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Context information is in demand more than ever with the rapid increase in the number of context-aware Internet of Things applications developed worldwide. Research in context and context-awareness is being conducted to broaden its applicability in light of many practical and technical challenges. One of the challenges is improving performance when responding to a large number of context queries. Context Management Platforms that infer and deliver context to applications measure this problem using Quality of Service (QoS) parameters. Although caching is a proven way to improve QoS, transiency of context and features such as variability and heterogeneity of context queries pose an additional real-time cost management problem. This paper presents a critical survey of the state-of-the-art in adaptive data caching with the objective of developing a body of knowledge in cost- and performance-efficient adaptive caching strategies. We comprehensively survey a large number of research publications and evaluate, compare, and contrast different techniques, policies, approaches, and schemes in adaptive caching. Our critical analysis is motivated by the focus on adaptively caching context as a core research problem. A formal definition for adaptive context caching is then proposed, followed by identified features and requirements of a well-designed, objective optimal adaptive context caching strategy.