Civilization marches ahead by significant transformations. The first revolution was the Agrarian Revolution some 10000 years ago when man settled down for farming and domestication of animals leaving its hunter-gatherer lifestyle. It led to population growth and urban development.
Centuries passed by before the First Industrial Revolution happened in Britain (1760-1840). It used steam power and led to mechanized production, especially of textiles. Later, there were advancements such as rail-roads steam engines and mechanical production.
The Second Industrial Revolution happened on account of electricity (1870-1914). There were factories of steel and chemicals. The production floor had assembly lines. All this led to mass production. There should be mass consumption too — three were distribution channels and expansion of markets.
The Third Industrial Revolution started in the 1960s. It was stimulated by semiconductor chips, computers and internet. It is called digital revolution. There is increased connectivity, automation and digitalisation.
The Fourth Industrial Revolution is among us. It is marked by fusion of several technologies. We have technologies such as AI, robotics, internet of things (IoT), biotechnology, 3D printing, quantum computing and autonomous vehicles. The 4th Industrial Revolution is very fast. It causes disruptions. There are innovations across various domains. There is inter-disciplinary and cross-disciplinary technology.
Consumers can have a better standard of living. They have access to transport, shopping and entertainment on digital platforms. There are efficiencies in logistics, transportation and supply chains. New markets have emerged. There are cost reductions. All this has substantial economic impact.
The 4th Industrial Revolution poses certain challenges — displacement of workers on account of automation. There are greater returns on capital and lesser on labour. There could be issue of inequality. Automation leads to more fulfilling and safer jobs.
Industry 5.0 or 5th Industrial Revolution focuses on man-machine collaboration, resilience and sustainability. There will be a sustainability. There will be a focus on societal well-being and value. It will be market by personalization and customization of production.
Summary
1.0 1780 Mechanisation
2.0 1870 Electrification- mass production and assembly lines.
3.0 1970 Automation using electronics and computers
3.5 1980 Globalisation-production diverted by low-cost economies
4.0 Digitalisation.
5.0 Personalization.