Fourth Industrial Revolution
"The fourth industrial revolution will affect the very essence of our human experience." ___ Klaus Schwab.
Professor Klaus Schwab, founder and executive chairman of World Economic Forum (WEF), first coined the term fourth industrial revolution (4IR). It refers to the current wave of technological advancement characterized by emerging technologies like artificial intelligence (AI), Internet of Things (IoT), blockchain, robotics and big data. This revolution builds on the digital transformation seen in the previous revolutions and is expected to create profound changes in the way industries operate, how people live and how countries progress economically and socially.
In Bangladesh, the 4IR is seen as both an opportunity and challenge. It holds the potential to unlock immense economic growth but also requires the country's active engagement with technology to modernize its infrastructure. Bangladesh in demonstrating considerable preparedness in embracing the opportunities of the fourth industrial revolution with noticeable achievements along the way.
The use of IR 4.0 technologies in banking or financial sector (Fintech) will greatly reduce the traditional banking services. In industry, the 4IR offers several benefits to industries such as:
- increased efficiency and productivity
- improved decision making
- Big data analytics
- Better supply chain management
- Increased safety and security
- Automation of many task
At present, the number of youth in Bangladesh is 5 crores which is more than 30% of the total man power of the country. This demographic devident is an opportunity to reap the significant benefits from this technological revolution.