KPMG Australia has launched a new business practice focused on the Internet of Things (IoT).
The division is the first of its kind within KPMG globally and is part of the company’s management consulting business, with the integrator tapping Piers Hogarth-Scott to lead the business unit.
Hogarth-Scott was previously a director in KPMG’s digital consulting practice and has more than 20 years’ experience within digital and technology firms.
The IoT practice will focus on three sectors initially including transport and infrastructure; education and agriculture.
KPMG Australia head of management consulting, Ian Hancock, said IoT is expected to deliver 50 billion devices and represent an annual impact of $US11 trillion on the global economy by 2025.
“It will transform industries, and reshape how we interact with technology," he said. "For clients it represents both a massive opportunity, but also a risk as IoT developments shine a spotlight on security, privacy and trust.
“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.
“We strongly believe 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 IoT."
Locally, Hogarth-Scott said the company forecasts that Australia has the opportunity to derive more than $120 billion in additional economic activity from IoT 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,” he added.
KPMG said it intends to grow the practice to over 30 IoT specialists within two years and will draw on its industry, technology, policy and analytics insights, as well as a global network of specialists in the 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," Hogarth-Scott added.
“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."