To maintain welfare and growth in Europe, a substantial productivity leap is needed. The Internet of Things (IoT) - the next step in ICT evolution - will boost productivity and create new business opportunities. We see the IoT as a set of enabling technologies that can be used by almost all areas of business and society to improve productivity. The core enabling technologies are sensing, processing, communication, refining and managing information, while the supporting enabling technologies are energy harvesting and low-power embedded systems.
There will be 50 billion connected devices by 2020, generating vast amounts of information. The real-time and openly available sensor information will offer immense benefits for business by enabling faster decision making, real-time control, enhanced operational efficiency and new business models.
However, Internet of things, hyperconnectivity and digitalisation are much more than connections between devices. Information and communication technologies and electronics are becoming entwined with our everyday lives in industry, the service sector, transport, logistics, health care, housing, education, and our leisure time, almost without our noticing it. It can't be ignored as a pervasive and growing market condition that is at the core of all business strategies. It is changing radically the way people act and interact and will have huge effect on our lives and productivity in all sectors.