Forget Sierra Wireless, Skyworks Solutions is the Better Internet of Things Stock

Forget Sierra Wireless, Skyworks Solutions is the Better Internet of Things Stock

The Internet of Things (IoT), which connects various devices to each other and the cloud, is widely expected to be the "next big trend" in technology. Research firm IDC expects worldwide IoT spending to rise from about $800 billion this year to nearly $1.4 trillion by 2021.

Those types of forecasts have cast a spotlight on Sierra Wireless (NASDAQ: SWIR), the most well-known "pure play" on the IoT market. Sierra is the world's top supplier of 2G, 3G, and 4G embedded modules and gateways, which are used in M2M (machine-to-machine) communications. Sierra's stock is up more than 20% for the year, outpacing the S&P 500's 15% gain.

Image source: Getty Images.

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Source: Fool.com