The effect of digitalisation for industry 4.0

Abstract

The economic system that exists in the world has a structure that initiates the private sector. This situation forces the public sector to focus on innovation and change. In this context, all private or public sectors benefit from information and communication technologies. Governments and international organizations must create the necessary regulations for societies to integrate into a new technology-driven industry. Industries will continue to evolve rapidly as it is now inevitable that these new technologies will be adopted to succeed in the market. In addition, 3D printing (additive manufacturing) is bringing about dramatic improvements in industries. Cloud and IoT services allow companies to store data more efficiently. Companies and businesses that cannot keep pace with innovation and transformation cannot adapt to the new economic system. Industry 4.0 offers many opportunities for more efficient and productive production processes. The future winners will be those businesses open to taking revolutionary steps in the industry.. At the same time, it is undeniable that the new digital age will increase inequality in income distribution worldwide. In this respect, governments and organizations should play a regulatory role to ensure that digital transformation has the least possible negative impact on businesses. These new technologies are becoming more affordable today, and some industries are taking cooperative steps to adopt them.