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International Journal of Business and Management Future
Vol. 4, No. 2; 2020
ISSN 2575-7911 E-ISSN 2575-792X
Published by CRIBFB, USA
41
INDUSTRY 4.0: CHALLENGES, OPPORTUNITIES, AND STRATEGIC SOLUTIONS
FOR BANGLADESH
Dr. Abul Bashar Bhuiyan
Associate Professor
Faculty of Business and Accountancy
University of Selangor, Shah Alam, Malaysia
E-mail: bashariuk@gmail.com
Md. Jafor Ali
Lecturer
Faculty of Business Administration
Islamic University, Kusthia, Bangladesh
E-mail: jaforkb@gmail.com
Dr. Norhayah Zulkifli
Professor & Dean
Faculty of Business and Accountancy
University of Selangor, Shah Alam, Malaysia
E-mail: norhayah@unisel.edu.my
Dr. Mokana Muthu Kumarasamy
Lecturer
Faculty of Business and Accountancy
University of Selangor, Shah Alam, Malaysia
E-mail: mokana@unisel.edu.my
ABSTRACT
In the recent decade, the term Industry 4.0 or Fourth Industrial Revolution is a common
buzzword represents the adoption of disruptive digital technologies (Internet of things, Big Data,
3D printing, Cloud computing, Autonomous robots, Virtual reality, Augmented reality, Self-
driving car, Cyber-physical system, Artificial intelligence, Smart sensors, Nanotechnology,
Drones, and Biotechnology, etc.) in the production process which is transforming the
manufacturing units into smart factories and experiencing a great change in the global value
chain. Moreover, these revolutionary digital technologies have a profound impact on the
economy, growth, globalization, governments, international trade, global supply chain, and
human capital transformation, etc. The present review study aims to explore the impact,
challenges, and opportunities of the fourth industrial revolution based on empirical findings
specially and extensively in the context of Bangladesh. The study finds regardless of having
enormous potentiality, the application of the fourth industrial revolution is far lagging for some
challenges i.e. lack awareness, insufficient capital, lack of infrastructure, lack of skilled human
capital, and some socio-economic challenges. This review paper will also develop conceptual
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42
links with the relevant aspect of strategic planning and application of key industry 4.0
technologies and help to formulate future policy guidelines regarding opportunities, application,
and strategic decision making for the fourth industrial revolution in Bangladesh.
Keywords: Industry 4.0, Challenges and Opportunities, Strategic Solutions & Bangladesh.
INTRODUCTION
During the last few decades, technology is evolving with profound pace, velocity and impact
(Petrillo, De Felice, Cioffi, & Zomparelli, 2018) and that swift digital technological advancement
have bought forth the Fourth Industrial Revolution or Industry 4.0 in front of us (Global, 2017; K
Schwab, 2016). The Industry 4.0, an umbrella term primarily coined in Germany at Hannover
Fair in 2011, is a tectonic shift in the global value chain and transforming manufacturing units
into smart factories virtually and customizing products or introducing new operation models
(Acton, 2018; Cheng, Liu, Qiang, & Liu, 2016; Petrillo et al., 2018; K Schwab, 2016; Stankovic,
Gupta, Figueroa, Authried, & Rueth, 2017). The world is amid revolutionary digital technology
that transforming societies and global production and economy in a sophisticated and integrated
approach (Brynjolfsson & McAfee, 2014; Culot, Nassimbeni, Orzes, & Sartor, 2020). The fourth
industrial revolution introduced the adoption and integration of disruptive technological tools
and cyber-physical system, in a break with the third industrial revolution (artificial intelligence
(AI), robotics, the internet of things (IoT), autonomous vehicles, 3D printing, nanotechnology,
biotechnology, materials science, energy storage, and quantum computing, etc.) that contain and
transmit digital information (Petrillo et al., 2018; Klaus Schwab & Davis, 2018; Wyrwicka &
Mrugalska, 2017; Yue, Cai, Yan, Zou, & Zhou, 2015). Adoption of Industry 4.0 leverages the
value chain of businesses that enhances the connectivity and horizontal & vertical integration of
