Technologies & Sensors

for the Internet of Things

Businesses & Market Trends 2014 - 2024

The Internet of Things (IoT) provides big opportunities

for technologies. The device business will reach $45B
in 2024, contributing to a total IoT market of $400B.

© 2014
 Table of Contents
• Executive Summary……………………………….…….. 7 • IoT Characteristics, Challenges & Roadmap......… 104
• Introduction…………………………………………..…. 29 – Adapted Price Systems
– Internet of Things Promises – Form Factor
– Definition – Low Power Consumption
– Report Scope – Protocols & Standards
– Sensors for IoT Applications – Privacy & Security
– Structure of IoT – Market Traction
– IoT Map Device – Reliability & Lifespan
– Data to Process
• Seven Generations of IoT Sensors to appear…....... 55
– Industrial sensors – Description & Characteristics • IoT Development Examples………………..……...… 136
– First Generation – Description & Characteristics – ACOEM Eagle
– Advanced Generation – Description & Characteristics – EnOcean Push Button
– Integrated IoT Sensors – Description & Characteristics – NEST Sensor
– Polytronics Systems – Description & Characteristics – Ninja Blocks
– Sensors' Swarm – Description & Characteristics – And more…
– Printed Electronics – Description & Characteristics
– IoT Generation Roadmap • Focus on Wearable Electronics…………….…….… 167
• Technological Analysis……………………….……… 184
• Market Forecasts 2014 - 2024………………...……..... 84 – Wireless Sensor Structure
– Market Structure Value (in $M) – Energy Storage Module
– Market Value by Application Domain (in $M) – Power Management Module
– Volume Forecasts (Munits) – RF Module
– Cost Breakdown per Module (in $M) – Sensing Module
– Market Value per Generation (in $M)
– Market Volume per Generation (Munits) • Conclusion……………………………………………… 273

© 2014• 2
Yole Développement Copyrights 2014 – MEMS Report
 About the Authors

Dr. Guillaume Girardin

Dr. Guillaume Girardin works as a Market & Technology Analyst for MEMS devices and
technologies at Yole Développement.
Guillaume holds a Ph.D. In Physics and Nanotechnology from Claude Bernard
University Lyon I and a M.Sc. in Technology and Innovation Management from EM Lyon
- School of Business.
Contact: girardin@yole.fr

Antoine Bonnabel
Antoine Bonnabel works as a Market & Technology Analyst for MEMS devices and
technologies at Yole Développement.
Antoine holds a M.Sc. In Microelectronics and Microsystems from Grenoble Institute of
Technologies and a M.Sc. In Marketing and Business Management from Grenoble
Graduate School of Business.
Contact: bonnabel@yole.fr

Dr. Eric Mounier

Dr. Eric Mounier co-founded Yole Développement in 1998. He oversees technology
analysis for MEMS-related manufacturing technologies and Optical MEMS (including
micromirrors, micro-displays, autofocus and IR micro-bolometers) applications within
the company. Eric has also developed a unique cost modeling tool, called
“MEMSCoSim”, which is able to evaluate the cost of MEMS module manufacturing.
Contact: mounier@yole.fr

© 2014• 3
Yole Développement Copyrights 2014 – MEMS Report
 Companies Listed in this Report

ACOEM, AdvanticSys, Amazon, Apple, AT&T, Atmel, Ayla Networks, AVAGO Technologies, Blackberry, BOSCH,
BLUECHIIP, Cambridge CMOS Sensors, CEA Liten, China Mobile, Cisco, DataVeyes, DG Logik, DISCERA, Enfucell,
EnOcean, EPCOS, FitBit, Flutura, Fraunhofer Institute, FREESCALE Semiconductor, GE, Georgia Institute of
Technology, Google, HEWLETT PACKARD, Hillcrest Labs, HITACHI, Honeywell, HTC, IBM, Infomotion Sports
Technologies, ioBridge, INTEL, Intellisense.io, InterSoft, INVENSENSE, Jabra, Jasper Wireless, Jawbone, Kionix,
Kistler, KNOWLES Electronics, Koubachi, KTH, KwikSet, KWJ Engineering, Lenovo, Lightning Switch, Lime
Microsystems, LogBar Inc., LumoBack, M2M Cyber Security, M2Mi, MC10 Inc., Marlow Industries, MEMSIC, Micropelt,
Misfit, MURATA, MYO, Navisens, Nest, Netatmo, Newco, Nike, Nintendo, Nokia, NXP Semiconductors, OnFarm Systems,
Optoi MicroElectronics, Oracle, Pebble, Purdue University, Rosemount, Samsung, SemTech, Sensaris, Sensata,
Sensirion, Sensonor, SensorSuite, Sharp, Si Time, SiLabs, SmartThings, Sony, STMicroelectronics, Synkera
Technologies, TeledyneDALSA, Texas Instruments, ThinFilm Electronics, TriQuint, Tronics MicroSystems, TSMC,
Variable Technologies, UCLA, University of Harvard, VitalConnect, VTT MEMS, WiSpry, Withings, X-Fab MEMS Foundry,
Xymox technologies Inc.

© 2014• 4
Yole Développement Copyrights 2014 – MEMS Report
 Key Features
• The objectives of this report is to provide:

– Understanding of IoT value chain structure (device, data cloud), application areas and
technologies involved

– Technology trends and evolution of IoT device in the coming years

– Market forecast for IoT devices in Munits and $M for 2014 – 2024, with a focus on sensors

– IoT applications and examples overview (building automation, transportation, healthcare,

industry, etc.) with a focus on wearable electronics

– The technological challenges faced by IoT devices, with a focus on wireless, energy, power,
RF and sensing modules

© 2014• 5
Yole Développement Copyrights 2014 – MEMS Report
 Who Should Be Interested in this Report ?
• R&D, Components Manufacturers Companies

– Evaluate market potential of future IoT technologies and products for new applicative markets
– Spot new opportunities and define diversification strategies
– Position your company in the ever changing IoT market structure

• OEMs & Integrator Companies

– To evaluate benefits of integrating sensors in IoT devices

– Get the list of key players and emerging start-ups in this industry

• Cloud & Telecommunications Companies

– Understand the evolution of IoT devices and the market structure

– Understand the differentiated value of products and services in this market
– Identify new business opportunities and prospects

• Financial & Strategic Investors

– Understand the potential of incoming Internet of Things revolution

– Get the list of key players and emerging start-ups in this industry

© 2014• 6
Yole Développement Copyrights 2014 – MEMS Report
 Report Scope

• Yole’s definition of the Internet of Things is as follows:

– Internet of Things devices is the aggregation of all the sensing modules that are linked
to the Cloud – either directly or through a gateway – and which data is processed and
valorized in any manner (through selling to a third party, through monitoring of a piece
of equipment, etc.).

