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The Prospects and Risks of Industry 4.0: Issues and Implications

In: Fourth Industrial Revolution and Business Dynamics

Author

Listed:
  • Mythili Kolluru

    (College of Banking and Financial Studies)

  • Shobhna Gupta

    (College of Banking and Financial Studies)

Abstract

The proliferation of cyber-physical spaces introduced the fourth stage of the industrial revolution, more generally known as Industry 4.0. Initially, originated in Germany, it has gained importance. Industry 4.0 has captivated much attention in recent times; however, only few studies are systematic and extensive in reviewing and capturing its concept and true dynamic nature. The paper mainly focuses on the fourth industrial revolution, called Industry 4.0, which allows connectivity across systems, automated manufacturing, and customized products at a reasonable cost. The concept is of interest to both academicians and practitioners of industry. This article focuses on the phenomena of Industry 4.0 and, consequently, the prospects and risks for establishments and people. The impact of this study is theoretical. The paper conducts a review to present an outline and examines the implications of Industry 4.0.

Suggested Citation

  • Mythili Kolluru & Shobhna Gupta, 2021. "The Prospects and Risks of Industry 4.0: Issues and Implications," Springer Books, in: Nasser Rashad Al Mawali & Anis Moosa Al Lawati & Ananda S (ed.), Fourth Industrial Revolution and Business Dynamics, pages 223-239, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-3250-1_11
    DOI: 10.1007/978-981-16-3250-1_11
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