businesses and transforming into smart factories with the help of the Cyber-Physical
System(Hazen, Skipper, Ezell, & Boone, 2016; Trade, 2014). The profound advancement of
digital technologies embedded with higher-level manufacturing process automatically
administered by cognitive information systems in smart factories in the form of intelligent
sourcing, self-optimization, and self-customization (Cezarino, Liboni, Stefanelli, Oliveira, &
Stocco, 2019; Hazen et al., 2016; Stankovic et al., 2017). The invention of flexible automation
systems help to produce customized goods and services according to the preferences and needs
of different customers with a higher degree of efficiency in large quantities (Accorsi, Bortolini,
Baruffaldi, Pilati, & Ferrari, 2017; Gokalp, Kayabay, Akyol, Eren, & Koçyiğit, 2016; Huckle,
Bhattacharya, White, & Beloff, 2016). The interconnected data integration, the innovation of
smart technologies, Internet of Things (IoT), innovative customer demands are among few
factors driving industry 4.0 (Cheng et al., 2016; Cooper, 2017; Gokalp et al., 2016; Gorecky,
Schmitt, Loskyll, & Zühlke, 2014; Horváth & Szabó, 2019). In particularly, Industry 4.0, now,
affects all sectors and disciplines, and have an enormous impact disproportionately on developed
and developing nations (Anderl, 2015; Becker & Stern, 2016; Faller & Feldmüller, 2015; Gokalp
et al., 2016; Gorecky et al., 2014; Ji, Ganchev, O'Droma, Zhao, & Zhang, 2014; Klaus Schwab &
Davis, 2018; Stankovic et al., 2017). This fourth industrial revolution shortens periods for
launching new products around the globe, more flexible product lines, increased productivity,
more efficient use of resources, integrating the virtual global factory in global value chains
(Ângelo, Barata, da Cunha, & Almeida, 2017; Huckle et al., 2016). Though the impact of
Industry 4.0 might not be abrupt, it will convey a paradigm shift that will greatly transform the
present production, job, business, livelihood, and interaction indiscriminately in the developing
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43
and developed economies (Dagli, 2016; Fettig, Gačić, Köskal, Kühn, & Stuber, 2018; Huckle et
al., 2016; Rüßmann et al., 2015; Klaus Schwab & Davis, 2018; Stankovic et al., 2017).
So far the world has witnessed various technologies such as mechanical, electrical, and
information technology used improving industrial mechanism and productivity in the first three
industrial revolutions (Stearns, 2012; Zhou, Liu, & Zhou, 2015). The industry 1.0 developed
efficiency of hydropower and improved production of machine tools; the second industrial
revolution was on the widespread use of the electric engine and mass production; and the third
industrial revolution on electronics and information technologies that resulting automation in
manufacturing industries (Floud, Humphries, & Johnson, 2014; K Schwab, 2016; Stankovic et
al., 2017; Stearns, 2012; Zhou et al., 2015). Finally, the fourth industrial revolution, a brainchild
of Germany, has started integration of traditional manufacturing processes with cyber-physical
production systems (Aulbur, CJ, & Bigghe, 2016; Du et al., 2017; Hofmann & Rüsch, 2017).
Due to technological enabling this revolution are connecting with the Internet, big data, cloud
computing, advanced robotics, artificial intelligence, new materials, new additive manufacturing
technologies (Anderl, 2015; Becker & Stern, 2016; Dener & Bostancıoğlu, 2015; Faller &
Feldmüller, 2015; Gokalp et al., 2016; Gorecky et al., 2014; Ji et al., 2014). Moreover, the Big
data technologies adopted in industry 4.0 for collecting, processing and analyzing large,
unstructured data using smart algorithms for effective real-time competitive business decisions
(Anderl, 2015; Faller & Feldmüller, 2015; Gokalp et al., 2016; Hazen et al., 2016; Hofmann &
Rüsch, 2017). The sphere of industry 4.0 is not only confined into smart & connected machines
and systems but in biological domains such as from gene sequencing to nanotechnology and
from renewables to quantum computing(K Schwab, 2016; Wyrwicka & Mrugalska, 2017).
