Whereas in the first run Internet of Things referred to the advent of barcodes and Radio-frequency identification (FID), helping to automate inventory, tracking and basic identification, the second current wave of IoT sees a strong verve for connecting sensors, objects, devices, data and applications. The next wave could be called a “cognitive IoT”, facilitating object and data reuse across application domains, leveraging on hyper-connectivity, interoperability solutions and semantic enriched information distribution, incorporating intelligence at different levels, in the objects, devices, network(s), systems and in the applications for evidence-based decision making and priority setting.
Economically , it could generate billions of Euros that easily translate into growth and employment, provided it ensures trust and security for the European citizens and businesses. At the same time, the IoT will bring hyper-connectivity to a global society, using augmented and rich interfaces. This global society will also be characterised by higher semi-autonomous system behaviour than today.
Advances in integration and miniaturisation of ultra-low power components and micro systems  and increased autonomy and flexibility of service robots  is accelerating the diffusion of embedded ICT in all types of physical objects and artefacts ranging from clothes and even bodies to homes, cars and transport systems, as well as all public spaces and cities.
The IERC-Internet of Things European Research Cluster  groups together the IoT projects  funded by the European research framework programs , as well as national IoT initiatives. The requirements of IoT will also be fed into the research on empowering network technologies , like 5G Mobiles . The Future Internet PPP  will develop building blocks useful for IoT applications, while Cloud Computing  will provide objects with service and storage resources. On the application side, initiatives like Sensing Enterprise and Factory of the Future  help companies use the technology to innovate, while experimental facilities like FIRE  are available for large-scale testing.
Creating a climate for trust and responsible innovation is essential, as the development of IoT touches upon questions of security, privacy and trust. Furthermore, as the IoT will become widespread in citizens' lives at home, in the office, in public or on the move, discussion needs to identify any policy or regulatory requirements, where an impact could be foreseen, as well as in terms of education.
In order to fully deploy IoT, pervasive and easy access to wireless and mobile communication and identification/numbering resources to connect billions of objects is necessary. Iin particular, mobile access should be provided in a competitive, low-cost and cross-border manner to allow Machine-to-Machine and IoT applications to flourish. IoT will benefit from the work of BEREC  and ETSI  on fostering M2M development, the work of CEPT  and ITU  on future numbering, naming and addressing, and the Implementation of the roaming  Regulation. To ensure wireless connections for a huge number of objects, spectrum  availability will have to be managed with care.