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We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. The next industrial revolution is upon us, as Industry 4.0 brings in a new wave of connected manufacturers and smart factories. Industry 4.0 is a current trend in manufacturing that involves a combination of cyber-physical systems, automation and the Internet of Things (IoT), which together create a smart factory. It is the fourth Industrial Revolution, following in the footsteps of computers and the internet (Industry 3.0), mass production and electricity (Industry 2.0) and mechanization and water/steam power (Industry 1.0). Industry 4.0 manufacturers worldwide are connecting their machines to the cloud and developing their very own industrial Internet of Things (IIoT). In doing so, they are scratching the surface of untapped potential, which promises exponential growth and enormous scalability for their business. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
There are three reasons why today’s transformations represent not merely a prolongation of the Third Industrial Revolution but rather the arrival of a Fourth and distinct one: velocity, scope, and systems impact. The speed of current breakthroughs has no historical precedent. When compared with previous industrial revolutions, the Fourth is evolving at an exponential rather than a linear pace. Moreover, it is disrupting almost every industry in every country. And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance.
The possibilities of billions of people connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge, are unlimited. And these possibilities will be multiplied by emerging technology breakthroughs in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing.
Opportunities: Like the revolutions that preceded it, the Fourth Industrial Revolution has the potential to raise global income levels and improve the quality of life for populations around the world. To date, those who have gained the most from it have been consumers able to afford and access the digital world; technology has made possible new products and services that increase the efficiency and pleasure of our personal lives. Ordering a cab, booking a flight, buying a product, making a payment, listening to music, watching a film, or playing a game—any of these can now be done remotely.
In the future, technological innovation will also lead to a supply-side miracle, with long-term gains in efficiency and productivity. Transportation and communication costs will drop, logistics and global supply chains will become more effective, and the cost of trade will diminish, all of which will open new markets and drive economic growth.
Challenges: The revolution could yield greater inequality, particularly in its potential to disrupt labor markets. As automation substitutes for labor across the entire economy, the net displacement of workers by machines might exacerbate the gap between returns to capital and returns to labor.
More than 30 percent of the global population now uses social media platforms to connect, learn, and share information. In an ideal world, these interactions would provide an opportunity for cross-cultural understanding and cohesion. However, they can also create and propagate unrealistic expectations as to what constitutes success for an individual or a group, as well as offer opportunities for extreme ideas and ideologies to spread.
Indian context: With the right mix of accelerators - including regulatory frameworks, educational ecosystems and government incentives - India can lead the fourth industrial revolution, while simultaneously enhancing the quality, equity and sustainability of its own growth and development outcome. With one of the youngest labour forces in the world, a sizeable technical aptitude, the second largest number of internet users on mobile devices and the second largest English speaking population, India is well positioned to enhance its global leadership in a post fourth industrial revolution era.
By: Dr. Vivek Rana ProfileResourcesReport error
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