Moreover, it will bring immense and multidimensional influence on the global macro-economic
variables such as GDP, investment, consumption, employment, trade, inflation, etc. (Klaus
Schwab & Davis, 2018; Sozinova, 2019). In these times, we are evolving in a nascent paradigm
shift where the fourth industrial revolution exponentially revolutionizing manufacturing process
through disruptive technologies but it has also powerful impact on the economy, international
trade, globalization, governments and countries, society and, individuals, access to information,
global supply chain, bio-research, and human capital transformation, etc. (Bongomin, Gilibrays
Ocen, Oyondi Nganyi, Musinguzi, & Omara, 2020; Ivanov, 2020; Kergroach, 2017; K Schwab,
2016; Szalavetz, 2017)
Bangladesh, a country of the Asia-Pacific region, is one of the fastest-growing economies
and its GDP is hovering around 6% to 8% during the last two decades. Bangladesh's export
earnings are growing at a substantial rate around 10% percent with some fluctuations which are
projected to be the twenty-eighth biggest economy in the world by 2030 (Bhattacharya, Rahman,
& Raihan, 2002; Griffin & Robinson, 2016; Humphrey, 2019). In the Bangladesh economy,
sector-wise Gross Domestic Product (GDP) is contributed by agriculture 13.32%, Industry
31.15% and services 55.53% respectively in the year 2018-19 and around 85 percent of the
country’s export earnings come through the RMG sector (Hussain, Failler, Karim, & Alam,
2018; Manni & Afzal, 2012). Due to Prudent macroeconomic policies and structural reforms the
growth has been robust, inflation eased, foreign exchange reserves have risen to a comfortable
position and stable GDP has facilitated navigating Bangladesh's economy in a good direction
having some domestic and global challenges (Humphrey, 2019). However, to gain maximum
benefits from Industry 4.0, it is time for the Bangladesh Government and the decision-makers of
private organizations to take action so that Industry 4.0 can be adapted and implemented in the
manufacturing and service industry(M. A. Islam, Jantan, Hashim, Chong, & Abdullah, 2018).
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Presently, the IT industry is playing the central role of digital transformation and ongoing
economic growth of Bangladesh and currently exporting about $1.00 billion of technology
products every year and projected $5.00 billion by 2025. To facilitate this transition, Bangladesh
has developed more than 8 000 digital centers across the country to help provide its citizens with
a variety of digital services (Hossain & Khan, 2016; Humphrey, 2019; M. A. Islam et al., 2018).
The application of industry 4.0 mechanisms offer tremendous opportunities for companies with
large investments not only to speed up production, but also to promote economic growth
(Moktadir, Ali, Rajesh, & Paul, 2018; Siddik, Alam, Kabiraj, & Joghee, 2017).
However, despite having a huge prospect of adoption of industry 4.0 in Bangladesh, it
has lots of challenges i.e. lack of awareness, labor skills, factory infrastructure, lack of enough
investment, technology applications in production, etc. (Jabbour, de Sousa Jabbour, Sarkis, &
Godinho Filho, 2017; Sarkar, Anjum, & Khan, 2017). Finally, this is an enormous opportunity
offered by the smart revolution, and this opportunity not to be lost, so the government and
private agency need to act together to mitigate the challenges reaping the maximum benefits of
industry 4.0 for the prosperity of Bangladesh.
BACKGROUND OF THE STUDY
Evolution of Industrial Revolution in the world
Industry 1.0 or the Industrial Revolution, also known as the first industrial revolution, is one of
the most significant turning points in the modern history of mankind (Ashton, 1997; Mohajan,
2019a). It was characterized by the transition from manual production methods to machines
through the use of steam and hydropower. The introduction of new technologies has taken a
long time so that the period to which this refers is between 1760 and 1820 or 1840 in Europe and
the United States (Agarwal & Agarwal, 2017; Allen, 2009; Berlanstein, 2003; Mohajan, 2019a).
The First Industrial Revolution transformed the world of production mechanism dominantly in
the textile industrial sector along with the development of iron and steel industries, development
of chemical industries, agricultural and mining, improvement of transportation, and development
of the social and economic structures, etc. (Ashton, 1997; Broadberry & Gupta, 2005; Mohajan,
2019a; Wrigley, 2018). In the mid of the 18th century, England was the world's leading trading
nation, controlling a global trading empire with colonies in North America and the Caribbean,
and with political influence on the Indian subcontinent, especially in Bengal, through a company
(Agarwal & Agarwal, 2017; Gillen & Ghosh, 2007; Mokyr, 2008; Ray, 2011). The First
Industrial Revolution is always marked as an important turning point in world socio-economic
history and almost every aspect of life was influenced in some way in the particularly opened
frontier of further improvement (Crafts, 1985; Mohajan, 2019a). Moreover, the First Industrial
Revolution contributed significant impacts on global economic growth, increase in production,
population growth and consumption of common people along with some negative impacts such
as child and women labor, sixteen hours working, unhygienic working environment and created
a wide gap between the rich and poor (Mohajan, 2019a; Voth, 2003).
