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Evidence base for the economic benefits of standardisation

Standards are a prime means of diffusing innovation through the whole economy, ensuring that the bulk of firms do not lag too far behind the early adopters of new ideas

A standard describes the technical consensus on performance of a product or service.

Standards have an impact on every area of economic life, supporting safety regulations, assuring quality of produce and facilitating compatibility of products. New standards can emerge through a competitive market process, as occurred with the adoption of VHS videocassette format over its rival, Betamax, or by accepted use, as in the QWERTY format for English-language keyboards

Standardisation has been shown to contribute some £2.5 billion a year to growth in the UK economy.

 

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