The Internet of Things (IoT) has come to mean all
things to all people. Combined with the huge amount of interest
and investment into this emerging opportunity, there is a real
possibility that the arising confusion will hamper adoption by
the mass market.
This paper proposes a phased model of the IoT ecosystem
development, starting with infrastructure establishment, and
culminating in exploitation through the creation of new
companies and business models. It does not attempt to quantify
the emerging opportunities, relying instead on the many
publications dedicated to detailed market analysis. The focus is
to place the opportunities in context, demonstrate the
importance of sensor system technology underpinning the
emerging IoT revolution, and suggests areas where Europe can
establish a leadership position. Throughout the paper, examples
of the likely protagonists have been used by way of illustration