Industry 2.0, also termed as the Second Industrial Revolution, Technological Revolution
or the American Technological Revolution, which began at the final third phase of the nineteenth
century to the beginning of the twentieth century, generally dated between 1870 and 1914 up to
the start of World War I (Mohajan, 2019b; Klaus Schwab & Davis, 2018; Smil, 2005). The
Second Industrial Revolution is a revolution of widespread inventions and the adoption of
technological advancements in the manufacturing and production process. The major inventions
and advancements in manufacturing and production process of the Second Industrial Revolution
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are electricity, telegraph, medicine, combustion engine, airplane, marine ship, paper, rubber,
automobiles, large scale chemical & petroleum industries, medical instruments, advanced iron,
and steel industries, improvement of railway transportation, educational transformation, and
scientific management of manufacturing industries (Freeman, 2018; Mohajan, 2019b; Smil,
2005). The massive electrification of factories steered substantial industrial development in the
United States, Great Britain, Germany, France, Japan, China, and Italy. The Second Industrial
Revolution transformed the global economy and livelihood of the population of the world in
many ways than any other period of human history; mainly it sketched a rough draft of today's
globalized world (Atkeson & Kehoe, 2001; Freeman, 2018).
Industry 3.0 or third industrial revolution began in the 1960s after two major wars- which
made stuck up industrialization and technological progress from the prior two revolutions. It is
also known as the computer, information technology revolution, or digital revolution (Baygin,
Yetis, Karakose, & Akin, 2016; K Schwab, 2016). The third industrial revolution refers to the
combined powers of information technology such as internet and renewables such as solar and
wind, computing technologies i.e. mainframe & personal computer, microprocessor or integrated
circuit, energy storage technologies, and new digital manufacturing technologies such as 3D
printing (Jänicke & Jacob, 2009; Smith, 2001). This revolution mainly revolved counties across
the world such as European Union nations, the United States, Japan, and China. Third Industrial
Revolution is not only a broad wave of innovation and production but truly it has made the world
globalized (Jänicke & Jacob, 2009; Rifkin, 2011; K Schwab, 2016).
Industry 4.0 or the fourth industrial revolution came into light in 2011 as a high-tech
strategy of the German government aimed at computerizing production and simultaneously in the
same year the Hannover Bureau of Industry Exhibitions introduced the word "Industry 4.0" to
the public (Keibek, 2017; Tong, 2016; Wrigley, 2018). Industry 4.0 introduced the adoption and
integration of disruptive technological tools and cyber-physical system, in a break with the third
industrial revolution (artificial intelligence (AI), advanced robotics, the internet of things (IoT),
autonomous vehicles, 3D printing, nanotechnology, biotechnology, big data analytics, materials
science, energy storage and quantum computing, new materials like graphene, and Fintech, etc.)
that contain and transmit digital information (Petrillo et al., 2018; Klaus Schwab & Davis, 2018;
Wyrwicka & Mrugalska, 2017; Yue et al., 2015). The Industry 4.0 revolution process reviled
integrated physical and cyber-physical systems automatized mass manufacturing of customized
products and services for modern-day clients (Cheng et al., 2016; Cooper, 2017; Faller &
Feldmüller, 2015; Gokalp et al., 2016; Hofmann & Rüsch, 2017). Industry 4.0 connects digital
and physical technologies predominantly focus on the integrated man-machine approach through
the smart factory production process (Baygin et al., 2016; Cheng et al., 2016; Gokalp et al.,
2016; Hofmann & Rüsch, 2017). Picturesque view of all industrial revolutions can be drawn as;
Figure 1. Diagram by Christoph Roser at AllAboutLean.com (CC BY-SA 4.0)
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Concept and Robustness of Industry 4.0
The Fourth Industry Revolution is focused on the model of smart factories, where the cyber-
physical production systems (CPPS) are used as a way of integration between men and
machinery. In other words, Industry 4.0 is the adoption of disruptive technologies in the
organization that manages and controls the business or production value chain of customized
products to satisfy customer needs (Keibek, 2017; Petrillo et al., 2018; Tong, 2016; Varghese &
Tandur, 2014; Wrigley, 2018). Industry 4.0 covers three fundamental aspects of the modern-day
manufacturing process a) Digitization and increased integration of vertical and horizontal value
chains, b). Digitization of product and service offerings through intelligent networks,c).
