KPMG sets up IoT practice in Australia
September 8, 2016
Dutch professional services company KPMG has launched a business practice in Australia focused on the IoT, a first within its global member network.
The IoT practice is part of the firm’s fast-growing management consulting business, which delivered 33 per cent growth last year, and will be led by Piers Hogarth-Scott, who was previously a director in KPMG’s digital consulting practice and has more than 20 years’ experience leading fast growing digital and technology firms.
“We forecast Australia has the opportunity to derive more than $120bn in additional economic activity from the internet of things over the next ten years,” said Hogarth-Scott. “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.”
Initially, the 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.
“The transformative and potential economic, social and environmental benefits from effective IoT are vast, and Australia has the potential to become a global leader in the field,” he said. “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.”
KPMG intends to grow the practice to more than 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 internet of things is expected to deliver 50 billion devices and have a US$11tn 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.”
He said that hundreds of KPMG team members had 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,” he said.