The standard version is used for R&D and project work while the academic version is used for lab experimentation and teaching.
The standard version is available as components which users can choose and assemble (http://tetcos.com/network-libraries.html).
The academic version (http://tetcos.com/netsim-acad.html) is available as a single product and includes all the technologies given.
The main difference between the two versions is the availability of protocol source code, packet & event tracing and external interfacing (MATLAB, LabVIEW, SUMO, Wireshark etc) interfacing in the standard version.
Please see http://tetcos.com/version-comparison.html for a detailed comparison table.