Standards in the Internet of Things (IoT) are the platform by which devices can communicate. This provides a language for devices to speak in order for them to recognize one another and work in unison. Unfortunately, in recent years, corporate agendas have overshadowed the ideal consumer experience by infusing the market with an overload of protocols, creating a significant barrier to the interoperability of devices in the smart ecosystem.
Adam Justice talks more about this issue and possible solutions here: http://embedded-computing.com/guest-blogs/a-solution-for-standards-overload/