Fourth Industrial Revolution is the AI Revolution: With Reference to Different Industry Perspective

Author:Vertika Agarwala*, Gaurav Goyalb

Abstract:
The World Economic Forum's founder and executive chairman, Klaus Schwab, coined the phrase "fourth industrial revolution" to characterize a situation in which people use linked technology to facilitate and govern their lives, allowing them to seamlessly transition between offline and digital worlds. Our lives and economy are drastically altered by the first industrial revolution, which replaces the rural and handicraft economies with one dominated by industry and machine production. During the second industrial revolution, mass manufacturing is facilitated and accelerated by oil and electricity. Information technology was introduced during the third industrial revolution and was utilized to automate production. The industrial revolutions are sometimes seen as distinct events, but when taken as a whole, they make more sense as a chain of developments that built on the inventions of the preceding revolution and resulted in increasingly sophisticated modes of production. The so-called fourth industrial revolution, which includes a number of cutting-edge technologies and has the potential to advance faster and more broadly than any previous period in human history, might see artificial intelligence completely transform everything. The government, academia, business, and civil society are all interested in comprehending the complex effects of the impending industrial revolution, but it is difficult to forecast how it will unfold. Experts believe that while developing technologies could be extremely beneficial to humanity, they also carry a risk to our very existence. If we talk with reference to India, Artificial intelligence is still at the start of business developments in all levels. This article discusses the major features, benefits, risks, opportunities and challenges of the fourth industrial revolutions with respect to Artificial intelligence with reference to various industries in India.

Keywords:Key Words: Fourth Industrial Revolution, Artificial Intelligence (AI), Emerging Technology.

DOI:10.46333/ijtc/12/2/5

International Journal of Trade & Commerce (Vol: 12 Issue:2)