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Particle image velocimetry (PIV) has evolved to be the dominant method for velocimetry in experimental fluid mechanics and has contributed to many advances in our understanding of turbulent and complex flows. In this article we review the achievements of PIV and its latest implementations: time-resolved PIV for the rapid capture of sequences of vector fields; tomographic PIV for the capture of fully resolved volumetric data; and statistical PIV, designed to optimize measurements of mean statistical quantities rather than instantaneous fields. In each implementation, the accuracy and spatial resolution are limited. To advance the method to the next level, we need a completely new approach. We consider the fundamental limitations of two-pulse PIV in terms of its dynamic ranges. We then discuss new paths and developments that hold the promise of achieving a fundamental reduction in uncertainty.