This document introduces onem2m, a global standardization initiative for machine-to-machine (M2M) communications and the Internet of Things (IoT), discussing business opportunities, challenges, and the need for standardization. It highlights the anticipated growth of IoT, the complexities of M2M applications, and the importance of interoperability and security for effective deployment. The onem2m partnership aims to create common specifications and improve the overall functionality and quality of M2M solutions.