Industry Standard

A set of criteria within an industry relating to the standard functioning and carrying out of operations in their respective fields of production. In other words, it is the generally accepted requirements followed by the members of an industry. It provides an orderly and systematic formulation, adoption, or application of standards used in a particular industry or sector of the economy. Industry standards vary from one industry to another. Industry standards facilitate global as well as domestic competitiveness. It is a crucial tool for developing and meeting industry goals. For example, in the automotive industry, tire sizes and durability must fall within a standardized range. Standardization serves as a quality check for any industry.