It forecasts the country has the opportunity to derive more than $120 bn in additional economic activity from the IoT over the next 10 years
Professional services firm KPMG Australia is launching a new business practice focused on the Internet of Things (IoT), marking a first within the global KPMG member network.
The IoT Practice, part of the firm’s management consulting business, will initially focus on three sectors: smart cities, including connected transport and infrastructure, smart campus (education), recognising universities are largely microcosms of cities; and smart agriculture.
“The Internet of Things is expected to deliver 50 billion devices and have a US$11 trillion annual impact to the global economy by 2025,” said Ian Hancock, head of management consulting at KPMG Australia. “It will transform industries and reshape how we interact with technology. For clients it represents both a massive opportunity, but also a risk as IoT developments shine a spotlight on security, privacy and trust.”
Hancock explains that ‘hundreds’ of KPMG team members have worked on IoT related projects over the past few years including working with government to develop smart city strategies, developing the IoT economic model and business case and prioritised roadmaps for investment. It advocates “a focused approach led by a dedicated team of specialists” is the optimal right way to help business and government approach the challenges posed by the rise of the Internet of Things.
The IoT Practice will be led by Piers Hogarth-Scott, who prior to taking on this role was a director in KPMG’s digital consulting practice and has more than 20 years’ experience leading fast growing digital and technology firms. He commented: “We forecast Australia has the opportunity to derive more than $120 billion in additional economic activity from The Internet of Things over the next 10 years. It is immensely exciting to be the first major consultancy in Australia to stand up a dedicated IoT Practice to help our clients capitalise on this opportunity.”
The firm intends to grow the practice to over 30 IoT specialists within two years and will draw on its deep industry, technology, policy and analytics insights, as well as a global network of specialists in this space. Particular areas of interest include new markets development, strategy and implementation, security, data analytics, local and international policy, growth plans, revenue and tax compliance.
“The transformative and potential economic, social and environmental benefits from effective IoT solutions are vast, and Australia has the potential to become a global leader in the field,” says Hogarth-Scott.
“We believe we can help to unlock the opportunity for our local ecosystem and the economy as a whole by supporting Australian technology companies, industry players, universities and entrepreneurs to develop and execute innovative IoT applications.”