• This report looks at the Internet of Things market in general, but with a strong
focus on sensing modules. We do not detail the cloud computing industry nor
the data processing services.

• We do not include in our valorizations the benefit brought by IoT solutions

through productivity gains. The values estimated are from hardware, cloud
computing processing services and data processing services charging.

© 2014• 7
Yole Développement Copyrights 2014 – MEMS Report
 IoT Global Market Structure (1/3)
Information Flux

Statistics
Targeted Ads Connected
Devices

Wireless
Sensor
Data Hardware Module

Wireless
Sensor
Module Wireless
Service Third IoT
Sensor
Companies Market
Party structure Module

Cloud

HUB / Gateway

Cloud Information Flux

Companies
© 2014• 8
Yole Développement Copyrights 2014 – MEMS Report
 Area Of Application

Transportation
Building
Automation

Healthcare & Life

Science

Retail& Logistics Security &

Public Safety

Industrial

Consumer & Environment

Home automation

© 2014• 9
Yole Développement Copyrights 2014 – MEMS Report
 Summary of Technologies of IoT
Markets and Sensors
• Here are the main applications of IoT devices and sensors associated with. Legend: Sensor

Level of demand
SENSORS OF

THE

OF
INTERNET THINGS

Building Automation Healthcare & Life science Consumer & Home automation Transportation
Light (IR, visible) Contact Pressure Bio Sensors Gyroscope Temperature Gyroscope Pressure

Temperature Temperature Inertial Accelero Chemical Accelero Temperature

Chemical (CO2) Chemical Magneto Magneto

Accelero Light (IR, X-Ray) Pressure Chemical

Industrial Environment Security & Public Safety Retail & Logistics

Pressure Hall Effect Chemical Humidity Gyro Light (IR,XRay,THz) Light (IR/Optical) Magneto

Light (IR,Optical) Accelero Temperature Accelero Pressure

Chemical Light (IR, visible) Magneto Temperature

Temperature Pressure Chemical Chemical

© 2014• 10
Yole Développement Copyrights 2014 – MEMS Report
 IoT Wireless Sensors Map

POWER MANAGEMENT MODULE

• Ultra-capacitors • PMU
• Microbatteries

ENERGY STORAGE MODULE

• Li-Ion battery • Energy Harvesting

• AAA/AA Batteries

SENSING MODULE

• Accelerometers • Proximity Sensors

• Magnetometers • Image Sensors
• Gyroscopes • Light Sensors
RF MODULE
• Acoustic Sensors • Gas RFID Sensors
• Pressure Sensors • Micro Flow
• Signal Processing • Radio Transceiver
• Humidity Sensors Sensors
Unit • Duplexer
• Temperature
• Wifi • BAW
Sensors
• ZigBee
• Bluetooth LE

© 2014• 11
Yole Développement Copyrights 2014 – MEMS Report
 Solution Price IoT Roadmap
Solution Price
per sensor
module

Rosemount 3051C Smart Pressure Transmitter

$2000 Source: Rosemount

NEST Smart Thermostat

$250 (current price: $250)
Source: NEST

Fitness Activity Tracker Multiple temperature sensors for home automation

(current price: $130) (current price: $75)
$50 Source: Jawbone Source: EnOcean

MEMS-based chemical sensing

$5 Source: Optoi Microelectronics

Sensors' swarm - Michigan Micro-Mote

$1 Source: University of Michigan

Batch-level RFID Temperature

$0.5 Sensor Tags
(current price: $ range)
Source: ThinFilm Electronics

$0.05 Item-level RFID sensor tags

Today 2016 2018 2020 2024 2024+

© 2014• 12
Yole Développement Copyrights 2014 – MEMS Report
 Summary of Technologies of IoT
Forecast : Hardware Market Value by Application Domain

Market Value by Domains of Applications ($M)

2018 70,000
$70B

Cloud 60,000

50,000
Market Value ($M)

40,000

30,000

20,000

10,000

-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
Total Value Market ($M) 9,458 17,895 34,426 58,295 69,995 67,200 54,555 54,785 47,005 43,172 46,338 42%
Environment - - 15 50 80 175 280 300 400 700 1,290 124%
Security & Public Safety - - - - 60 100 45 225 525 1,050 1,785 113%
Retail & Logistics - - 38 188 368 1,025 1,203 3,100 3,000 5,400 6,210 139%
Industrial 3,420 4,320 5,580 6,885 11,226 10,725 9,150 9,135 8,290 7,632 7,983 32%
Healthcare & Life Science - - 19 113 346 773 1,338 2,455 3,420 4,620 6,330 165%
Consumer & Home
5,938 13,125 27,575 48,075 52,975 45,045 31,390 26,870 20,720 13,920 12,560 29%
Automation
Building Automation 100 450 1,200 2,985 4,940 9,335 11,060 12,250 9,300 7,600 7,270 80%
Automotive - - - - - 23 90 450 1,350 2,250 2,910 140%

© 2014• 13
Yole Développement Copyrights 2014 – MEMS Report
 Wearable Electronic Market

• The global wearable electronics market can be segmented in 5 categories. Head-Wear category includes helmet
product and vision aid. There’s also a category of products for neck-wear, with collars and necklace products
that cover up electronics with jewels. Arm-Wear category is the most burgeoning category with multiples
devices expected wristband, smart watches, ring, armband, etc. Body-Wear products include smart clothing,
and devices monitoring back/spine position. And the last category concerns foot-wear.

Wearable Electronic
Market Segmentation: Head-Wear Neck-Wear Arm-Wear Body-Wear Foot-Wear

Smart
Helmet Jewelry Clothing Shoes
watches

Smart
Collars Wristband Back/Spine Socks
Glasses

Ring
Google Glass

Arm-Wear market is one of the most

Shine Myo
promising market and many actors
Ring are targeting it.

