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Top1. Introduction
Technology always changes the life of human beings. Beyond many of these emerging technologies, the Internet of Things (IoT) is identified as machine-to-machine (M2M) technology, where the smart devices combine the data, process information collectively, relay information to everyone, and take action automatically (AboBakr et al., 2017). Internet of Things (IoT) is a novel paradigm, relying on the interaction of smart objects (things) with each other and with physical or virtual resources through the Internet. Successful implementations can ease many things of the human life and lead to the smarter societies. IoT is the indication of improvement that can bring intense changes in the way of living being. According to the International Data Corporation (IDC, 2019), the global outlay in the IoT has reached $745 billion in 2019, an increase of 15.4% over the $646 billion spent in 2018. IoT use cases reached the greatest levels of investment in 2019 with significant industry outlay in manufacturing operations, production asset management, smart home and freight monitoring (https://www.idc.com/getdoc.jsp?containerId=prUS44596319). As the IoT market size is growing steadily, IoT is recognized as an enabler to increase efficiency into various areas, together with logistics and transport, manufacturing and health etc. However, there are many technical and managerial challenges to integrate these applications at large scale (Belkeziz & Jarir, 2020). IoT applications rely on a communication infrastructure for exchanging information. The applications like healthcare, energy management, transportation will need strong public policy management, whereas the management of data coming from extensive resources requires technical infrastructure to process this data in secured real time environment (Kumar & Bhardwaj, 2020).
Internet of Things helps in process optimization using progressive data (Miorandi et al., 2012) and combines key elements of public, process, things and data. All physical sensors, devices, and actuators are producing or getting data from other sources and this is to be used for certain meaningful purpose. Data is processed and examined making valuable information for controlling mechanisms and intellectual decisions. IoT being a system connecting people and machines, fetches together the services, surroundings, context, and intellect the process and data (Bojanova et al., 2014). IoT evolved not only with an inclusive range of core technologies, but also with improvements by dissimilar communities, each with considerably different purposes. Additionally, the improvement of IoT have been prepared in various application areas that regularly use the particular and proprietary standards. This scattered the nature of development that has led to predictable lack of coordination and shared vision, effective standardization and regulation. Lack of standardization and regulation has precipitated various security and privacy issues (Virat et al., 2018; Bhardwaj & Kumar, 2021). Some security and privacy issues connected with IoT include complexity in creating safe and secure communication (Alhalafi, 2019). Withstanding the security and privacy issues, IoT requires the essential security features in support of all phases: from object identification and classification to provision of services as of data accomplishment (Riahi et al., 2013). Therefore, the IoT requirement on security standards and related issue becomes very much important (Brass et al., 2018). A study on the development of IoT security and privacy standards and regulatory compliances is very much vital for meeting these challenges at the global level.