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Internet of things (IOT) does affect every aspect of human life severely, as it is envisioned to bridge physical world and virtual world. Automation and convenience are vital value addition to human life, by IOT phenomena. The growth of IoT technologies is primarily contributed by four factors. 1) Declining cost of sensors, 2) Increasing broadband penetration, 3) Cheap data storage and 4) Advanced software analytics, that can transform raw sensor data into vital knowledge. Smart Home personal area networks(PANs), Industrial grids, Health care body area networks(BANs) and even Military vehicular networks will benefit from IOT concepts. However all the above mentioned areas have different IOT stack requirements. As different IOT networks do encounter issues like spectrum crunch, increased interference, Green energy, heterogeneity and coverage issues at varying degree of intensity. In this paper a broad classification of IOT networks is illustrated, form their stack requirements perspective. This paper also covers emerging Industry standardization efforts, to develop frameworks, API and platforms to realize IOT vision.