Throughout human history, there have been three major industrial revolutions. The first brought forth key innovations fueled by steam and water power. The second centered around electricity, and the third introduced modern computers to the world. Now, with industrial products and verticals becoming more popular, we are on the verge of a fourth industrial revolution, also referred to as “Industry 4.0.” If indeed another industrial revolution is upon us, how will it change the world? What does it mean for the future and what opportunities does it create for the tech sector?

What IS the fourth industrial revolution?

“The fourth industrial revolution” was first coined in 2016 by Klaus Schwab of the World Economic Forum. It is used to describe a series of technological advances that are happening together, and are advancing at an increasingly accelerated pace. Some of these technologies include AI, IoT, robotics, edge computing, and more. Each of these technologies have world-changing potential, and many such as AI have already begun to alter the way we live day-to-day. But as these technologies continue to advance, markets new and old will experience disruption as well as continued growth.

One aspect that must be considered is that these technologies are not islands, but instead develop together. As an example, quantum computing enables new possibilities in AI while advances in AI make it easier to train and program robots, and so on. The combination of these technologies is contributing to the exponential rate of technological advancement and result in continued long-term industry growth.

There are many factors that mark industry 4.0 as a new industrial revolution rather than a simple expansion of the previous one. These technologies are not just an extension of traditional computing, these are advancements that will truly transform the world.

AI and real time data analytics bring the potential to improve efficiency almost everywhere. The data provided by these analytics have sweeping benefits such as the optimization of business operations, the reduction of energy use and waste, and more. All while promoting sustainability across a broad spectrum of industries.

One of the major changes that will arise from these advances is smart factories. Using AI, IOT, and edge computing, factories can become more productive, efficient, and safer than ever before. These increases in efficiency will ripple through the entire supply chain, and will decrease the gap between supply and demand to improve the total time to market.

Other technologies exploding in popularity thanks to industry 4.0 are self-driving cars and the use of Digital Twins or Virtual Replicas of physical assets that can be used to improve training as well as improve testing processes. Brining luxuries and technology once thought to be confined to the pages of science fiction into the real world.

The rise of smart factories and edge computing in particular do pose significant security risks. The same connectivity that is increasing efficiency and providing valuable analytical insights also opens these devices up to potential attacks. This means cybersecurity will not only be a more important strategic consideration than ever before, but for many businesses, they will be evaluating their need for cybersecurity for the first time. For instance, many manufacturers that did not consider cybersecurity a critical part of their operation will have to adapt as they upgrade and modernize their production methods.

A number of these changes may be forced upon businesses as customers’ preferences and methods change. Businesses will need to remain dynamic or their customers may go elsewhere. With many major companies developing systems using open source, and with access to global digital platforms and resources for research, innovators looking to enter a market with previously high barriers of entry will find themselves better equipped to cause disruption. Conversely, established businesses will need to keep this at the forefront of their strategy and ensure they are prepared to meet new competition.

Continued advances will ultimately bring about industry 5.0 resulting in continued growth. Industry 5.0 adds human considerations such as sustainability and employer-employee relations, but most importantly will be about how we will react to the innovations of industry 4.0.

Overall, whether you choose to call it industry 4.0, or the fourth industrial revolution – the bottom line is the same. Technology continues to advance at an increasingly rapid rate. Robotics, AI, edge computing, and more are poised to disrupt several key industries and transform life as we know it. The future is coming, and ASI can help make sure you are prepared by giving you access to the industries’ latest and most desired products and components. With nearly 4 decades of navigating a rapidly changing industry, ASI is prepared to leverage its longevity and experience facilitating successful projects to ensure your next venture, no matter how specialized, is a triumph.