IDEAS home Printed from https://ideas.repec.org/a/jfr/ijfr11/v9y2018i2p90-95.html
   My bibliography  Save this article

The Fourth Industrial Revolution: Opportunities and Challenges

Author

Listed:
  • Min Xu
  • Jeanne M. David
  • Suk Hi Kim

Abstract

The fourth industrial revolution, a term coined by Klaus Schwab, founder and executive chairman of the World Economic Forum, describes a world where individuals move between digital domains and offline reality with the use of connected technology to enable and manage their lives. (Miller 2015, 3) The first industrial revolution changed our lives and economy from an agrarian and handicraft economy to one dominated by industry and machine manufacturing. Oil and electricity facilitated mass production in the second industrial revolution. In the third industrial revolution, information technology was used to automate production. Although each industrial revolution is often considered a separate event, together they can be better understood as a series of events building upon innovations of the previous revolution and leading to more advanced forms of production. This article discusses the major features of the four industrial revolutions, the opportunities of the fourth industrial revolution, and the challenges of the fourth industrial revolution.

Suggested Citation

  • Min Xu & Jeanne M. David & Suk Hi Kim, 2018. "The Fourth Industrial Revolution: Opportunities and Challenges," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 9(2), pages 90-95, April.
    • Handle: RePEc:jfr:ijfr11:v:9:y:2018:i:2:p:90-95
    DOI: 10.5430/ijfr.v9n2p90
    as

    Download full text from publisher

    File URL: http://www.sciedu.ca/journal/index.php/ijfr/article/view/13194/8136
    Download Restriction: no
    File URL: http://www.sciedu.ca/journal/index.php/ijfr/article/view/13194
    Download Restriction: no
    File URL: https://libkey.io/10.5430/ijfr.v9n2p90?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Petre Prisecaru, 2016. "Challenges of the Fourth Industrial Revolution," Knowledge Horizons - Economics, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 8(1), pages 57-62, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Veronika Bikse & Liva Grinevica & Baiba Rivza & Peteris Rivza, 2022. "Consequences and Challenges of the Fourth Industrial Revolution and the Impact on the Development of Employability Skills," Sustainability, MDPI, vol. 14(12), pages 1-23, June.
    2. Robert Daniel Stanescu & Alexandra Cristina Dinu, 2021. "The Tracking of Industrial and Digital Revolutions and the Importance of Human Capital Development," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 532-537, December.
    3. John Mugambwa Serumaga-Zake & John Andrew van der Poll, 2021. "Addressing the Impact of Fourth Industrial Revolution on South African Manufacturing Small and Medium Enterprises (SMEs)," Sustainability, MDPI, vol. 13(21), pages 1-31, October.
    4. Paolo Morganti & Rosa Carolina Valdes, 2023. "The Perils of Asymmetrical Technological Changes in a Knowledge Economy with Complete Markets," Sustainability, MDPI, vol. 15(17), pages 1-17, August.
    5. Hyejin Lee & Yilei Zhang & Huihua Zhang & Xuanchen Liu, 2023. "Challenges and opportunities of utilizing design thinking in the industry 4.0 era: based on the case study of industry wastewater treatment system development project process," Journal of Innovation and Entrepreneurship, Springer, vol. 12(1), pages 1-22, December.
    6. Lukovics, Miklós & Udvari, Beáta & Zuti, Bence & Kézy, Béla, 2018. "Az önvezető autók és a felelősségteljes innováció [Self-driving vehicles and responsible innovation]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 949-974.
    7. Elena Christina Schreibauer & Melina Hippler & Stephanie Burgess & Monika A. Rieger & Esther Rind, 2020. "Work-Related Psychosocial Stress in Small and Medium-Sized Enterprises: An Integrative Review," IJERPH, MDPI, vol. 17(20), pages 1-23, October.
    8. Katarzyna Szum & Joanicjusz Nazarko, 2020. "Exploring the Determinants of Industry 4.0 Development Using an Extended SWOT Analysis: A Regional Study," Energies, MDPI, vol. 13(22), pages 1-27, November.
    9. Nam, Taewoo, 2019. "Technology usage, expected job sustainability, and perceived job insecurity," Technological Forecasting and Social Change, Elsevier, vol. 138(C), pages 155-165.
    10. Ashraf Elsafty & Ahmed Elzeftawy, 2021. "The New Era of Digital Transformation and COVID-19 Effect on The Employment in Mobile Operators in Egypt," Business and Management Studies, Redfame publishing, vol. 7(1), pages 74-99, March.
    11. Eunsook Jeon & Kyungkook Kim & Hyunjeong Park & Keuntae Cho, 2023. "Global Collaboration in Technology Sectors during the COVID-19 Pandemic: A Patent Review," Sustainability, MDPI, vol. 15(15), pages 1-19, August.
    12. Afam I. O. Jideani & Awelani P. Mutshinyani & Ntsako P. Maluleke & Zwivhuya P. Mafukata & Mkateko V. Sithole & Mashudu U. Lidovho & Edwin K. Ramatsetse & Monica M. Matshisevhe, 2021. "Impact of Industrial Revolutions on Food Machinery - An Overview," Journal of Food Research, Canadian Center of Science and Education, vol. 9(5), pages 1-42, December.
    13. Piccarozzi, Michela & Silvestri, Luca & Silvestri, Cecilia & Ruggieri, Alessandro, 2024. "Roadmap to Industry 5.0: Enabling technologies, challenges, and opportunities towards a holistic definition in management studies," Technological Forecasting and Social Change, Elsevier, vol. 205(C).
    14. Claude-Hélène Mayer & Cemonn Wegerle & Rudolf M. Oosthuizen, 2021. "The Impact of the Fourth Industrial Revolution on Managers’ Sense of Coherence," IJERPH, MDPI, vol. 18(8), pages 1-13, April.
    15. M.E. Selelo & M.N. Khwela, 2022. "Analysis of the Business Inequalities Stimulated by the Fourth Industrial Revolution Between Corporates and Small and Micro Enterprises in South Africa," Technium Social Sciences Journal, Technium Science, vol. 29(1), pages 497-508, March.
    16. Robert Daniel Stanescu & Alexandra Cristina Dinu, 2021. "Human Capital Theory in Respect to Cultural, Digital Implications and Integrated Communication," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 527-531, December.
    17. Wooseok Jang & Yongtae Park & Hyeonju Seol, 2021. "Identifying emerging technologies using expert opinions on the future: A topic modeling and fuzzy clustering approach," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(8), pages 6505-6532, August.
    18. Artem Stopochkin & Inessa Sytnik & Janusz Wielki & Elżbieta Karaś, 2022. "Transformation of the Concept of Talent Management in the Era of the Fourth Industrial Revolution as the Basis for Sustainable Development," Sustainability, MDPI, vol. 14(14), pages 1-18, July.
    19. Corina-Ana Borcoși & Ilie Borcoși & Marius Marian & Adelin Cusman & Dragoș Ionică, 2023. "Sustainability of Romanian Small and Medium Enterprises Using the Electronic Signature as a Driving Digital Tool," Sustainability, MDPI, vol. 15(22), pages 1-26, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jfr:ijfr11:v:9:y:2018:i:2:p:90-95. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gina Perry (email available below). General contact details of provider: http://ijfr.sciedupress.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.