I. Introduction
Internet of Things is rooted in its diversity of the devices, protocols; because of this the information originating from these devices is also naturally different. Heterogeneity coupled with the openness in the domain and further absence of standards have collectively resulted in syntactic and semantic interoperability issues. The syntactic interoperability is getting much of the attention and much of the research has happened in this area. AllJoyn [1], IoTvity [2], AndroidThings [3], SensorML[4] etc. have invested all their energy in developing message formats, protocols, and infrastructure for driving the Things around us. The uptake of these standards are hence driven by the consortia and is restrictive in true sense of interoperability. Also, most of these solutions are focused on achieving interoperability in communication leaving out the crucial issues related to interpretation of data. Applications trying to harness this data require more than just the message format and protocols to be interoperable, they must attribute proper meaning to the data they exchange; that is where semantic interoperability plays a key role. Considering that IoT is increasingly gaining traction with a projection of about 20 billion devices to be connected by 2020 [5] it is crucial that applications and application developers be provided with a concrete way of deciphering the meaning of data. Building large scale collaborative IoT frameworks have been increasingly difficult due to interoperability issues between the IoT deployments. Semantic technologies enable interoperability in the application layer by introducing common vocabularies and interoperable representation of the data. Many ontologies ranging from specific domains like e-health, m-health, transportation, tourism, agriculture etc. to very generic ones like W3C SSN, oneM2M, IoT-O, IoT-lite. Different applications are pushing standards targeted at application domains such as smart-meters standards developed by IEC or IEEE (EN 13757, IEEE 1888–2011, etc.).