Advanced Technologies lie at the very heart of Europe’s ongoing process of digital transformation. Indeed, these technologies enable process, product and service innovation throughout the economy, thus fostering and supporting industrial modernisation across a wide range of organisations and industry sectors.
Taking the Internet of Things as one the backbones of digital transformation and industrial modernisation, we observed that the current availability of huge datasets, coupled with recent technology advances in Big Data, Artificial Intelligence and fast connectivity capabilities, are all paving the way to new and more disruptive applications of IoT systems and services. There is now widespread recognition among consumers and organisations that IoT can help them to operate more efficiently, improve quality of service and customer experience, introduce new services and improve many other aspects of their businesses. Likewise, the European Commission and other governmental and international bodies have thrown their weight into supporting and stimulating IoT development as a key economic opportunity and driver of future innovation.
This report describes the market potential of Internet of Things, its social and sustainability aspects and the related policy implications.