“Fourth Industrial Revolution”, “4IR”, or “Industry 4.0” is a neologism describing rapid technological advancement in the 21st century. It follows the Third Industrial Revolution (the “Information Age”). The phase of industrial change is the combination of technologies like artificial intelligence (AI), advanced robotics, and gene editing that blurs the lines between the physical, digital, and biological worlds. There is a global shift from how the global production and supply network operates through ongoing automation of traditional manufacturing and industrial practices, using modern smart technology, large- scale machine-to-machine communication (M2M), and the Internet of Things (IoT). This has led to increased automation, improved communication and self-monitoring, cum the use of smart machines which could analyze and diagnose issues without the need for human intervention. This is known to represent a social, political, and economic shift from the digital age of the late 1990s and early 2000s to an era of embedded connectivity distinguished by the ubiquity of technology in society (i. e. a metaverse) that changes the ways humans experience and know the world around them. The Fourth Industrial Revolution is said to mark the beginning of an “imagination age”, where creativity and imagination are the primary drivers of economic value. This paper looks into the pros and cons of Industry 4.0 and considers the prospects it holds for the future for humans.
Industry 4.0, creativity and imagination age, Internet of Things (IoT), machine-to-machine communication (M2M), artificial intelligence (AI), Big Data, robotics, Industrial IoT (IIoT), automation, cloud computing
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