Smart Standards - From a market and industry perspective

The report emphasizes the need for an evolution in standards to meet market expectations in the near future. It notes that the growing complexity of products forces manufacturers to use a greater number of standards, which themselves become increasingly complex. Businesses needing solutions, believe the answer lies in digitalization. Smart Standards are “the key enabler” through which the digital transformation of industries and society can be realized. The report urges the IEC and its partners to develop digitally enabled standards that are machine-applicable, readable and transferable (Smart). It provides an economic analysis of the value of Smart Standards for end users and for the IEC. Three main benefits emerge – better performance, lower risk and future value through assurance of income by operating better in dynamic markets. The report presents Smart Standards from a technical, market and economic perspective. Smart Standards will introduce new market-driven, innovative services that nudge standardization organizations toward changing into service organizations, providing products based on software operating at different levels of digitalization. It concludes with a set of considerations for the IEC Community. This IEC societal and technology trend report was developed by the Societal and Technology Trend Working Group (STTWG) in the IEC Market Strategy Board (MSB). It complements the activities being conducted within the Standardization Management Board (SMB) and the Joint IEC/ISO task force. This IEC STTR is available for free download .