The concepts of Big Data have became intertwined with those of the Internet of Things, creating mental pictures of a fully connected, all-encompassing, cyber-physical world, where each and every object will contribute with information to a “fully aware” society. Academic works are presenting this as the natural evolution for our current technologies. The panel looks at these promises from the hard perspective of reality: what is being done, how much it cost, what needs to be developed, and what can be expected in the near and mid-term. Categories and Subject Descriptors C.2.1 [Network Architecture and Design]: Network Architecture and Design – wireless networks H.3.4 [Information Storage and Retrieval]: Information Storage and Retrieval - Systems and Software General Terms Design, Economics, Security, Standardization Keywords Big Data, IoT, Industry-applications