KPMG Australia has launched a business unit dedicated to all things IoT – a first in the company’s global network. 

Consultancy firm KPMG’s new IoT business practice has been set up to capitalise on a market in Australia that’s expected see over $120 billion in economic activity over the course of the next 10 years.

The new business unit will be led by Piers Hogarth-Scott, a former Director in KPMG’s Digital Consulting practice. Hogarth-Scott is keen to push forward IoT applications in Australia and help KPMG’s many clients harness the latest technological innovations to drive revenues and increase efficiencies.

“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. “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.”

KPMG: IoT “reshaping how we interact with technology”

Ian Hancock, head of management Consulting at KPMG Australia, believes that KPMG’s previous IoT experience across a multitude of business projects will be invaluable to future clients. “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,” he said.

“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”.

“Hundreds of KPMG team members have worked on IoT-related projects over the past few years including working with the 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 added.

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To begin with, KPMG’s new IoT unit will focus on three promising sectors:

  • Smart Cities: Projects on connected transport and infrastructure.
  • Smart Campus: Recognising universities are largely microcosms of cities.
  • Smart Agriculture: Transforming traditional methods with the latest innovations.

KPMG Australia has published several industry-specific reports into the potential of the Internet of Things. You can find them on the company’s website.