The new business practice will be led by former KPMG director of digital consulting, Piers Hogarth-Scott, and will focus on three sectors.
These include 'smart cities', which relates to connected transport and infrastructure; 'smart campus', which recognises that universities are largely microcosms of cities; and 'smart agriculture'.
KPMG said it intends to grow the practice to more than 30 internet of things (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 firm said.
KPMG Australia's head of management consulting, Ian Hancock, said IoT 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,” he said.
Mr Hancock said 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 creating prioritised roadmaps for investment.
“We strongly believe a focused approach led by a dedicated team of specialists is the optimal [way] to help business and government approach the challenges posed by the rise of the Internet of Things,” he said.
KPMG 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,” Mr Hogarth-Scott said.