The first Industrial Revolution was powered by the invention of the steam engine. The second was powered by electricity and characterised by the development of the mass production assembly line and the division of labour. The third was powered by the development of the digital computer. The fourth is being powered by artificial intelligence.
The fourth Industrial Revolution is powered by a combination of:
- Artificial Intelligence and machine learning,
- the Internet of Things (IoT),
- additive manufacturing or 3D printing, and
- automation and robotics
BNY Mellon has described it as "the convergence of physical and digital that can create a digital feedback loop leading a specific outcome in the real world." (Source: The many faces of Industry 4.0)
The digital revolution has no boundaries or borders. It is changing behaviour and expectations as much as the tools used to deliver new services and experiences. (Source: Megatrends - Issues - PwC UK)