LumoBack

Smart Watch
© 2014• 14
Yole Développement Copyrights 2014 – MEMS Report
 Wearable Electronic
A new opportunity for sensor fusion / processing

• Wearable electronics is a new big opportunity for sensors

– Fitness / activity monitoring, healthcare, sports applications
– In many cases the sensor acts as a hub
• Basic calculations can be done at the device level
• After transmission (enabled by low energy Bluetooth) : advanced software / fusion can be done by the smartphone
– Bellow are many examples of such developments:

I’m watch (2012)
• Integrates accelerometer +
magnetometer
Moto 360 by Motorola (End 2014) Pebble Watch (0,4 MUnits sold in 2013)
• Other connected watches are currently in  Features STMicroelectronics accelerometer
development by major OEMs
(LG G Watch, rumors about Apple
iWatch…)

© 2014• 15
Yole Développement Copyrights 2014 – MEMS Report
 Wearable Electronic / Connected Devices
Examples of new devices (2/4)

MYO by ThalmicLabs
• Proprietary EMG muscle activity sensors
• Nine-axis IMU containing:
- three-axis gyroscope
- three-axis accelerometer
- three-axis magnetometer

BodyMedia
(Acquired by Jawbone in 2013)
• Integrates MEMS accelerometer (from Kionix and
STMicroelectronics) in its systems for fitness
application
• We note that no gyroscopes are used presently.
This would enable more precise monitoring and Cell Phone as a Hub
new sport applications, however power
consumption would be too high. It could be part
of larger systems in the future.

NodeKore from Variable

Technologies

Jawbone Up24

© 2014• 16
Yole Développement Copyrights 2014 – MEMS Report
 Available MEMS Reports
Uncooled Infrared Status of the Infrared Detectors
MEMS for Cell
Imaging Techology & Emerging MEMS MEMS Industry Technology &
Phones and Tablets
Market Trends Market Trends

New! New! New! New! New!

MEMS Front-End Inertial MEMS RF Filters, PAs, IMU & Gyro for
MEMS Pressure Manufacturing Antenna Switches & Defense, Aerospace
Manufacturing Tunability for Cellular
Sensor Trends Trends 2014 Handsets
& Industrial

New! New! New!

Status of the Ferro-Electric Trends in MEMS Motion Sensors for

Technology Trends Ferro-Electric Manufacturing &
CMOS Image Thin Consumer & Mobile
for Inertials MEMS Thin Films
Films Packaging
Sensors applications

Sensor fusion of Thin Wafer MEMS Cosim+

acceleros, gyros & Handling MEMS Manufacturing
magnetometers Cost Simulation Tool

© 2014• 17
Yole Développement Copyrights 2014 – MEMS Report
 Yole activities in MEMS
MEDIA
News portal/Technology magazines/
Webcasts/Communication services
REPORTS CONSULTING
Market & technology/Patent Market research/Technology
Investigation/Reverse costing & Strategy/Patent Investigation/
Reverse costing

www.yole.fr

YOLE FINANCE
Status of the M&A/ Due Diligence/ Fundraising/
MEMS Industry Technology brokerage

www.yolefinance.com

PARTNERS

© 2014• 18
Yole Développement Copyrights 2014 – MEMS Report
 Our Offices & Contact Information
Japan Office
• For custom research: Yutaka Katano, General Manager, Yole Japan & President, Yole K.K.
Phone: (81) 362 693 457 - Cell : (81) 80 3440 6466 - Fax: (81) 362 693 448 - Email: katano@yole.fr
• For reports business: Takashi Onozawa, Sales Asia & General Manager, Yole K.K.
Email: onozawa@yole,fr

European and North America Office

• Jean-Christophe Eloy, Email : eloy@yole.fr
• Yole Développement Headquarter, France: David Jourdan, Sales Coordination & Customer
Service, Tel: +33 472 83 01 90, Email: jourdan@yole.fr

Korea Office
• Hailey Yang, Business Development Manager, Phone : (82) 2 2010 883 - Cell: (82) 10 4097 5810
- Fax: (82) 2 2010 8899 – Email: yang@yole.fr

© 2014• 19
Yole Développement Copyrights 2014 – MEMS Report
 For More Information…
Take a look at our websites
www.yole.fr
Yole Développement corporate website

www.i-micronews.com
News Portal - online free registration to our publications

www.systemplus.fr
Sister company expert in teardown & reverse costing analysis

www.yolefinance.com
Separate business unit of Yole dedicated to financial services

