This talk presents the results of two years of discussions of distinguished members of the common Section on Computer Engineering of the two national German societies on Computer Science - the Gesellschaft für Informatik (GI) and the Information Technology Society (Informationstechnische Gesellschaft ITG). The target of the “Grand Challenges of Computer Engineering” initiative is to provide research orientation to industry and to academic researchers as well as to research funding agencies. Our topics were defined not from a sole scientific perspective but with the vision to identify research areas that will safeguard employment and create new jobs within the next ten to twenty years. We restricted our analysis to the area that we know - computer engineering.