Buffer size is the amount of time it takes for your computer to process any incoming audio signal. There is no “industry standard” buffer size to run at since it's all dependent on your computers processing power.
What is a good buffer size?
A good buffer size for recording is 128 samples, but you can also get away with raising the buffer size up to 256 samples without being able to detect much latency in the signal. You can also decrease the buffer size below 128, but then some plugins and effects may not run in real time.
Does increasing buffer size do?
Does increasing buffer size help? Increasing your buffer volume helps because it ensures data is accessible for processing when the CPU needs it. However, using a low buffer volume or not increasing it will mean information will not be accessible to the CPU when it calls for it, distorting the data stream.