Follow us on

© 2014• 20
Yole Développement Copyrights 2014 – MEMS Report

REPORT OUTLINE
• Title: Technologies & Sensors for
the Internet of Things
• June 2014
• Market & Technology Report
• PDF file
• €5,990 - Multi user license
(270+ slides)
• €3,990 - One user license
(270+ slides)
KEY FEATURES OF THE REPORT
• Understanding of IoT value chain
structure (device, cloud, data),
application areas and
technologies involved.
• Technology trends and evolution
of IoT devices in the coming
years.
• Market forecasts for IoT devices
in Munits and $M for 2014-2024,
with a focus on sensors.
• IoT applications and examples
overview (building automation,
transportation, healthcare,
industry, etc.) with a focus on
wearable electronics.
• The technological challenges
faced by IoT devices, with a
focus on wireless, energy,
power, RF and sensing modules.
RELATED REPORTS
• Silicon Photonics Market &
Technologies
• Emerging MEMS
• MEMS & Sensors for Mobile
Phones and Tablets
• EnOcean PTM210 Self-Powered
Push Button Transmitter Module
300
Find all our reports
on www.i-micronews.com
Market value ($B)
200
100
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
Market & Technology Report
Internet of Things
Technologies & Sensors for the Internet of Things:
Businesses & Market Trends 2014-2024
The Internet of Things (IoT) provides big opportunities for
technologies. The device business will reach $46B in 2024,
contributing to a total IoT market of $400B.
FROM $9.5B IN 2014 TO $46B IN 2024, THE IOT DEVICE MARKET
WILL REPRESENT CLOSE TO 15% OF ALL DATA PROCESSING
IoT devices offer huge potential for electronic
component manufacturers, but this is clearly not
where the value will stop. Most of the added value
in IoT solutions will come from the processing of
the generated data. In fact, the ratio between
electronic components and data processing can
reach 1:50 in certain long-term cases! This is
easily understandable, since the main purpose of
the IoT is to make sensing ubiquitous at a very
low cost, resulting in extremely strong price
pressure on electronic component manufacturers.
Nevertheless, the next five years will be extremely
fruitful for device makers; the market should reach
$70B by 2018, before decreasing. This period
represents a key window in which manufacturers
must seize the opportunity to grab a piece of the
IoT business pie.
The IoT is a multi-billion dollar market emerging
from several different markets (i.e. industrial
sensors, wearable electronics
automation) which will see strong convergence in
the next five years. Three industrial and service
sectors will be integral to the valorization of this
new market:
• The electronics industry,
manufacture the sensing devices
• The communication and cloud data storage
industry, which will handle data transmission,
storage and processing
• Service companies, which will valorize the
data either through processing or by selling
to a third party
Repartition of value in market structure
300
Market value ($B)
200
100
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
Some companies have already started positioning
themselves in these fields: for example, Oracle
and Amazon are developing their cloud computing
capabilities; Bosch Connected Devices and
Solutions GmbH and STMicroelectronics have
teams dedicated to the IoT; and Google and
Facebook are continuously developing their
data processing models while looking to acquire
companies linked to data gathering. Of course, not
all of them will be winners.
The short-term opportunity lies in the electronics
industry. Indeed, very strong price pressure is
expected for IoT devices, and strong volumes
are expected but at very low cost. Even though
the general electronics market will experience
strong growth, it will be through decreased costs,
increased manufacturing capabilities and reduced
margins. This trend has already been seen in the
MEMS field over the past few years, and will repeat
itself in the future.
and home
The same is to be expected for the cloud computing
industry. Large investments in terms of data
storage will be needed, but strong price pressure is
expected, and an overall low value will be attributed
to the physical data. Actually, the war on price has
which will already begun between the major cloud computing
companies, which are cutting data storage prices
while growing their capabilities.
Meanwhile, on the data processing side, more and
more information will be available, and at low cost.
The more data, the higher the value, and all of this
with low overall infrastructural investment. Service
companies will be the big winners in this field. In
$400B
$400B
Cloud
Cloud
(Yole Développement, June 2014)
 Technologies & Sensors for the Internet of Things
order to secure some of this value, hardware and cloud 2024, with $46B coming from hardware, $59B from
companies will have no choice but to try and integrate the cloud and $296B from data processing.
themselves vertically in order to valorize themselves This report provides a detailed analysis of applications,
and the data they’ll be responsible for! As an example, business models and technical challenges in order to
we expect the overall IoT market to reach $400B in understand the IoT market’s potential.

THE INTERNET OF THINGS’ TECHNOLOGICAL EVOLUTION: IT’S ALL

ABOUT HETEROGENEOUS INTEGRATION AT DEVICE AND MODULE LEVELS

The array of technologies available – and soon to be

The Internet of Things roadmap available – is immense. Nevertheless, the evolution of
sensing modules for the IoT will follow a predefined
IoT sensing modules mandatory characteristics
trend that can be summarized in a series of seven
RF Other Other
transmission
protocol
main
challenges
main
challenges
Annual Market Volumes
per Specific Application product generations, including large industrial smart
$0.05 1 000 000 000 sensors, an advanced generation of sensors, and
Printed
Electronics
polytronics. These generations are detailed in Yole
$0.25 100 000 000
Polytronics &
Printed Polytronics Développement’s report, but a few examples are
Systems
electronics
maturation
$0.5 50 000 000
described below:
Sensors‘
swarm
IEEE 802.15.4 Very low power
electronics and
• One of these generations, already being seen
based IPv6 protocols $5 Integrated 10 000 000
(6LoWPAN) sensors
multiplicity
IoT sensors
today, is actually the first generation of sensing
Standardized low
power protocols
(ZigBee,WirelessHART,
Security and
privacy of data
$50 Advanced Generation
of IoT Sensors
1 000 000 modules dedicated to IoT application. These devices
Bluetooth LE)

Standardized Clear definition First generation

represent the integration of off-the-shelf electronic
common protocol $250 of IoT sensors 100 000
of the market
(Bluetooth, Wi-Fi) tractions components in a single package in order to offer new
functionality. Not much effort has yet been given to
Proprietary Large Industrial
$2000 Smart Sensors 10 000
industrial protocols
Today 2016 2018 2020 2022 2024
integration, as the main focus has been on bringing
(Yole Développement, June 2014) a new function to market. Today, examples of such
devices are numerous; some, such as the Nest (now Google) smart thermostat, find market interest and
success - while others, i.e. “smart forks”, “smart sprinklers” and other “smart” devices, don’t. Other devices
are addressing domains such as wearable electronics and home & building automation. For these devices, we
expect a market volume of 200M units by 2017, representing a market potential of $83B.
• One example of a future sensing generation is integrated sensors, which are expected for 2020 and
which will be the one to democratize IoT. Its general description is “the integration of IoT-dedicated electronic
components” – meaning very small, very low-cost, very low-power consumption components like MEMS-based
sensors. The essence of such devices is to be low cost and thus ideal for high-volume applications, with low-
power wireless protocols, ultra-low power electronics. One example of such a device is the integration of a
hazardous chemicals sensor in an industrial worker’s gear. Another example is the integration of connected
condition-monitoring sensors in a car engine. We expect a market volume of 2B units for these devices by
2021, representing a market potential of $107B.
This report provides a detailed analysis of these generations and the technical and market challenges they
must overcome before reaching the market. Yole Développement’s analysis shows how these challenges can
be defeated in order to strengthen market growth.

