One of the areas where the technology needs to mature is in its standards and interoperability. Developers can build a proprietary system, but the real benefit of the IoT is the interaction of devices and data from a great number of sources. Adopting open standards and uniform data transmission is a prerequisite to achieving interoperability. All industries need to adopt standard protocols for sharing information between IoT systems. Standards will allow interoperability, which itself is an enabler to reach the required IoT unit volumes, which generates the economies of scale needed to realize the IoT.
James Turino, partner at Redwood Capital, in his IoT Slam 2016 presentation, cited the 2015 McKinsey report Unlocking the potential of the Internet of Things, which concluded that without interoperability, at least 40% of the IoT's potential benefits cannot be realized.