Industrial internet of things (IIoT) can positively impact business from the process and the technical perspective. There is a limited understanding of the impact of IIoT on business models in general especially the novel nonownership business models (NOBMs). In this paper we analyze the literature, especially case study literature, to understand the impact of IIoT based technologies and related features on the NOBMs using a morphological box (developed by Lay et al. [4]) as a framework. We understood that IIoT- enabled technologies enables the implementation of a larger variety of NOBMs, such as, the pay-per-use, pay-per-output and pay-per-outcome business models, as well as a variety of options related to them. We also realized that there is a need to develop a morphological box for capital intensive manufacturing companies by developing new characteristic features and related options that can take IIoT enabled technologies.