FROM HARDWARE TO CLOUD TO DATA PROCESSING: WHERE WILL

THE IOT’S VALUE FLOW?
Hardware Market Value in IoT Structure ($M)

350 000
Data Market Value in IoT Structure ($M) 80 000

70 000
Hardware
The Internet of Things is a mix of hardware,
Market value ($M)

300 000 60 000

sing
Market value ($M)

Hardware Market Value in IoT Structure ($M)

General IoT market structure & forecast

250 000 50 000
Data Market Value in IoT Structure ($M) 80 000
Hardware
200 000 350 000 40 000
Hardware Market Value in IoT Structure ($M) cloud Hardware
and Market
dataValueprocessing;
in IoT Structure ($M) a generic concept
70 000

Hardware
30 000

Hardware
Market value ($M)

300 000 60 000

Data
($M)Processing
150 000
Data Market Value in IoT Structure ($M) 80 000
Data Market Value in IoT Structure
Market value ($M)

80 000

encompassing a wide variety of applications that

250 000 20 000 50 000
350
100 000
000 70 000
350 000 200 000
10 000 70 000
40 000
Market value ($M)

300
50 000
000 60 000

ssing
30 000
150 000
Market value ($M)

0 Hardware Market Value in IoT Structure ($M)

Market value ($M)

300 000
belong to numerous domains.
60 000

cessing
250 000
0 50 000 2014 20 000

Hardware
100 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
Data Market Value in IoT Structure ($M)
Market value ($M)

80 000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR 10 000
200 000 40 000
250 000
50350
000000
50 000 70 000
0
3000000 30 000
Market value ($M)

60 0002014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR

Data Processing
150 000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
40 000
Market value ($M)

For Yole Développement, the IoT is defined as the

200 000 250 000 20 000 50 000
100 000
Data IoT 200 000
10 000 30 000 40 000

50 000 150 000 Valorization Market 30 000

150 000
Data

aggregation of all the sensing modules which are

structure Integr100 000 0 IoT
Valorization 20 000 20 000
0
2014 2015
100 000
2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
ator 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 MarketCAGR
2024
structure Integr 10 000
50 000 10 000 ator
50 000 0

linked to the Cloud – either directly or through a

0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
Cloud Market Value in IoT Structure ($M) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
0
Cloud Market Value in IoT Structure ($M)
70 000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
Data 2024
2014 2015 2016 2017 2018 2019 2020 2021 2022
Cloud
2023 CAGR IoT 70 000

gateway – and with which data is processed and

60 000 Valorization Market 60 000
structure Data
Integr
50 at Valorization
IoT
Market
Market value ($M)

000
or
Market value ($M)

50 000
structure Integr
ator
valorized in any manner (selling to a third party,
40 000
40 000
30 000
30 000 Cloud Market Value in IoT Structure ($M)
20 000
Data IoTStructure ($M)
Cloud Market Value in IoT

d Valorization Market
monitoring a piece of equipment, etc.).
70 000
Cloud
20 000 70 000
10 000

60 000 600000
structure Integ
10 000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR rator
Market value ($M)

50 000
Market value ($M)

50 000
0

We focused on the analysis of technical

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR 40 000
40 000
30 000
30 000
Cloud Market Value in IoT Structure ($M) 20 000
Hardware Market Value in IoT Structure ($M)

ud
20 000
80 000
70 000
Hardware Market Value in IoT Structure ($M)
Hardware
10 000
characteristics of IoT devices such as the
10 000
70 000
80 000

60 000
Hardware 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR

nature of the electronic components to use,

70 000
0
Market value ($M)

60 000
Market value ($M)

2014
60 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
Market value ($M)

50 000 50 000
50 000

the corresponding RF protocols, device power

40 000 40 000
40 000
30 000
30 000
20 000
30 000

consumption, etc.; as well as economic

20 000
10 000

10 000 0 20 000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR
0
2014 2015 2016 2017
10 000 2018 2019 2020 2021 2022 2023 2024 CAGR
characteristics, especially regarding the IoT’s
0
n
IoT
Market
structure
(Yole Développement,
2014 2015 2016 June
2017 2014)
2018 2019 2020 2021 2022 2023 2024 CAGR
value, and where market potential lies.
Integr
ator

Integr
ator
 Market & Technology Report
Our roadmap is based on analysis of:
• Current state-of-the-art electronics, and the large number of technologies in development.
• The current technological evolution of wireless transmission regarding protocols & standards.
• The recent discussions and actions pertaining to consumer privacy and data security.
• Sensor multiplicity and integrated sensor developments.
• Additional topics such as solutions costs, and where market traction comes from.

Also, it’s still unclear which technological platform will be used, which data transmission protocols
will be chosen, and which business model will be proven. Many applications are striving for the
blue ribbon, but only the proven ones will drive volume.

This report analyzes the strong challenges awaited regarding the identification of those AUTHORS
applications which are expected to provide market volume, and those which are bound to fail. Dr. Eric Mounier has a PhD in
microelectronics from the INPg in
grenoble. he previously worked
OBJECTIVES OF THE REPORT at CEA LETI R&D lab in grenoble,
France in marketing dept. Since
This report aims to provide: 1998 he is a co-founder of Yole
• An understanding of the IoT value chain structure (device, cloud, data), application areas and Developpement, a market research
technologies involved company based in France. At Yole
Developpement, Dr. Eric Mounier is in
• The future evolutionary trend of IoT device technology charge of market analysis for MEMS,
• A market forecast for IoT devices in Munits and $M for 2014-2024 equipment & material. he is Chief
• IoT applications & examples overview (building automation, transportation, healthcare, industrial...) Editor of Micronews, and MEMS’Trends
magazines (Magazine on MEMS
• The technological challenges facing IoT devices Technologies & Markets).

COMPANIES CITED IN THE REPORT (non-exhaustive list)

ACOEM, AdvanticSys, Amazon, Apple, AT&T, Atmel, Ayla Networks, AVAGO Technologies,
BOSCH, BLUECHIIP, Cambridge CMOS Sensors, CEA Liten, China Mobile, Cisco, DataVeyes, DG
Logik, DISCERA, Enfucell, EnOcean, EPCOS, FitBit, Flutura, Fraunhofer Institute, FREESCALE
Semiconductor, GE, Georgia Institute of Technology, Google, HEWLETT PACKARD, Hillcrest Labs,
HITACHI, Honeywell, HTC, IBM, Infomotion Sports Technologies, ioBridge, INTEL, Intellisense.io,
InterSoft, INVENSENSE, Jabra, Jasper Wireless, Jawbone, Kionix, Kistler, KNOWLES Electronics,
Koubachi, KTH, KwikSet, KWJ Engineering, Lenovo, Lightning Switch, Lime Microsystems, LogBar
Antoine Bonnabel, works as market
Inc., LumoBack, M2M Cyber Security, M2Mi, MC10 Inc., Marlow Industries, MEMSIC, Micropelt,
& Technology analyst for MEMS
Misfit, Motorola, MURATA, MYO, Navisens, Nest, Netatmo, Newco, Nike, Nintendo, Nokia, NXP
devices and technologies at Yole
Semiconductors, OnFarm Systems, Optoi MicroElectronics, Oracle, Pebble, Purdue University, Développement. He holds a M.Sc. in
Rosemount, Samsung, SemTech, Sensaris, Sensata, Sensirion, Sensonor... microelectronics and microsystems
from Grenoble Institute of
Technologies and a M.Sc in marketing
and business management from
TABLE OF CONTENTS Grenoble Graduate School of Business.

