Dive Brief:

• IBM and National Instruments announced they will work together to develop standards for the Internet of Things (IoT), as well as develop a test bed where companies can test IoT products to evaluate data performance and compatibility.

• IDC predicts that the IoT market will grow 19% this year.

• IBM also announced it will join a pair of industry bodies that are working to develop communications standards for IoT.

Dive Insight:

Although there is a lot of talk about the potential of IoT — both for consumers and for businesses — because IoT standards currently do not exist, the IoT market is struggling to take root.

Once standards are in place, IoT may see substantial growth. For CIOs, IoT has the potential to transform traditional relationships between consumers and their environment, but it could also add to concerns over data privacy and infrastructure.