Introduction of innovative digital business models across the enterprise (Keibek, 2017; Petrillo et
al., 2018; Tong, 2016; Wrigley, 2018). In particularly, Industry 4.0, now, affects all sectors and
disciplines, and have an enormous impact disproportionately on developed and developing
nations (Anderl, 2015; Becker & Stern, 2016; Faller & Feldmüller, 2015; Gokalp et al., 2016;
Gorecky et al., 2014; Ji et al., 2014; Klaus Schwab & Davis, 2018; Stankovic et al., 2017). This
fourth industrial revolution shortens periods for launching new products around the globe, more
flexible product lines, increased productivity, more efficient use of resources, integrating the
virtual global factory in global value chains (Ângelo et al., 2017; Huckle et al., 2016). Though
the impact of Industry 4.0 might not be abrupt, it will convey a paradigm shift that will greatly
transform the present production, job, business, livelihood, and interaction indiscriminately in
the developing and developed economies (Dagli, 2016; Fettig et al., 2018; Huckle et al., 2016;
Rüßmann et al., 2015; Klaus Schwab & Davis, 2018; Stankovic et al., 2017). In addition to
decentralized decisions on the ability of cyber-physical systems to make decisions on their own
and perform their functions as independently as possible and also it envisages environmentally
sustainable construction through green production processes, green supply chain management
and green products (Hazen, Boone, Ezell, & Jones-Farmer, 2014; Huckle et al., 2016; Jeng,
Tzeng, Tseng, Xu, & Liu, 2016; Lee, Bagheri, & Kao, 2014). Industry 4.0 is allowing
transparency of large amounts of data and information from all parts of the manufacturing
process, human support systems, and visualizing information to make informed decisions, to
solve urgent problems or to avoid any unpleasant (Accorsi et al., 2017; Backhaus & Reinhart,
2017; Bui, Yoon, Huh, Jun, & Lee, 2017; Dener & Bostancıoğlu, 2015). The fourth industrial
revolution might be more powerful, impactful, robust, and historically important than the
previous three, is affecting our economic, environmental, social, and political systems
tremendously. Moreover, it offers new opportunities to gain deeper insights into simplified
process simulations, efficiency optimizations, early warnings, predictive analytics, and access to
information on the organizational value chain (Giannetti, 2017; Petrillo et al., 2018; K Schwab,
2016).
Enablers and Drivers of Industry 4.0 Revolution
The main disruptive technology driving the fourth industrial revolution are the internet, big data,
cloud computing, advanced robotics, artificial intelligence, autonomous vehicle, new materials,
new additive manufacturing technologies especially 3D printing, hybrid manufacturing,
machines, and generic and synthetic microbiology (Hofmann & Rüsch, 2017; Klaus Schwab &
Davis, 2018). In these "smart industries", machinery and consumables integrate "together"
during industrial processes to add scope and personalization to the manufacturing process, which
is done in a relatively digital and integrated way (Ângelo et al., 2017). However, the concept of
Industry 4.0 goes beyond integrating production and distribution processes rather it includes all
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the different spheres of the value chain, and new product development processes (Gokalp et al.,
2016; Hazen et al., 2016). Big data is one of the major technologies adopted in industry 4.0. It is
for collecting, processing, and analyzing large, unstructured data using smart algorithms for
decision making (Anderl, 2015; Faller & Feldmüller, 2015; Gokalp et al., 2016; Hazen et al.,
2016; Hofmann & Rüsch, 2017). Another important disruptive technology is cloud computing,
which manages huge volumes of data on open systems and provides a real-time connection to the
production system. It helps access to information from anywhere in the world at any time,
increasing flexibility (Anderl, 2015; Atanasov, Nikolov, Pencheva, Dimova, & Ivanov, 2015;
Faller & Feldmüller, 2015). In a smart factory, data is digitally transmitted, so cybersecurity
plays a key role in the new industrial data protection. Computer security systems are important
for the full potential of other technologies (Du et al., 2017; Hofmann & Rüsch, 2017; Kusiak,
2017). Industry 4.0 involves the use of automated advanced robotics that are directly managed
by the smart factory and connected to the corporate system (Hazen et al., 2016). The
development of disruptive technological systems and the increased personal demands of
customers have led to the development of additive manufacturing and 3D printing technologies
(Gokalp et al., 2016). With horizontal and vertical integration technology, it is possible to cross-
group corporate data integration according to data transfer standards (Cheng et al., 2016; Cooper,
2017; Gokalp et al., 2016; Gorecky et al., 2014). This new industrial revolution will include
shorter periods for launching new products, more flexible product lines, increased productivity,
more efficient use of resources, and even the ability of companies to integrate into global value
chains (Ângelo et al., 2017; Huckle et al., 2016). Flexible Customization of the production chain
and direct communication between the various links in the production chain with the help of
flexible automation systems help to enhance the degree of efficiency and production of large
quantities (Dagli, 2016; Huckle et al., 2016).
Global Impact of the Industry 4.0
The fourth industrial revolution is a new episode of the development history of human
civilization which is empowered by disrupting technological development including with those
of the first, second and third industrial revolutions (Brunet-Thornton & Martinez, 2018; Morrar,
Arman, & Mousa, 2017; Klaus Schwab & Davis, 2018). In these times, we are evolving in a
nascent paradigm shift where the fourth industrial revolution exponentially revolutionizing
manufacturing process through disruptive technologies but it has also powerful impact on the
economy, international trade, globalization, governments and countries, society and, individuals,
access to information, global supply chain, bio-research, and human capital transformation, etc.
