Industry 4.0: Challenges and opportunities in different countries

• Main Authors: SIAU, Keng, XI, Yingrui, ZOU, Cui
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2019
• Subjects: Databases and Information Systems; Industrial Organization; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/sis_research/9353; https://ink.library.smu.edu.sg/context/sis_research/article/10353/viewcontent/CBTJ2019_Industry4.0_ChallengesandOpportunitiesinDifferentCountries.pdf
• Institution: Singapore Management University

Along with the rapid development of artificial intelligence (AI), cyber-physical systems (CPSs), big data analytics, and cloud computing, Industry 4.0 — a subset of the fourth Industrial Revolution — has started to emerge and take root in many countries. Many expect that Industry 4.0 will be transformative and revolutionary for multiple industries and countries. Its impact will be much more significant than those of Industry 1.0, 2.0, and 3.0. Most studies and papers on Industry 4.0 have examined its impact on various industries, jobs, and organizations. In this article, we investigate the impact of Industry 4.0 on countries and groups of countries (e.g., developed countries, developing countries). Business executives will find this article informative as they contemplate whether to invest in and outsource to other countries. In addition, policymakers will learn about the challenges and opportunities of Industry 4.0 and how governments in various groups of countries should strategize to sidestep the dangers and realize the potential opportunities to transform and enhance their economies.