In that case, the answer is very simple: IoT is irrelevant to the field of ALM.
Here's a rather longer, and hopefully more useful, answer: The question should rather be how the field of ALM could be applied to the field of IoT - which is what Arne is addressing. To understand that, you need to understand what you are trying to do with IoT. IoT needs some form of communication infrastructure in place. The management of that infrastructure can be through applications developed using ALM techniques. Once the infrastructure is present, then you can consider adoption of IoT as a series of levels, each of which must be in place before you move to the next

1. Provide the capability for devices to communicate with the environment
2. Provide the capability for devices to monitor and report through the communication capability
   
3. Provide the ability to collect and analyze what has been reported
4. Link the analysis back to action

Each of these levels will require software to be developed, which can be done using ALM techniques. The underlying communication mechanism and device communication capability will also need co-development of hardware.
Hope that helps!

Chandan,

key to the Internet of Things field is that Makers and Operators alike are now more than ever faced with increasing complexity due to integration of disciplines (HW creation, SW creation, mechatronics) and big data, shorter development cycles and more stringent compliance criteria (to cater to security and safety requirements).
The general approach to introduce a hybrid of agile methods to handle complexity and a tightly linked environment to handle formal compliance via Application Lifecycle Management answers to these challenges, mainly where SW development is involved (CLM) but increasingly integrated with HW and mechatronics development (RELM, DNG, RDM). Underpinning architectural features such as OSLC, augmented by deeper API and linking where required allow to integrate disciplines, principles and tools in a fashion that makes ALM viable for IoT Makers and Operators alike, mitigating their biggest risks in development.

- Arne