A recent study by McKinsey & Company says the Internet of Things (IoT) could be an $11 trillion sector by 2025.

To put that in perspective, total U.S. GDP was $17 trillion in 2014.

Almost anything that involves remote wireless and making devices “smart” can be considered to be IoT.

And while IoT has been hyped for a while, it’s finally coming into its own today due to new technologies like Bluetooth Low Energy (BTLE) and cheap, advanced wireless gear.

New billion-dollar businesses will be spawned in the next few years, and everybody’s eager to get a piece of them in early financing rounds.

So IoT is a space that everyone’s watching. And as you’ll read in the interview below, it’s a big broad category of tech that’s full of opportunity.

My Interview With an IoT Expert

Earlier this week, I talked to the founders of an IoT startup called Pairable. I was impressed by their IoT product. It’s a system to track your physical things with your phone, and it has some key features that the competition lacks.

As we talked, Asheem Aggarwal, the CEO, demonstrated deep knowledge about the space. And he was kind enough to agree to an interview about IoT. It’s full of valuable tidbits for investors interested in this space. Enjoy.

Q: How is IoT being used today?

A: For the average person, IoT is a mysterious acronym. Meanwhile, the leading technology companies are preparing themselves for the largest tech boom since the mobile Internet.

Early IoT services hitting the market are mostly in connected home segments such as light bulbs, switches and locks. Here customers want to be able to remotely access and control these devices just as they are accustomed to doing with their television sets.

Other forms of IoT include fitness and activity trackers, which already claim U.S. adoption of one out of every five people. Companies such as Automatic and Dash are bringing cars up to speed with mobile apps by enabling access to auto diagnostics and usage statistics.