The Internet of Things -- where formerly unconnected devices are brought online, automated, and given the ability to collect data -- will be a $1.7 trillion market by 2020, according to market research firm IDC.

While wireless carriers Verizon Communications (NYSE:VZ) and AT&T (NYSE:T) are focusing much of their attention on connecting mobile devices to their networks right now, both know that the future of their businesses will rely on IoT connections and management. 

Click on the slideshow below to find out what Verizon and AT&T are doing in the space right now, and who's leading the IoT race.

Chris Neiger has no position in any stocks mentioned. The Motley Fool recommends Verizon Communications. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.