In 2019, The Economist identified the “second phase of the internet”—the Internet of Things (IoT). Along with Artificial Intelligence and Big Data, IoT is at the centre of the digitalisation of the world economy. The excitement over IoT is driven by its ability to bring previously isolated objects, from fridges to Ferraris, online. Data collected from IoT sensors can be monitored, fed back to instigate an action, inform the design of an algorithm or trigger a response in another connected object, maybe hundreds of miles away. The potential implications of these additional capabilities are almost limitless and business opportunities are extensive.