Fourth industrial revolution: Challenges & opportunities
DURING 2016 world economic forum conference, Clause Schwab, the founder of World Economic Forum, highlighted that emerging technologies such as Artificial Intelligence (AI), Big Data Analytics, Robotics, Block Chain, Quantum Computing, Informational and communication technologies (ICTs), 5G and nanotechnology are bound to profoundly impact human lives.
He coined the term Fourth Industrial Revolution. Industrial revolutions always greatly influenced human lives by disrupting existing processes and introducing new technologies.
The first industrial revolution occurred in the late 18th century and early 19th century and ushered in a new age of mass production and factory work. Machine tools, massive-scale textile production and steam power were all used for the first time.
The second industrial revolution emerged about a century later and represented the rapid evolution of technology in the manufacturing sector. During this time, use of electricity, the telegraph and railroad were popularized. The third
industrial revolution started during the latter half of the 20th century until recently and can be summed up as the transition from Analog Technologies to digital technologies.
During this period, integrated circuit chips, the internet, digital cell phones and computers became a part of every person’s life.
These three industrial revolutions transformed how businesses were run — from introducing the idea of the...
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