The issue facing the industry is that there are many IoT initiatives. However, few of them commit resources in sufficient quantity or deliver all of the elements (e.g. architecture, technical standards, interoperability and certification, international support etc.) that constitute a standard.

More here - http://www.more-with-mobile.com/2016/08/comparative-advantage-in-iot.html

The mobile industry, arguably the most successful (in terms of population reach) standardization 'engine' took roughly 1 million person-hours for each of the 2G, 3G and 4G standards (BCG research). IoT standardization is comparable in complexity and users should be wary of short-cuts.