(Bongomin et al., 2020; Ivanov, 2020; Kergroach, 2017; K Schwab, 2016; Szalavetz, 2017). The
Industry 4.0, however, is a tectonic shift from the analog and mechanical technologies into smart
and digital manufacturing factories virtually and customizing products or introducing new
operation models (Acton, 2018; Cheng et al., 2016; Petrillo et al., 2018; K Schwab, 2016;
Stankovic et al., 2017). Furthermore, revolutionary digital technology has great influences in
reshaping societies and global production and economy in a sophisticated and integrated
approach (Brynjolfsson & McAfee, 2014; Culot et al., 2020). The fourth industrial revolution
will have a massive and multifaceted impact on productivity, growth and economic development
through disruptive and innovative smart technologies that unleashing surge in productivity and
higher economic growth (Aghion, Bacchetta, Ranciere, & Rogoff, 2009; Rüßmann et al., 2015;
K Schwab, 2016). The industry will have a great impact on the global labor market, conditions
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and skills of employees and it is thought that many traditional jobs will be replaced by new skills
and forms of jobs and lots tiresome and repetitive task are going to transform from manual labor
to automation (Benešová & Tupa, 2017; Kergroach, 2017; Rajnai & Kocsis, 2017; K Schwab,
2016). The fourth industrial revolution driving forces Internet of things, Big Data, 3D printing,
Cloud computing, Autonomous robots, Virtual reality, Augmented reality, Cyber-physical
system, Artificial intelligence, Smart sensors, Fintech, Simulation, Nanotechnology, Drones, and
Biotechnology, etc. has a substantial impact on how we live, act and communicate in our
everyday life and it is remodeling governments and countries, individuals, education and
research, healthcare, international trade, and finally almost every aspect of modern life (Li, Hou,
& Wu, 2017; Park, 2016; Philbeck & Davis, 2018; Klaus Schwab & Davis, 2018). So that
Klaus Schwab In his book “The Fourth Industrial Revolution,’’ has narrated that “The Fourth
Industrial Revolution, finally, will change not only what we do but also who we are. It will affect
our identity and all the issues associated with it: our sense of privacy, our notions of ownership,
our consumption patterns, the time we devote to work and leisure, and how we develop our
careers, cultivate our skills, meet people, and nurture relationships.”
Industry 4.0 in Bangladesh Perspective
Bangladesh, a country of the Asia-Pacific region, is one of the fastest-growing economies and its
GDP is hovering around 6% to 8% during the last two decades. Bangladesh's export earnings are
growing at a substantial rate around 10% percent with some fluctuations which are projected to
be the twenty-eighth biggest economy in the world by 2030 (Bhattacharya et al., 2002; Griffin &
Robinson, 2016; Humphrey, 2019). Agriculture is one of the important sectors in Bangladesh's
economy in terms of GDP and employment generation, which contributes about 13.32% and
43% respectively in FY 2018-19 (M. S. Islam, 2014). Agriculture, here a means of food security
and reducing poverty, is mostly in conventional form and more prone to Climate victim, limited
diversity, degrading land, water resources, and harmful agro-chemical but in recent decades
using the core technology in a narrow range of the industry 4.0, digital pieces of machinery, big
data, IoT Devices i.e.( Soil Moisture, Solar Irradiation, Air temperature & moisture, Leaf
Wetness), Data Model i.e. Irrigation data model, Crop Management and Soil properties), AI in
farm machinery, seeding the soil, farm management, production forecasting, data, and Software
module such as Mobile App and irrigation are created a new era of prospect for food security of
170 millions of people in Bangladesh (Rezvi, 2018; Salim & Rahman, 2018). In recent times, the
Fourth Industrial Revolution is graceful to release extensive industrial automation and disrupting
nearly every industry i.e. Readymade Garments (RMG) and Textile, Furniture, Agro-processing,
Leather and Footwear, Tourism and Hospitality sectors of Bangladesh. Readymade Garments
(RMG) and Textile industries contribute significantly in GDP by 14.07%, in export income by
about 82% and employ 4 million workforces. To cope with the productivity, growth, and
competition, the Readymade Garments (RMG) sector in Bangladesh adapting automation
technologies gradually despite having huge threats of losing low wages jobs and workers. The
industries such as light engineering, furniture manufacturing, shipbuilding and breaking, Agro-
processing, Leather and Footwear, Tourism and Hospitality sectors of Bangladesh are spending
more on automated capital machinery, robotics, sensors, software programming, IoT and big data
in the repetitive business process for efficient manufacturing and business management.
