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The Fourth Industrial Revolution: Trends and impacts on the world of work

The world is at the onset of the Fourth Industrial Revolution (4IR). Already we are using 3D printing to manufacture cars, drones to deliver products and even talking with robots. In the late 1990s, the world was shocked by the emergence of Smartphone equipped with computers, phones and cameras. Now, just 20 years later, we are at the brink of using bio-implantable communication devices. The emergence of such new technologies is dynamic, and it is bringing about radical and holistic changes in the way people live, work, and conduct relationship. These changes are found everywhere, not just in certain elements of society or markets, and happening simultaneously to create a whole new order. That’s why we call the 4IR a revolution, not just a change or transformation. This chapter analysis the current state of dynamic change and an unpredictable future, discusses both positive expectations and negative concerns and implications on societies as humankind has been rearranging its rules and orders to accommodate such technology-led developments. In particular, this chapter examines changes in technological environment, industry and business developments, and changes in economic processes such as shared economy and platform economy. Implication of these changes to role required of humans, its corresponding capabilities and required skills and the structure of labor market will be discussed. And finally, under these circumstances, the role of education will be also discussed.