Over the past 25 years, the Internet has radically altered the way people communicate and share ideas and the way businesses interact with customers and clients.
For an even longer period, starting in the 1950s with the so-called Third Industrial Revolution, businesses have become more digitized. In the next few decades, a new industrial revolution will combine elements of these two trends, along with related technologies and practices, into a truly “smart” manufacturing process.
This convergence is known as the Industrial Internet, Industry 4.0 or the Industrial Internet of Things. Whatever the name, the result will profoundly affect global trade patterns, supply chains and societies. The impact will vary, presenting many opportunities for developed countries to be more disruptive in developing economies and possibly limiting the use of low-end manufacturing for quick modernization and development.
Nonetheless, this Fourth Industrial Revolution will change manufacturing, industry and society.