Google is stepping up its attack on the $14 trillion "Internet of things" market, and the company is making headway, SunTrust Robinson Humphrey Managing Director Bob Peck said.

The world's largest Internet search engine on Wednesday unveiled its Android TV, smartwatch and the Google Fit.

Peck, who has a "buy" rating at $680 price target on the stock, said the thing Google finds most valuable right now is users' data.

"They want to know what you're looking at, where you are and be able to use that data across different devices to amplify that experience," said Peck on CNBC's "Fast Money."

He pointed out there are other companies going after this area, including Apple and Amazon.

"I think there is room for a couple of different players," added Peck.

Google stock closed up 2.3 percent to close at $585.93 per share.