The First Industrial Revolution

The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now the Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.

The challenges and opportunities of the Fourth Industrial Revolution are vast. It has the potential to raise global income levels and improve the quality of life for populations around the world. It has a great impact on business. Across all industries, there is clear evidence that the technologies that underpin the Fourth Industrial Revolution are having a major impact on businesses. It also has an impact on government and people and it can be used for shaping the future.

Here is a great article on World Economic Forum about The Fourth Industrial Revolution- what it means, how to respond by Klaus Schwab – the Founder and Executive Chairman of the World Economic Forum. Read more…