Today we find ourselves amid the Fourth Industrial Revolution, or as it is better known, Industry 4.0. Like every prior Industrial Revolution, it will inevitably lead to significant change, and not just technologically. It will also reconstruct the fundamental ways people worldwide live. It will challenge nearly all sectors of society, affecting careers, education systems, governments, our everyday lives and even how we relate with other people. Due to its scale, scope, complexity, and speed, the Fourth Industrial Revolution is unlike anything humanity has experienced.
Industry 4.0 is characterized by its exponential transformations. It affects many elements of the way we live because of the continuous implementation of the IoT and the Internet of Everything. The adoption of cyber-physical systems, as well as the continuous improvement of artificial intelligence, digital twins, 3D printing, big data and analytics, human augmentation and extended reality, network and connectivity, advanced robotics, edge, fog and cloud computing, security, transparency, and privacy, are all areas driven by the advancement of Industry 4.0.
The Fourth Industrial Revolution continues from where the Third left off. The Third Industrial Revolution, which used electronic information technology to automate production, continues to develop as Industry 4.0 takes over the reins.
You might be wondering, ‘if Industry 4.0 is just improving upon technology developed during the third industrial revolution, then how is it different from its predecessor?’ In some ways, Industry 4.0 is an expansion of the Third Industrial Revolution. Still, because of the substantial velocity, scope, and expected system impact, it is considered a unique industrial revolution era, as suggested by Klaus Schwab in his book The Fourth Industrial Revolution.
Professor Klaus Schwab, the founder and executive chairman of the World Economic Forum, explores the wide array of possibilities for technological advancement ushered by Industry 4.0. He notes: “The changes are so profound that, from the perspective of human history, there has never been a time of greater promise or potential peril.”
Industry 4.0 is here, and it has implications for people in all kinds of sectors. Whether you’re in healthcare, education, the arts, government, manufacturing, or technology as a whole, Industry 4.0 will reshape how our world operates exponentially. The continuous improvement of technological progress will only become more prominent around the world in the future.
Ultimately, there is no denying the fact that the Fourth Industrial Revolution is here to stay. Industry 4.0 will lead to influential changes worldwide, not just technologically but in all aspects of human life, affecting many sectors of society. It will benefit Individuals, corporations and governments and allow for smarter, more efficient, and sustainable manufacturing amongst various other potentialities for many industries.