Alarmingly, the fourth industrial revolution is looming as a massive job threat for unskilled,
lower-skilled, and semi-skilled workers. A recent study by McKinsey shows that 5.7 million
workers mostly unskilled will lost their jobs due to the automation of manufacturing industries in
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recent decades. Furthermore, about 90 percent of total industrial units are comprised of SMEs
which are still lagging in the adoption of revolutionary technology and mostly using first,
second, and third industrial revolution technologies. Despite having a huge prospect of adoption
of industry 4.0 in Bangladesh, it has lots of challenges i.e. lack of awareness, labor skills, factory
infrastructure, lack of enough investment, technology applications in production, etc. (Jabbour et
al., 2017; Sarkar et al., 2017). As a developing nation, the country has been criticized for its lack
of production, labor skills, factory infrastructure, technology applications, and low-level
adjustments based on industry development and availability (Jabbour et al., 2017; Sarkar et al.,
2017). There are key issues found that lack of awareness and knowledge regarding Industry 4.0,
poor infrastructure, lack of government support, the availability of cheap labor and human
dependency in the manufacturing, expensive technological installations, health, and safety issue
are the main barriers for many countries (Ahmad, 1990; Humphrey, 2019; Jabbour et al., 2017;
Moktadir et al., 2018; Sarkar et al., 2017). However, to accelerate economic development and
gain maximum benefits from Industry 4.0, the public and private organizations are taking
immediate actions of policy & investment support, infrastructural support, education & training,
and upgrading & upskilling, etc. so that Industry 4.0 can be adapted and implemented in the
manufacturing and service industry(M. A. Islam et al., 2018). The application of industry 4.0
mechanisms offer tremendous opportunities for manufacturing units with large investments not
only to speed up production but also to promote economic growth (Moktadir et al., 2018; Siddik
et al., 2017).
ISSUES, CHALLENGES, OPPORTUNITIES AND STRATEGIC SOLUTIONS
As the disruptive technologies of the fourth Industrial revolution continue changing every sphere
of our life i.e. production, economy, business, governments and countries, society and cultural
interactions in the world around us, so the new challenges arise. As an emerging developing
nation, Bangladesh is adopting revolutionary technologies gradually in every sector for socio-
economic development despite having lots of challenges such as lack of awareness, insufficient
funding, and availability of cheaper labor, lack of digital infrastructure, skill laggings, and socio-
economic challenges. But in recent years, public and private authorities taking endeavors in the
development of infrastructure and human, technical, and financial capacity to upgrade the
education and training systems to reap the benefits from 4IR. Thus, the study reviews the
practical results of identifying the challenges and opportunities and prescribed strategic
solutions, presented by the Industry 4.0 revolution, especially in Bangladesh.
Awareness building
The fourth industrial revolution is a very new concept so building awareness is the first and
foremost among the authorities, policymakers, businesses and industries, academicians,
employees, and consumers. Well awareness among the authorities and policymakers lead the
economic growth and development; businesses and industries lead the productivity and
production flexibility and control, efficiency and competitiveness; academia and employees lead
the growth in high-skilled and well- paid jobs; finally, consumer awareness leads the improved
customer satisfaction and product customization. The present state of consciousness regarding
revolutionized disruptive technologies of industry 4.0 has not been popular in Bangladesh yet,
but it is crucial to accelerate its present economic progress and meet with international standards
(M. A. Islam et al., 2018). Workers, SMEs, industries, and national economies are lacking the
awareness and/or means to adapt to Industry 4.0 and obviously will subsequently fall behind. So
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the policymakers and the promoters should take awareness-building programs i.e. seminar, trade
fair, overseas training programs for its stakeholders.
Capital formation
The financial allocation is required more than anything else because such digital technological
development, transformation, and implementation will be required a huge investment in the all
prescribed sectors. As Industry 4.0 needs high- huge capital for the implementations of smart
economic infrastructure, smart business model adaptation, economic benefits, competitors, the
banking industry has not focused on financing high-tech industries because the industry is
relatively new with high risks. Moreover, cheap labor prices also making Bangladeshi
entrepreneurs reluctant to go for automation as it requires a large amount of investment. In the
case of Bangladesh, more than 90% of businesses are MSMEs, so arranging a large amount of
capital for innovative technology for them is a big constraint. The government should give
incentives to attract the banking industries to provide enough loans to high-technology industries
in Bangladesh.
