Professional services firm KPMG Australia has launched a dedicated Internet of Things (IoT) practice – a first within the company’s global member network.
The new Australian practice is part of KPMG’s fast-growing global management consulting business, which the firm says delivered 33% growth last year.
The IoT practice will be led by Piers Hogarth-Scott who, prior to taking on the role, was a director in KPMG’s Digital Consulting practice.
Hogarth-Scott has more than 20 years’ experience leading fast growing digital and technology firms.
{loadposition peter}According to Ian Hancock, head of management consulting at KPMG Australia, the Internet of Things is expected to deliver 50 billion devices and have a US$11 trillion annual impact on the global economy by 2025.
“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 cautions.
“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 the Internet of Things.”
Hancock says initially, KPMG’s IoT practice will focus on three sectors:
• Smart cities, including connected transport and infrastructure;
• Smart campus (education), recognising universities are largely microcosms of cities; and
• Smart agriculture.
Hogarth-Scott said KPMG forecast that Australia has the opportunity to derive more than $120 billion in additional economic activity from the Internet of Things over the next decade.
“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 said.
Hogarth-Scott says KPMG intends to grow the practice to over 30 IoT specialists within two years and will draw on the firm’s “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.”