Impedance spectroscopy is a powerful measurement method having decisive advantages in several application fields. It allows the measurements of non-accessible quantities, supports high measurement accuracy, and enables simultaneous measurements of more than one quantity. The method provides deep insights in systems and materials, is non-invasive, and is highly efficient, considering measurement time, measurement procedures and possibilities for implementation in embedded systems for in-field measurements. In this contribution, we point out the potential, recent advances and future trends of the method to provide insight into the powerfulness of the method for future applications.