The Prospects and Risks of Industry 4.0: Issues and Implications

Mythili Kolluru () and Shobhna Gupta ()
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Mythili Kolluru: College of Banking and Financial Studies
Shobhna Gupta: College of Banking and Financial Studies

A chapter in Fourth Industrial Revolution and Business Dynamics, 2021, pp 223-239 from Springer

Abstract: 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.

Keywords: Industry 4.0; 4th Industrial revolution; Cyber-physical space; Smart technologies (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-3250-1_11

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DOI: 10.1007/978-981-16-3250-1_11

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