The Internet of Things (IoT) market has witnessed exponential growth in the last couple of years. To manage this rate of growth effectively, firms need to come together to draft a standardized approach to IoT adoption.

Technological advancement, the proliferation of emerging applications related to IoT-connected devices, and the continuous multiplication of proprietary platforms showcase the future of IoT poised for great success.

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Despite this extraordinary pace of growth, industries have yet not reached the full potential of   IoT adoption. The optimum growth can anyhow not ever be realized without cohesive and robust standardization. Standardization is vital as the IoT ecosystem is exceptionally dynamic. With every new solution coming to market, significant issues such as integration and fragmentation costs become the biggest challenges. The adoption of new IoT solutions becomes too time-consuming and costly for firms. Standardization is a necessity considering the diversity involved with different IoT solutions having a vast array of architecture, protocols, devices, and characteristics at play.

All solutions need to be driven by standard protocols to navigate through the complexity of product development and to simplify the internal communication process. Without overcoming these challenges, the future of IoT will witness stagnation. Lack of standardization is the primary factor behind the failure of several innovation proprietary solutions launched recently. It is time for enterprises to recognize the real need for standardizing IoT solutions. The limitations and shortcomings of IoT solutions trace back to the lack of standardization as the most significant factor impeding the growth and innovation of IoT for the long-term.

Firms should focus on a common goal of working collaboratively to unlock the real promise of IoT. To develop technical standardization, a common Machine-to-Machine Service Layer needs to be set. Thereafter, this can be embedded with various software and hardware to connect the multitude of devices in the area of M2M application services globally. A standardized approach can provide a real opportunity for firms to exploit the IoT market profitably, with replaceable solutions, also by leveraging economies of scale for devices.

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Such standardization provides the necessary framework to assist IoT applications to connect, manage, analyze, and exchange sensor data quickly. Standardization is a must for developing strong foundations for semantic interoperability based on a common understanding of context and terminologies. Once developed, this will ensure the correct interpretation of instructions by machines. Clearly, standardization is more critical to the success of the IoT ecosystem now, more than ever.