The Internet of Things (IoT), the Industrial Internet of Things, Industries 4.0, Made in China 2025, Smart Industry, Connected Systems, Cyber-Physical Systems (CPS), Mobile Cyber-Physical Systems: many new phrases have been coined to describe something that is on everybody’s mind, and that will influence our lives, our way of working, our future. What does the IoT mean for mechanical engineers or the manufacturers of controllers or other devices? This paper investigates the opportunities that lie ahead and the risks that await. Above all, it looks at which decisions can be made in order to become a successful player in the new world. For this paper, the term ‘IoT’ will stand for all of the many concepts named above.