All You Need To Know About The Fourth Industrial Revolution.
At a steady pace, technology is driving clear changes across different areas of society. We realize that we don’t only make use of technology for corporate reasons, we also rely on it in our personal lives. We find our workplaces evolving with more processes being undertaken through technology. This change is known as “the fourth industrial revolution,” or “industry 4.0.”
“Industry 4.0”, as it’s called, will experience many tasks through automation that were once performed by humans.
With real-time data gathering, artificial intelligence, and the components of a production line communicating with one another, the future is promising. Production can also be more efficient and better personalized according to the customer’s needs.
Increased automation will afford us the benefit of extra free time on our hands to concentrate on other complex tasks. It’s certain that we will be needing a workforce that is capable of building, programming, and developing these technologies. However, in order to avoid the consequences of improper usage, we have to make sure that we apply them to our lives in ethical ways.
Klaus Schwab, the World Economic Forum’s founder and executive chairman, used the term “Industry 4.0” as a new revolution to define today’s developments.
In a 2016 article, Schwab wrote:
“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.”
Technologies in the Fourth Industrial Revolution.
The simplest way to observe the Fourth Industrial Revolution is to actually concentrate on the technologies that propel it. Some of such technologies include:
- Artificial Intelligence
Artificial Intelligence (AI) is expected to be one of the most important technologies in economy, society, and labor market transformations. It refers to computers that can ‘think’ like humans. One interesting thing about AI is that it can be utilized in a variety of applications. The applications of this technology range from detecting patterns in large amounts of unstructured data to powering your phone’s autocorrect.
- Internet of Things
The Internet of Things (IoT) aims to connect the physical and digital worlds. IoT has revolutionized a wide range of industries. In fact, billions of devices are currently connected. Also, the number of smart devices is expanding.
- Augmented Reality and Virtual Reality
Augmented reality and virtual reality make use of computer technology to connect the physical and digital worlds. Virtual reality enhances the users’ visual experiences by creating immersive experiences.
- Blockchain
Blockchain is a decentralized method of recording and distributing data that does not require the use of third-party intermediaries. The most well-known blockchain application is the digital currency called Bitcoin. Other recognised importance of blockchain include: making supply chains traceable, anonymously safeguarding sensitive medical data, and preventing voter fraud.
- 3D and 4D printing
With 3D and 4D printing, we can now develop prototypes or ready-for-sale products in a short time, properly and affordably. This technology is becoming increasingly significant in design, architecture, engineering, and other fields. Customization of design is also possible in order to ensure a perfect fit.
- Big data
Information is a powerful tool. We are able to transform data into information thanks to the full-fledged Fourth Industrial Revolution. Big data enables an administration the proper understanding of large amounts of data for business reasons. This is especially useful for developing business strategies or making decisions.
- Cloud Computing
Automation systems in “Industry 4.0” depend largely on cloud computing. Cloud computing relates to the procedure of storing and accessing data and applications through the Internet, rather than on your storage device. The cloud symbolizes the internet.
The Future Impact of the Fourth Industrial Revolution.
In addition to new roles and responsibilities, the 4th Industrial Revolution may lead to an increase in the use of professional contractors or remote employees. Industry 4.0 is expected to accelerate over the next two to three years and revolutionize production processes along the way.
For developing countries, Industry 4.0 may open up new doors of opportunities. On the other hand, developed countries want to increase labor efficiency, offset high manufacturing costs, and address the issue of aging populations with Industry 4.0 technologies.
The 4th Industrial Revolution is largely powered by four technology advancements:
- High-speed mobile Internet;
- Artificial intelligence and automation;
- Big data analytics;
- Cloud computing.
Of these four technologies, AI and automation are predicted to have the greatest influence on employment numbers in the global workforce.
According to the World Economic Forum, 38 percent of organizations believe AI and automation technologies would enable people to do new productivity-enhancing occupations. Over 25 percent believe automation will lead to the introduction of new roles.
However, by 2022, 50 percent of employers expect automation to reduce their full-time workforce, and by 2030, it is expected that robots will replace 800 million humans throughout the world.
