“The digital revolution is far more significant than the invention of writing or even of printing” – Douglas Engelbart.
The world has seen a disruptive transformation from the steam engines in the 1700s, mass electricity production in 1800s, digital technology in 1900s to today’s Fourth Industrial Revolution of AI, IoT and ML. The recent growth of next-gen technologies development services have paved the foundation for 4IR. The revolutionized innovations today have finally made the world capable of diminishing the gaps between physical and digital universes. The latest PwC report highlights that almost 90% of the customers are using at least one of the 4IR technologies.
On the other side, 4IR can also increase inequality among the labour class due to the division of income according to their skill levels. Klaus Schwab, who is the Founder and Executive Chairman of the World Economic Forum, wrote an article on 4IR in 2016. And in his own words, “the changes are so profound that, from the perspective of human history, there has never been a time of greater promise or potential peril”.
4IR is an amalgamation of various next-generation technologies like AI, IoT, ML, AR/VR, Cloud Computing, Big Data, Blockchain and high-speed mobile Internet. A global report by Salesforce shows that 70% of customers think connected processes like contextual engagement derived from past communications is the winning formula. Personalized and responsive designs hold an immense amount of significance and hence collecting customer data has become crucial than ever it was. Education and worldwide information is now easily accessible through robust communication networks with machine learning services. Social media has climbed its way to the top by offering instant communication across more than 30% of the people in the world.
E-commerce sector is already living the dream as drone facilities now transform delivery services to most of the remotest areas. Biotechnology has taken medical services to a level that combines physical and virtual worlds through neuroscience. Human brains, connected to computers that deliver intelligent solutions for healthier lifespans. Automotive innovations have introduced electric cars that require charging instead of fuel, resulting in decreased carbon emissions. According to a report by McKinsey, the contribution by digital deployments to the universal GDP could go up to $2.5 trillion by 2025. Overall, 4IR is going to have the most impact on employment as the AI will take over business solutions with Chatbot development services and machines replacing human jobs. Automation would help in reducing the dull aspects of work which will eventually enable humans to concentrate more on challenging tasks.
AI is capable of raising the potential of doing almost impossible things in every sector. It can scan a whole digital library in a matter of seconds as well as search for cancer cells in a human body. Combining AI and IoT promise exponential growth of jobs by automating many complex medical processes. Professor Skilton, a well-known author of books regarding the digital revolution, has provided a great example. He said that AI would replace around 10-20% of the routine tasks of professors. Whereas, almost 40% of the operations involving knowledge, investigation and theorizing will be automated.
One cannot help but think of a Dystopian world residing simultaneously besides the Utopian world that is created by the 4IR. The SalesForce report, as mentioned earlier, indicates that 62% of customers find it uneasy and are afraid of how their data is compromised. It also reveals the adverse effects of these technologies on the masses while using Big Data for analysis. Growing demand for apps with AR/VR and data intelligence is capable of making autonomous decisions through Big Data. The above mentioned McKinsey’s report also states that due to the dislocation of human jobs, almost 350 million employees might need to change their occupation by 2030.
Employment sector is immensely affected by 4IR. Hence, the advancements in AI, IoT, Robotics are bound to put a great deal of pressure on the industries to automate processes in mobile app and web development. To remain competitive, they would need to prepare their organization accordingly, to enable themselves to adapt to these technologies. And this would eventually lead to downsizing, clearly anticipated by McKinsey’s report showing the displacement of a whopping 800 million employees by 2030.
A sustainable economy is another sector deeply impacted by 4IR. The three strong pillars that fuel an economy are large, medium, and small enterprises. However, large businesses find it easier to adapt to technological advancements as compared to smaller ones. The Global Entrepreneurship Index recently highlighted that only 52% of the world’s entrepreneurship capacity is utilized. Economic growth has to be sustainable for long term and future of work, and that needs more emphasis on supporting independent entrepreneurs.
The evolution of technology since decades has established an interesting connection with the rise or downfall of global productivity. Technology is the primary driving force behind the growth of productivity. And productivity depends on the correlation between perception and reception. On the one hand, the post-war decades compelled people to raise their living standards. The technology was termed as a great contributor of both the societal and economic progress as it increased productivity. However, as it continued evolving, people’s perception of calling it “progress” also changed to “innovation”. The term innovation doesn’t define what it means for the development – it is both progressive and yet destructive.
A study in Australia highlighted that approximately 60% of the things children are taught today in schools, will be replaced by automation when they would enter the job market. Whereas, the World Economic Forum highlighted that around 38% of businesses anticipate that AI and automation is going to generate jobs that enhance productivity levels in the future. Similarly, AI can assist recruiters in processing large volumes of data to search for the right candidate. On the other hand, as Chatbots take over to analyze candidate, they can entirely replace the recruiters.
Change is inevitable. The replacement of jobs by automation can give birth to even better roles by providing the right skill training. It’s a process of paying forward. In a society, automation is more about an intelligence transformation. AI has a critical impact on the way people go out and search for information with the advent of next-gen technologies. And it would eventually define how they suggest new things accordingly. As the revolution keeps evolving, next-gen development company like 9series aim to adapt themselves too. In the next ten to twenty years, the way we work and learn is going to change drastically. New roles will help in instilling a new sense of freedom and responsibilities.