Paragraph about The Fourth Industrial Revolution

The Fourth Industrial Revolution has been defined as technological developments in cyber-physical systems such as high capacity connectivity; new human-machine interaction modes such as touch interfaces and virtual reality systems; and improvements in transferring digital instructions to the physical world. The Fourth Industrial Revolution has brought several advantages for society and businesses, including: Increased productivity, Improved quality of life, Lower barriers to entrepreneurship, New markets for businesses. Industry 1.0 : 1st Industrial Revolution took place in Europe and North America in the 18th century with the invention of steam engine. 1st industrial sector i.e. Textiles and iron industry began journey in Europe. Starting in 1784 Industry 1.0 lasted till the ending of 19th century. Industry 2.0 : 2nd Industrial Revolution was driven by invention of new sources of power like electricity, oil, and gas in the 1870s. Large scale production concept and concept of mass factory were invented by Industry 2.0 and lasted till middle of the 1960s. Industry 3.0 : 3rd Industrial Revolution began in 1969 with invention of newer sources of energy like nuclear power, innovation of computer technology and massive progress of semiconductor. Telecommunication sector especially mobile communication technology, invention of internet, email communication, massive progress of medical technologies, etc. took place during Industry 3.0. Industry 4.0 & Bangladesh : The Fourth Industrial Revolution might hit Bangladesh’s economy badly and create huge challenges for the country, if it fails to embrace advanced digital technology. According to the World Economic Forum (WEF), around 800 million people worldwide are likely to lose their jobs by 2030. During the same period, jobs abroad and at home of approximately 5.7 million unskilled workers from Bangladesh would be terminated. This is quite a frightening employment scenario for the country. But at the same time, Its plus point is its high proportion of young population. Now, the demographic pattern here in Bangladesh can be made either an asset or a huge burden.

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The Fourth Industrial Revolution is about more than just technology-driven change; it is an opportunity to help everyone, including leaders, policy-makers and people from all income groups and nations, to harness converging technologies in order to create an inclusive, human-centered future. The real opportunity is to look beyond technology, and find ways to give the greatest number of people the ability to positively impact their families, organisations and communities. The Fourth Industrial Revolution represents a fundamental change in the way we live, work and relate to one another. It is a new chapter in human development, enabled by extraordinary technology advances commensurate with those of the first, second and third industrial revolutions. These advances are merging the physical, digital and biological worlds in ways that create both huge promise and potential peril. The speed, breadth and depth of this revolution is forcing us to rethink how countries develop, how organisations create value and even what it means to be human. It should come as no surprise that Industry 4.0 has a significant impact on the industrial automation process. Using the combined efficacy of cloud computing, the Internet of Things (IoT), analytics, AI, and machine learning, companies are now able to manufacture, improve, and distribute their products at a scale that has never been seen before. This has led to the rise of smart factories which are equipped with advanced sensors, robotics, and software to collect and analyze data to enhance and improve the overall decision-making process. For instance, replacing manual inspection with AI-operated insights can greatly reduce errors and hence, save time and money. Similarly, quality control personnel can use the cloud to monitor the manufacturing process from virtually anywhere on the planet. Lastly, manufacturers can use machine learning technology to detect any error that may occur immediately rather than having to wait for the error to be noticed. In essence, the implementation of Industry 4.0 will lead to improved cost efficiency, flexibility, scalability, safety, control, and much more.

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