Socioeconomics Challenges
The fourth industrial revolution is characterized by the merger of digitization and automation to
make the machines intelligent, interactive, and easy to use. These new technologies will have a
huge impact on working patterns. There will be new types of robots that can interact with
humans. This technology will complement human activity, in particular cognition, combined
with other emerging technologies to give us completely new computer models. Thus, following
issues are needed to address to make a bridge the gap between engineering and computer
science, automatic learning, and artificial intelligence, privacy concerns, surveillance, and
distrust, general reluctance to change by stakeholders, the threat of redundancy, and loss of many
jobs to automatic processes and it-controlled processes, etc. Moreover, there are also issues for
lack of regulation, standards and forms of certifications, legal issues and data security and need
to address all relevant changes, innovations, transformations and new dimensions and will be
produced necessary rules and acts to ensure of effective implementations of the fourth industrial
revolution in Bangladesh.
Training and Skill Development
Numerous types of jobs, predominantly which involve repetitive in nature and physical labor will
be replaced by disruptive technologies such as robots, IoT, and intelligence machinery, etc. A
recent study by McKinsey shows that 5.7 million workers mostly unskilled will lost their jobs
due to the automation of manufacturing industries in recent decades. Besides, it will open
horizons of new dimensional jobs of cognitive abilities, technically skilled, complex problem
solving, resource management skills, content, process, and social skills, etc. Remarkably, the
computing power continues to flourish exponentially, and Sooner than most anticipated, the
work of professions as different as lawyers, financial analysts, doctors, journalists, accountants,
insurance underwriters, or librarians may be partly or completely automated. So the government
policymakers, academia, and training institutes should act immediately to increase investment in
human capital and skills to boast industrial transformation for up-skilling, re-skilling, and long-
term training and capacity-building to meet the demand of fourth industrial revolution and to
bridge the gap between education and industry.
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Infrastructural Development
The most difficult aspect of applying industry 4.0 technologies is security and risk issues
(Backhaus & Reinhart, 2017; Davali, Belli, Cilfone, & Ferrari, 2016; Hazen et al., 2016). This
online integration will provide room for security breaches and data leaks (Du et al., 2017;
Hofmann & Rüsch, 2017; Kusiak, 2017). There are issues of internet hacking, as a result, critical
its security problems are exacerbated by the data interconnectedness and weak digital
infrastructure (Becker & Stern, 2016; Cheng et al., 2016; Gokalp et al., 2016; Hazen et al.,
2016). Moreover, the poor infrastructure of the country, such as poor road and transportation,
more prone to natural disaster, technological device markets, and productions are still creating
the barriers for the Bangladeshi key planners to think regarding industry 4.0. Besides, the
introduction of industry 4.0 technologies require more investment and research in several areas,
such as Internet broadband disbursement, IT security, cybersecurity, cyber lay and will affect
education in particular as a new industry that requires new skills (Anderl, 2015; Becker & Stern,
2016; Cheng et al., 2016; Faller & Feldmüller, 2015; Gokalp et al., 2016; Gorecky et al., 2014; Ji
et al., 2014).
CONCLUSION AND RECOMMENDATIONS
As the aim of this study review is an empirical finding of identification of challenges and
opportunities due to the Industry 4.0 revolution, especially in the context of Bangladesh. The
review findings revealed that the revolution of industry 4.0 has contributed wave of using
disruptive technologies in manufacturing units and affects socio-economic changes in
Bangladesh. Moreover, the study also revealed that Industry 4.0 revolution can be enabled to
increase productivity, (resource) efficiency, (global) competitiveness, revenue growth in high-
skilled with customer satisfaction, access and develop new markets for products and services
counteracting to participate in new markets, links to new supply chains in Bangladesh. However,
the present study also identified huge task to implement of Industry 4.0 revolution in Bangladesh
especially for high dependence on the resilience of technology and networks, coherent
framework, development and ensure of human resources supply with appropriate skills,
allocation of sufficient required investment and cost of the setting of a lab for research and
development (R&D) accordingly. In the same way, the study observed that there are potential
threats through the process of implementation of Industry 4.0 revolution in Bangladesh for
managing of and controlling of Cybersecurity, intellectual property, data privacy workers, SMEs,
industries, vulnerability to and volatility of global value chains adoption of Industry 4.0 by
competitors in the world. The findings of the study will be developed conceptual links with
relevant aspects of the revolution 4.0 especially for strategic planning, key technologies
applications as well as expensive installation of technologies, opportunities, and challenges
including poor infrastructure, availability and skill development of the labor, and government
supports and lack of knowledge respectively. This review article will provide future policy
guidelines about opportunities, scenarios, and applications how can be enabled by introducing
new tools and technologies for industry 4.0 in Bangladesh.
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