Could Sierra Wireless, Inc. Be a Millionaire-Maker Stock?

Sierra Wireless (NASDAQ: SWIR) is often mentioned as a "pure play" on the Internet of Things (IoT), which connects billions of devices to each other and the internet via the cloud. That's because it's the world's largest manufacturer of 2G, 3G, and 4G embedded modules and gateways -- which are essential for M2M (machine-to-machine) communications.

Sierra doesn't have a reputation for being a "millionaire-maker" stock for long-term shareholders. Cyclical demand for M2M modules has sent the stock through some volatile peaks and troughs, and the stock has fallen roughly 8% over the past 10 years. However, some Sierra bulls believe that the growth of the IoT market over the next few years could propel the stock to fresh highs. Are they right? Let's take a look.

Image source: Getty Images.

Source: Fool.com