We are on the verge of facing a new era of industrial revolution 4.0. Thanks to quantum computing, 3D printing, artificial intelligence, robotics and the Internet of Things making it possible to touch the new horizons of technical advancement.
None of the above is possible without consuming and analysing, the abundant amount of data available from different sources. Have you ever realised when you step out of your homes early in the morning, how much data these big companies are collecting just by your commute-card touch?
When you buy something online from Amazon, eBay or any other eCommerce giants. They track and collect data on consumers such as;
- What time of the day are you shopping online?
- What methods are you using to purchase?
- Why are your buying habits?
- What location you are buying from etc,.
The upcoming industry revolution 4.0 will have a huge effect by this available data. Let’s have a quick look at what Industrial Revolution 4.0 means, How is Big Data become the backbone of IR4.0 and what it will mean for the next generation.
With so much data available, what role will it have in the upcoming fourth industrial revolution? Here is a quick look at what that revolution entails, big data’s role and what it all means going forward.
What Industrial Revolution 4.0 means?
Before we go forward and understand what is IR 4.0. We must look into what were the previous Industrial Revolutions and how did they affect our lives.
First Industrial Revolution took place in 18th century. Britain was the pioneer during its first stage. Most of the innovations were originated in Britain.
One of the most famous innovations were the steam engine. Now we all know how much it affected our lives. Have a look at the stats below showing 7 Top Railway Coverage by Country in Kilometers.
Second Industrial Revolution happened in the end of 19th century and early 20th century. It was the time just before when world war I was about to begin.
This was the age of inventions like the telegraph and huge production machines with highly efficient quality standards. Top well-known products came were; Engines and turbines, pumps and compressors, valves, gears, bearings and other gear. And I am sure I don’t have to fill you up with how much they have affected our lives.
After that, we stepped into the third industrial revolution where we got internet and smartphones. That happened around the end of the 20th century. These inventions affected humans so much that now people can’t even imagine living without them. Bill Gates once said that
If your business is not on the internet, then your business will be out of business.
Bill Gates (Microsoft)
Smartphones have been helping people on daily basis. Statista did a study in which they disclosed that by 2020 there will be more than 2.87 billion mobile users worldwide.
On the other hand, we could see the negative effect of smartphones on our lives. Lior Frenkel explained at TEDxBG summit that Why we should rethink our relationship with the smartphone.
IR4.0 – Industrial Revolution 4.0
Now as we are getting into the early 21st century. Industrial revolution 4 is coming along. It is primarily based upon Big Data.
Yes, Big Data will be the most important component of all innovations going to happen in IR4. Even in the current world, Big Data Is More Prevalent in Daily Life Than You Might Think
Let me share some surprising facts about Big Data
- 6 million developers and analysts are working in big Data worldwide.
- Big enterprises increased there budget and by the end of the year, $57 billion will be invested in Big Data.
- Business intelligence and analytics market have reached a whopping $18.3 billion already.
- Per second – Per person on earth will generate 1.7 megabytes of data by 2020.
- More than 85% of companies are trying to adopt big data technologies, but only 40% of that number confirmed they’ve been successful.
And there are many more reasons why Big data is becoming the first choice of industry. In fact, I can say that the BigData revolution is the future of business success.
McKinsey Global Institute reported in 2017 that the research arm of the consulting firm projected around 140,000 to 190,000 more workers with “deep analytical” expertise will be needed in the United States only. Approx 1.5 million more data-literate managers will be retrained or hired.