• Executive summary 7 IoT characteristics, challenges & roadmap 104
• Introduction 29 > Adapted price systems
> Definition > Form factor
> Report scope > Low power consumption
> Sensors for IoT applications > Protocols & standards
> Structure of IoT > Privacy & security
> IoT map device > Market traction
> Reliability & lifespan
Seven generations of IoT sensors to appear
> Data to process
55
IoT development examples 136
> Description & characteristics of: Dr. Guillaume Girardin works as
> ACOEM eagle Market & Technology Analyst for
Industrial sensors – first generation –
> EnOcean push button MEMS devices and technologies at Yole
advanced generation – integrated IoT
> NEST sensor Développement. Guillaume holds a
sensors – polytronics systems – sensors
> Ninja blocks Ph.D. in Physics and Nanotechnology
swarm – printed electronics
> And more… from Claude Bernard University Lyon
> IoT Generation Roadmap
Focus on wearable electronics 167 I and a M.Sc. in Technology and
Market forecasts 2014-2024 84 Innovation Management from EM Lyon
Technological analysis 184 - School of Business.
> Market structure value (in $M)
> Market value by application domain > Wireless sensor structure
(in $M) > Energy storage module
> Volume vorecasts (Munits) > Power management module
> Cost breakdown per module (in $M) > RF module
> Market value per generation (in $M) > Sensing module
> Market volume per generation (Munits) Conclusion 273
 ORDER FORM
Technologies & Sensors for the Internet of Things
BILL TO PAYMENT
Name (Mr/Ms/Dr/Pr): BY CREDIT CARD
Visa Mastercard Amex
Job Title:
Name of the Card Holder:
Company:
Credit Card Number:
Address:

Card Verification
City: Value (3 digits except AMEX: 4 digits):

State: Expiration date: /

Postcode/Zip:
BY BANK TRANSFER
Country*: BANK INFO: HSBC, 1 place de la Bourse,
*VAT ID Number for EU members: F-69002 Lyon, France,
Bank code: 30056, Branch code : 00170
Account No: 0170 200 1565  87,
Tel: SWIFT or BIC code: CCFRFRPP,
IBAN: FR76 3005 6001 7001 7020 0156 587
Email:
Date: RETURN ORDER BY
• FAX: +33 (0)472 83 01 83
PRODUCT ORDER • MAIL: YOLE DÉVELOPPEMENT, Le Quartz,
75 Cours Emile Zola, 69100 Villeurbanne/Lyon - France
Please enter my order for above named report :
One user license*: Euro 3,990
Multi user license: Euro 5,990 SALES CONTACTS
For price in dollars, please use the day’s exchange rate. All • North America: David Jourdan - jourdan@yole.fr
reports are delivered electronically at payment reception. For • Asia: Takashi Onozawa - onozawa@yole.fr
French customers, add 20% for VAT
• Europe & RoW: Jean-Christophe Eloy - eloy@yole.fr
I hereby accept Yole Développement’s Terms and Conditions of Sale(1)
• Korea: Hailey Yang - yang@yole.fr
Signature:
• General: info@yole.fr
(1)
 ur Terms and Conditions of Sale are available at
O
www.yole.fr/Terms_and_Conditions_of_Sale.aspx
The present document is valid 24 months after its publishing date:
*One user license means only one person at the company can use the report. Please
be aware that our publication will be watermarked on each page with the name of the
June 2nd, 2014
recipient and of the organization (the name mentioned on the PO). This watermark
will also mention that the report sharing is not allowed.

SHIPPING CONTACT
First Name: Last Name:

Email: Phone:

ABOUT YOLE DEVELOPPEMENT

Founded in 1998, Yole Développement has grown to become a group of companies providing marketing, technology and strategy consulting, media
in addition to corporate finance services. With a strong focus on emerging applications using silicon and/or micro manufacturing (technology or
process), Yole Développement group has expanded to include more than 50 associates worldwide covering MEMS, Compound Semiconductors, LED,
Image Sensors, Optoelectronics, Microfluidics & Medical, Photovoltaics, Advanced Packaging, Manufacturing, Nanomaterials and Power Electronics.
The group supports industrial companies, investors and R&D organizations worldwide to help them understand markets and follow technology trends
to develop their business.

CONSULTING FINANCIAL SERVICES REPORTS

• Market data & research, marketing analysis • Mergers & Acquisitions • Collection of technology & market reports
• Technology analysis • Due diligence • Manufacturing cost simulation tools
• Reverse engineering & costing services • Fundraising • Component reverse engineering & costing
• Strategy consulting • Coaching of emerging companies analysis
• Patent analysis • IP portfolio management & optimization • Patent investigation
More information on www.yole.fr More information on www.yolefinance.com More information on www.i-micronews.com/reports

