Researchers, entrepreneurs, and representatives of government agencies and public groups address Industry 4.0-related issues consistently. Economists are paying increasing attention to the effects of the Industry 4.0 paradigm on global and national economies and capital markets. As a result of technological advancements and inventions, the global industrial environment has changed drastically in recent years. Industry 4.0 may be likened to three industrial revolutions in earlier centuries and represent technological advances' most critical disruptive transformations in production.
The steam engine accelerated the First Industrial Revolution in Britain in the mid-18th century. The Second Industrial Revolution occurred in Europe and the US in the late 19th century.
Mass manufacturing and electrical energy replaced steam engines in this revolution. Several technologies and mechanization increased output to meet demand. Integrated circuits started the Third Industrial Revolution (microchip).
