NEW YORK (TheStreet) -- Intel is taking on Qualcomm in its mission to set the standard for the "Internet of Things" by creating its own competing alliance.
Intel created the Open Interconnect Consortium, which aims to establish how smart devices can work together and connect to everyday household items. Members of the group, which includes Broadcom (BRCM), Dell and Samsung, among others, will donate intellectual property that all members can use.
The group opposes the AllSeen Alliance, led by Qualcomm, which is another open-source Internet of Things group. That group has more than 50 companies, including Microsoft (MSFT) and Cisco (CSCO). Instead of joining the group already in existence, Intel created a competing alliance to address security and other issues it said aren't adequately handled by the AllSeen group, according to Reuters, which cited Doug Fisher, general manager of Intel's Software and services Group.
According to International Data Corp., the worldwide market for Internet of Things solutions will grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.
In New York, I'm Brittany Umar reporting for TheStreet.
-- Written by Brittany Umar in New York.