Globalization and Emerging Opportunities and Challenges in Sustainable Environment in Industry 4.0

Abstract

The rapid technological advancement of the manufacturing sector over the past few decades inevitably led to the rise of Industry 4.0. It has the potential to significantly alter how globalisation is practiced in the production and consumption of products and services across international markets. In this chapter, the authors take a closer look at the rise of Industry 4.0 and the new technical architecture that underpins it, as well as the benefits it's expected to bring. In addition, how technology can be used to fortify a company's competitiveness and shield it from the perils of this transformation. The new global division of labour, the worldwide supply chain, and the global value chain will all be profoundly affected by this multifaceted technology, as evidenced by a thorough examination of the relevant literature. It will alter the competitive landscape by shifting the advantage away from large corporations and toward small and medium-sized enterprises (SMEs) in emerging marketsand developed markets. As human and technological skills advance quickly, businesses may be able to profit.