MEDIA & EVENTS

• i-Micronews.com, online disruptive technologies website
CONTACTS
• @Micronews, weekly e-newsletter
For more information about :
• Technology Magazines dedicated to MEMS, Advanced Packaging,
• Consulting Services: Jean-Christophe Eloy (eloy@yole.fr)
LED and Power Electronics
• Financial Services: Géraldine Andrieux-Gustin (andrieux@yole.fr)
• Communication & webcasts services
• Report Business: David Jourdan (jourdan@yole.fr)
• Events: Yole Seminars, Market Briefings…
• Corporate Communication: Sandrine Leroy (leroy@yole.fr)
More information on www.i-micronews.com
 TERMS AND CONDITIONS OF SALES
Definitions: “Acceptance”: Action by which the Buyer accepts the
terms and conditions of sale in their entirety. It is done by signing
the purchase order which mentions “I hereby accept Yole’s Terms
and Conditions of Sale”.
“Buyer”: Any business user (i.e. any person acting in the course
of its business activities, for its business needs) entering into the
following general conditions to the exclusion of consumers acting
in their personal interests.
“Contracting Parties” or “Parties”: The Seller on the one hand
and the Buyer on the other hand.
“Intellectual Property Rights” (“IPR”) means any rights held
by the Seller in its Products, including any patents, trademarks,
registered models, designs, copyrights, inventions, commercial
secrets and know-how, technical information, company or trading
names and any other intellectual property rights or similar in any
part of the world, notwithstanding the fact that they have been
registered or not and including any pending registration of one of
the above mentioned rights.
“License”: For the reports and databases, 3 different licenses are
proposed. The buyer has to choose one license:
• One user license: one person at the company can use the report.
• Multi-user license: the report can be used by unlimited users
within the company. Subsidiaries and Joint-Ventures are not
included.
• Corporate license: purchased under “Annual Subscription”
program, the report can be used by unlimited users within the
company. Joint-Ventures are not included.
“Products”: Depending on the purchase order, reports or
database on MEMS, CSC, Optics/MOEMS, Nano, bio… to be bought
either on a unit basis or as an annual subscription. (i.e. subscription
for a period of 12 calendar months). The annual subscription to a
package (i.e. a global discount based on the number of reports
that the Buyer orders or accesses via the service, a global search
service on line on I-micronews and a consulting approach), is
defined in the order. Reports are established in PowerPoint and
delivered on a PDF format and the database may include Excel
files.
“Seller”: Based in Lyon (France headquarters), Yole
Développement is a market research and business development
consultancy company, facilitating market access for advanced
technology industrial projects. With more than 20 market
analysts, Yole works worldwide with the key industrial companies,
R&D institutes and investors to help them understand the markets
and technology trends.
1. SCOPE
1.1 
The Contracting Parties undertake to observe the following
general conditions when agreed by the Buyer and the Seller.
ANY ADDITIONAL, DIFFERENT, OR CONFLICTING TERMS
AND CONDITIONS IN ANY OTHER DOCUMENTS ISSUED BY
THE BUYER AT ANY TIME ARE HEREBY OBJECTED TO BY THE
SELLER, SHALL BE WHOLLY INAPPLICABLE TO ANY SALE
MADE HEREUNDER AND SHALL NOT BE BINDING IN ANY WAY
ON THE SELLER.
1.2 This agreement becomes valid and enforceable between the
Contracting Parties after clear and non-equivocal consent
by any duly authorized person representing the Buyer. For
these purposes, the Buyer accepts these conditions of sales
when signing the purchase order which mentions “I hereby
accept Yole’s Terms and Conditions of Sale”. This results in
acceptance by the Buyer.
1.3 O
 rders are deemed to be accepted only upon written
acceptance and confirmation by the Seller, within [7 days]
from the date of order, to be sent either by email or to the
Buyer’s address. In the absence of any confirmation in writing,
orders shall be deemed to have been accepted.
2. MAILING OF THE PRODUCTS
2.1 P
 roducts are sent by email to the Buyer:
• within [1] month from the order for Products already released;
or
• within a reasonable time for Products ordered prior to their
effective release. In this case, the Seller shall use its best
endeavours to inform the Buyer of an indicative release date
and the evolution of the work in progress.
2.2 S
 ome weeks prior to the release date the Seller can propose a
pre-release discount to the Buyer
The Seller shall by no means be responsible for any delay in
respect of article 2.2 above, and including incases where a
new event or access to new contradictory information would
require for the analyst extra time to compute or compare
the data in order to enable the Seller to deliver a high quality
Products.
2.3 T  he mailing of the Product will occur only upon payment
by the Buyer, in accordance with the conditions contained
in article 3.
2.4. T
 he mailing is operated through electronic means either by
email via the sales department or automatically online via an
email/password. If the Product’s electronic delivery format
is defective, the Seller undertakes to replace it at no charge
to the Buyer provided that it is informed of the defective
formatting within 90 days from the date of the original
download or receipt of the Product.
2.5 T he person receiving the Products on behalf of the Buyer
shall immediately verify the quality of the Products and their
conformity to the order. Any claim for apparent defects or for
non-conformity shall be sent in writing to the Seller within 8
days of receipt of the Products. For this purpose, the Buyer
agrees to produce sufficient evidence of such defects. .
2.6 N
 o return of Products shall be accepted without prior
information to the Seller, even in case of delayed delivery.
Any Product returned to the Seller without providing prior
information to the Seller as required under article 2.5 shall
remain at the Buyer’s risk.
3. PRICE, INVOICING AND PAYMENT
3.1 P
 rices are given in the orders corresponding to each Product
sold on a unit basis or corresponding to annual subscriptions.
They are expressed to be inclusive of all taxes. The prices
may be reevaluated from time to time. The effective price is
deemed to be the one applicable at the time of the order.
3.2 Y ole may offer a pre release discount for the companies willing
to acquire in the future the specific report and agreeing on the
fact that the report may be release later than the anticipated
release date. In exchange to this uncertainty, the company will
get a discount that can vary from 15% to 10%.
3.3 P ayments due by the Buyer shall be sent by cheque payable
to Yole Développement, credit card or by electronic transfer to
the following account:
HSBC, 1 place de la Bourse 69002 Lyon France
Bank code: 30056
Branch code: 00170
Account n°: 0170 200 1565 87
BIC or SWIFT code: CCFRFRPP
IBAN: FR76 3005 6001 7001 7020 0156 587
To ensure the payments, the Seller reserves the right to request
down payments from the Buyer. In this case, the need of down
payments will be mentioned on the order.
3.4 P
 ayment is due by the Buyer to the Seller within 30 days
from invoice date, except in the case of a particular written
agreement. If the Buyer fails to pay within this time and fails
to contact the Seller, the latter shall be entitled to invoice
interest in arrears based on the annual rate Refi of the «BCE»
+ 7 points, in accordance with article L. 441-6 of the French
Commercial Code. Our publications (report, database, tool...)
are delivered only after reception of the payment.
