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Spin-based electronics has evolved into a major field of research that broadly encompasses different classes of materials, magnetic systems, and devices. This review describes recent advances in spintronics that have the potential to impact key areas of information technology and microelectronics. We identify four main axes of research: nonvolatile memories, magnetic sensors, microwave devices, and beyond-CMOS logic. We discuss state-of-the-art developments in these areas as well as opportunities and challenges that will have to be met, both at the device and system level, in order to integrate novel spintronic functionalities and materials in mainstream microelectronic platforms.