Google’s Nest Labs and Samsung Electronics are among the companies forming the Thread Group, a new alliance pushing an IoT standard.

The Thread Group is backing the Thread protocol, which it says can already run on millions of existing 802.15.4 wireless devices with only some software tweaks and no new hardware.

The Group is promising that Thread can connect more than 250 devices into a one wireless mesh network. Thread is built on 802.15.4, IPv6 and 6LoWPAN. Thread Group says a version of the protocol is already running in Nest thermostats.

Yale Security, Silicon Labs, Freescale Semiconductor, Big Ass Fans and ARM are all also members of the Thread Group.

The formation of yet another IoT standards consortium follows two similar announcements that have surfaced in the previous weeks. Microsoft hopped on board with the Qualcomm-backed AllSeen Alliance, pushing the AllJoyn standard for IoT. Dell, Intel, Samsung and others joined forces to create the Open Interconnect Consortium.

As sides form in the fight over IoT standards, analysts are predicting a hefty market up for grabs. IDC in October 2013 forecast the worldwide market for IoT solutions will grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.