Service-oriented architecture (SOA) has been identified as a key to enabling the emerging manufacturing paradigms such as smart manufacturing, Industrie 4.0, and cloud manufacturing where things (i.e., various kinds of devices and software systems) from heterogeneous sources have to be dynamically connected. Data exchange standards are playing an increasingly important role to reduce risks associated with investments in these Industrial Internet of Things (IIoT) and adoptions of those emerging manufacturing paradigms. This paper looks back into the history of the standards for carrying the semantics of data across systems (or things), how they are developed, maintained, and represented, and then presents an insight into the current trends. In particular, the paper discusses the emerging move in data exchange standards practices toward model-based development and usage. We present functional requirements for a system supporting the model-based approach and conclude with implications and future directions.