solution that can be utilized by Mobile Network Operators (MNO) to boost the telecommunications business in Indonesia. Concept of IoT aims to expand the benefits of internet connectivity that is continuously connected. IoT consists of sensors, telecommunications networks, and applications that are able to share data, control remotely from a device or 'thing'. IoT is one of the entities in the 5G era, that is also a key technology in the industrial revolution 4.0. This paper identify several types of business models that can be implemented for IoT services for MNO in Indonesia. Based on Strength, Weakness, Opportunity, Threat (SWOT) Analysis, showed that IoT has a great economic value in Indonesia market. MNO have an advantage in the IoT business implementation. The strength of MNO is in infrastructure, the ability to market segmentation and internet penetration in Indonesia.