The Internet of Things (IoT) is transforming the oil and gas industry – reducing cost, improving operational efficiency, increasing safety and helping tap into new markets
Piers Hogarth-ScottKPMG, P.O. Box H67, Australia Square, Sydney, NSW 1213, Australia. Email: piershs@kpmg.com.au
The APPEA Journal 57(2) 469-472 https://doi.org/10.1071/AJ16087
Accepted: 24 March 2017 Published: 22 June 2017
Abstract
The Internet of Things (IoT) and its forecast 50 billion+ devices will transform industries with an estimated $11+ trillion annual impact to the global economy by 2025. In that same period, Australia has the opportunity to derive up to $116 billion in annual economic value from IoT.
The IoT is taking the internet into everything that impacts our lives – from engineering to health, infrastructure, agriculture, mining and more. It is the future of digital connectivity, data accumulation and system efficiencies, but implementation requires sound strategy with a balance between innovation, opportunity and risk.
KPMG views IoT as an opportunity for Australian technology companies, industries and entrepreneurs to be leaders in the development and execution of innovative IoT applications. The potential economic, social and environmental benefits from effective IoT solutions are vast. However, IoT developments must focus on security, privacy and trust, to ensure the safety of the IoT ecosystem and its users.
The oil and gas industry have in many ways been leaders in the industrial IoT, recognising that innovation in IoT can reduce cost, improve operational efficiency, increase safety and help tap into new markets. However, to unlock the full economic opportunity presented by IoT, interoperability of technologies is essential. This paper explores IoT interoperability with a particular focus on Hypercat BSI PAS212:2016.
Keywords: Hypercat, Internet of Things, interoperability, IoT.
Piers Hogarth-Scott, National Practice Leader – Internet of Things at KPMG. Piers draws on KPMG’s deep industry, technology, policy and analytics insights to assist clients better deliver safe and effective IoT solutions. The IoT Practice helps clients with strategy and implementation, security, data analytics, vendor selection, program management, local and international policy, growth plans and more. Piers has been recognised by Business Age as one of the Top 50 Entrepreneurs in the UK to have made the most significant contribution to the Internet, innovation and wealth creation. Piers is a member of the Executive Committee of IoT Alliance Australia and is the Chair of the Industry Board of the Australian Smart Communities Association. |
References
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