Investors looking for plays on the Internet of Things may have their eyes on both Qualcomm (NASDAQ: QCOM) and Sierra Wireless (NASDAQ: SWIR). Sierra makes chips and cloud-based software that connect things like industrial equipment and vehicles to the Internet. The company is small, with a market cap of just $675 million, but it has built a leadership position in the machine-to-machine (M2M) and IoT markets.