The Australian IoT market stood at $7.9 billion in 2018 and is projected to grow at a compound annual growth rate of 21% to exceed $25 billion by 2024. This rapid and significant increase is because of the rising demand for smart devices, growing government initiatives and increasing demand for analytics.88
The agribusiness sector, a multi-billion-dollar industry in Australia, is already exploring the potential of IoT. For example, sensors can help improve crop management (see Figure 7.8) and animal monitoring (see Figure 7.9).
One challenge is making sure telecommunications networks can keep up with the increased demand. Australian IoT devices connect to several different networks. Some use traditional mobile telephony while others access networks through a dedicated IoT infrastructure. IoT networks tend to use low frequencies so they can span large distances using a small number of base stations.
Long-range, wide area networks (LoRaWAN) use low-power, low-frequency radio waves to cover very large areas and are being rolled out by councils, utility providers, infrastructure companies and other organisations.
The City of Gold Coast has invested in a LoRaWAN so it can deploy IoT projects on a large scale, including smart water meters and smart waste management. Satellite systems could also support IoT services. They would provide widespread coverage but might require specific changes to regulatory frameworks.
The Department of Infrastructure, Transport, Regional Development and Communications and ACMA should work closely with the Internet of Things Alliance Australia across multiple policy areas to set national priorities, strengthen regulatory coherence, identify investment opportunities for projects in the national interest and ensure standards are fit-for-purpose.