Case Study: The Fourth Industrial Revolution

A)Introduction

Research Background

The Fourth Industrial Revolution is the fourth major industrial era. It builds on the Digital Revolution, representing new ways in which existing and future technologies become embedded within societies and even the human body. The advances in robotics & automation, artificial intelligence, nanotechnology, quantum computing, biotechnology, The Internet of Things, 3D printing, autonomous vehicles, and material sciences will fuel this era and fundamentally change the functions of the modern economy by emerging technology breakthroughs. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres, and impacting all disciplines, economies, and

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 all over the world. And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance. Technologies will boost management efficiency and delivery system because all transactions will be carrying out digitally. Billions of people are connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge. More laptop computers would be used in school for education. Meanwhile, it has also threatened the age-old business model today, especially in a cashless and credit-cardless society. Traditional media industry for example would be hugely affected as people only need to use smartphone and computer to read news which is more interesting and convenient to the readers. And there would be weak job growth and stagnant wages in traditional sectors juxtaposed with the dazzling fortunes of technology unicorns and their founding members. This is because robots will be taking away human jobs. Businessmen who are using such technology would be able to lower their production costs, while many blue-collar workers would lose their jobs. With the help of robots and automation such as artificial intelligence, many jobs can be done remotely. Production, logistics and global supply chains will be more efficient and effective, transportation and communication costs will drop, and the cost of trade will diminish, all of which will open new markets and drive economic