The Fourth Industrial Revolution is a way of describing the blurring of boundaries between the physical, digital, and biological worlds. The Fourth Industrial Revolution (4IR) is a term coined in 2016 by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF). It’s a fusion of advances in artificial intelligence (AI), robotics, the Internet of Things (IoT), Web3, blockchain, 3D printing, genetic engineering, quantum computing, and other technologies. It’s the collective force behind many products and services that are fast becoming indispensable to modern life. 

As a result of this perfect storm of technologies, the Fourth Industrial Revolution is paving the way for transformative changes in the way we live and radically disrupting almost every sector. 

The Fourth Industrial Revolution has brought several advantages for society and businesses, including:

• Increased productivity
• Improved quality of life
• Lower barriers to entrepreneurship
• New markets for businesses

Industry 1.0 : 1st Industrial Revolution took place in Europe and North America in the 18th century with the invention of steam engine. 1st industrial sector i.e. Textiles and iron industry began journey in Europe. Starting in 1784 Industry 1.0 lasted till the ending of 19th century.

Industry 2.0 : 2nd Industrial Revolution was driven by invention of new sources of power like electricity, oil, and gas in the 1870s. Large scale production concept and concept of mass factory were invented by Industry 2.0 and lasted till middle of the 1960s.

Industry 3.0 : 3rd Industrial Revolution began in 1969 with invention of newer sources of energy like nuclear power, innovation of computer technology and massive progress of semiconductor. Telecommunication sector especially mobile communication technology, invention of internet, email communication, massive progress of medical technologies, etc. took place during Industry 3.0.

Industry 4.0 & Bangladesh : The Fourth Industrial Revolution might hit Bangladesh’s economy badly and create huge challenges for the country, if it fails to embrace advanced digital technology. According to the World Economic Forum (WEF), around 800 million people worldwide are likely to lose their jobs by 2030. During the same period, jobs abroad and at home of approximately 5.7 million unskilled workers from Bangladesh would be terminated. This is quite a frightening employment scenario for the country. But at the same time, Its plus point is its high proportion of young population. Now, the demographic pattern here in Bangladesh can be made either an asset or a huge burden.