3.5 I n the event of termination of the contract, or of misconduct,
during the contract, the Seller will have the right to invoice at
the stage in progress, and to take legal action for damages.
4. LIABILITIES
4.1 T
 he Buyer or any other individual or legal person acting on
its behalf, being a business user buying the Products for its
business activities, shall be solely responsible for choosing the
Products and for the use and interpretations he makes of the
documents it purchases, of the results he obtains, and of the
advice and acts it deduces thereof.
4.2 T he Seller shall only be liable for (i) direct and (ii) foreseeable
pecuniary loss, caused by the Products or arising from a
material breach of this agreement
4.3 In no event shall the Seller be liable for:
a) damages of any kind, including without limitation, incidental
or consequential damages (including, but not limited to,
damages for loss of profits, business interruption and loss of
programs or information) arising out of the use of or inability
to use the Seller’s website or the Products, or any information
provided on the website, or in the Products;
b) any claim attributable to errors, omissions or other
inaccuracies in the Product or interpretations thereof.
4.4 A
 ll the information contained in the Products has been
obtained from sources believed to be reliable. The Seller does
not warrant the accuracy, completeness adequacy or reliability
of such information, which cannot be guaranteed to be free
from errors.
4.5 A ll the Products that the Seller sells may, upon prior notice
to the Buyer from time to time be modified by or substituted
with similar Products meeting the needs of the Buyer. This
modification shall not lead to the liability of the Seller, provided
that the Seller ensures the substituted Product is similar to the
Product initially ordered.
4.6 I n the case where, after inspection, it is acknowledged that
the Products contain defects, the Seller undertakes to replace
the defective products as far as the supplies allow and without
indemnities or compensation of any kind for labor costs,
delays, loss caused or any other reason. The replacement is
guaranteed for a maximum of two months starting from the
delivery date. Any replacement is excluded for any event as
set out in article 5 below.
4.7 T
 he deadlines that the Seller is asked to state for the mailing
of the Products are given for information only and are not
guaranteed. If such deadlines are not met, it shall not lead
to any damages or cancellation of the orders, except for non
acceptable delays exceeding [4] months from the stated
deadline, without information from the Seller. In such case
only, the Buyer shall be entitled to ask for a reimbursement of
its first down payment to the exclusion of any further damages.
4.8 T
 he Seller does not make any warranties, express or implied,
including, without limitation, those of sale ability and fitness
for a particular purpose, with respect to the Products. Although
the Seller shall take reasonable steps to screen Products for
infection of viruses, worms, Trojan horses or other codes
containing contaminating or destructive properties before
making the Products available, the Seller cannot guarantee
that any Product will be free from infection.
5. FORCE MAJEURE
The Seller shall not be liable for any delay in performance directly
or indirectly caused by or resulting from acts of nature, fire, flood,
accident, riot, war, government intervention, embargoes, strikes,
labor difficulties, equipment failure, late deliveries by suppliers or
other difficulties which are beyond the control, and not the fault
of the Seller.
6. PROTECTION OF THE SELLER’S IPR
6.1 A
 ll the IPR attached to the Products are and remain the
property of the Seller and are protected under French and
international copyright law and conventions.
6.2 T he Buyer agreed not to disclose, copy, reproduce, redistribute,
resell or publish the Product, or any part of it to any other
party other than employees of its company. The Buyer shall
have the right to use the Products solely for its own internal
information purposes. In particular, the Buyer shall therefore
not use the Product for purposes such as:
• Information storage and retrieval systems;
• Recordings and re-transmittals over any network (including
any local area network);
• Use in any timesharing, service bureau, bulletin board or
similar arrangement or public display;
• Posting any Product to any other online service (including
bulletin boards or the Internet);
• Licensing, leasing, selling, offering for sale or assigning the
Product.
6.3 T he Buyer shall be solely responsible towards the Seller of
all infringements of this obligation, whether this infringement
comes from its employees or any person to whom the Buyer
has sent the Products and shall personally take care of any
related proceedings, and the Buyer shall bear related financial
consequences in their entirety.
6.4 T
 he Buyer shall define within its company point of contact for
the needs of the contract. This person will be the recipient
of each new report in PDF format. This person shall also be
responsible for respect of the copyrights and will guaranty that
the Products are not disseminated out of the company.
6.5 I n the context of annual subscriptions, the person of contact
shall decide who within the Buyer, shall be entitled to access
on line the reports on I-micronews.com. In this respect, the
Seller will give the Buyer a maximum of 10 password, unless
the multiple sites organization of the Buyer requires more
passwords. The Seller reserves the right to check from time to
time the correct use of this password.
6.6 I n the case of a multisite, multi license, only the employee
of the buyer can access the report or the employee of the
companies in which the buyer have 100% shares. As a matter
of fact the investor of a company, the joint venture done with
a third party etc..cannot access the report and should pay a
full license price.
7. TERMINATION
7.1 If the Buyer cancels the order in whole or in part or postpones
the date of mailing, the Buyer shall indemnify the Seller for
the entire costs that have been incurred as at the date of
notification by the Buyer of such delay or cancellation. This
may also apply for any other direct or indirect consequential
loss that may be borne by the Seller, following this decision.
7.2 In the event of breach by one Party under these conditions
or the order, the non-breaching Party may send a notification
to the other by recorded delivery letter upon which, after a
period of thirty (30) days without solving the problem, the non-
breaching Party shall be entitled to terminate all the pending
orders, without being liable for any compensation.
8. MISCELLANEOUS
All the provisions of these Terms and Conditions are for the benefit
of the Seller itself, but also for its licensors, employees and agents.
Each of them is entitled to assert and enforce those provisions
against the Buyer.
Any notices under these Terms and Conditions shall be given in
writing. They shall be effective upon receipt by the other Party.
The Seller may, from time to time, update these Terms and
Conditions and the Buyer, is deemed to have accepted the latest
version of these terms and conditions, provided they have been
communicated to him in due time.
9. GOVERNING LAW AND JURISDICTION
9.1 A
 ny dispute arising out or linked to these Terms and Conditions
or to any contract (orders) entered into in application of
these Terms and Conditions shall be settled by the French
Commercial Courts of Lyon, which shall have exclusive
jurisdiction upon such issues.
9.2 F
 rench law shall govern the relation between the Buyer and the
Seller, in accordance with these Terms and Conditions.