The Internet of Things (IoT) is an emerging market trend impacting semiconductor devices, system OEMs, cloud service providers, and internet infrastructure companies. For the past decade, the entire electronics industry has been gearing up to realize the promise of IoT. Depending on who’s doing the counting, the latest estimates put the IoT market at between 5 and 20 billion devices by 2020. This high degree of variation is typical in an emerging market with evolving requirements and fast-evolving definitions.