KPMG Australia today announced a new business practice focused on the Internet of Things (IoT) – a first within the global KPMG member network.
KPMG’s IoT Practice is part of the firm’s fast-growing Management Consulting business (which delivered 33 percent growth last year) and will be led by Piers Hogarth-Scott. Prior to taking on this role Piers was a Director in KPMG’s Digital Consulting practice and has more than 20 years’ experience leading fast growing digital and technology firms.
“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. 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,” said Ian Hancock, Head of Management Consulting at KPMG Australia.
“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,” he added.
Initially, KPMG’s IoT practice will focus on three sectors:
“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,” said Piers Hogarth-Scott, National IoT Leader KPMG.
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.”
“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,” he concluded.
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