Concept
Fourth Industrial Revolution
Related concepts (7)
Cyber-physical system
A cyber-physical system (CPS) or intelligent system is a computer system in which a mechanism is controlled or monitored by computer-based algorithms. In cyber-physical systems, physical and software components are deeply intertwined, able to operate on different spatial and temporal scales, exhibit multiple and distinct behavioral modalities, and interact with each other in ways that change with context. CPS involves transdisciplinary approaches, merging theory of cybernetics, mechatronics, design and process science.
Technological unemployment
Technological unemployment is the loss of jobs caused by technological change. It is a key type of structural unemployment. Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (automation), and humans' role in these processes are minimized. Just as horses were gradually made obsolete as transport by the automobile and as labourer by the tractor, humans' jobs have also been affected throughout modern history.
Digital twin
A digital twin is a digital representation of an intended or actual real-world physical product, system, or process (a physical twin) that serves as the effectively indistinguishable digital counterpart of it for practical purposes, such as simulation, integration, testing, monitoring, and maintenance. The digital twin has been intended from its initial introduction to be the underlying premise for Product Lifecycle Management and exists throughout the entire lifecycle (create, build, operate/support, and dispose) of the physical entity it represents.
Internet of things
The Internet of things (IoT) describes devices with sensors, processing ability, software and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks. The Internet of things encompasses electronics, communication and computer science engineering. Internet of things has been considered a misnomer because devices do not need to be connected to the public internet, they only need to be connected to a network, and be individually addressable.
Technological revolution
A technological revolution is a period in which one or more technologies is replaced by another novel technology in a short amount of time. It is an era of accelerated technological progress characterized by innovations whose rapid application and diffusion typically cause an abrupt change in society. A technological revolution generally increases productivity and efficiency. It may involve material or ideological changes caused by the introduction of a device or system.
Automation
Automation describes a wide range of technologies that reduce human intervention in processes, namely by predetermining decision criteria, subprocess relationships, and related actions, as well as embodying those predeterminations in machines. Automation has been achieved by various means including mechanical, hydraulic, pneumatic, electrical, electronic devices, and computers, usually in combination. Complicated systems, such as modern factories, airplanes, and ships typically use combinations of all of these techniques.
World Economic Forum
The World Economic Forum (WEF) is an international non-governmental and lobbying organisation for multinational companies based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer Klaus Schwab. The foundation, which is mostly funded by its 1,000 member companies – typically global enterprises with more than US$5 billion in turnover – as well as public subsidies, views its own mission as "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".