Industry 4.0 will disrupt all sectors of economy and society. While most expect automation to be the greatest impact on the everyman, new research by two Korean institutes softens the potential blow to human jobs. How? Industry 4.0 will create over half a million jobs in 12 sectors in South Korea alone.
South Korea, a powerhouse in information and communication technologies, is building momentum towards Industry 4.0. By introducing new technologies, and a new way to use them, productivity will increase.#Industry4.0 will create over half a #million #jobs in #SouthKorea alone.Click To Tweet
This will lead to a reduction in the volume of employment and an increase in remuneration, which ultimately leads to an increase in overall demand and investment. In short, the jobs may change, but they’ll be there.
Industry 4.0 to Boost job Creation
South Korea will be a major player in the Fourth Industrial Revolution, leading the way in many fields, such as AI, big data, 3D printing, creating the Internet of things among others.
However, the Korean economy still has a clustered structure, centered on large corporations, and focused on mass production (quantity over quality). But that is changing as the whole nation is embracing Industry 4.0, also known in Korea as Manufacturing Industry Innovation 3.0.
Two Korean institutes, the Korea Institute for Advancement of Technology (KIAT) and the Korea Institute for Industrial Economics and Trade (KIET), projected that, over the next decade, Industry 4.0 would create up to 585,000 jobs in 12 new industries.
The 5 Edgiest Economic Sectors:
1. Virtual and Augmented Reality
This sector will lead the way regarding average annual growth, with 32.2% growth per year through 2025, compared with just 2.8% growth in 2015. The VR and AR sector would create around 45,400 jobs, compared to just 2,800 in 2015.
In one of the most connected countries in the world, video gaming is elevated to a top sports discipline, with trained, professional contestants, coaches, and major, nationally broadcasted tournaments.
Here at Edgy Labs, we’re convinced that VR and AR technologies will provide the experience for the next generation. Make sure your business is prepared for the rapidly changing landscape.
2. Premium Consumer Goods
This sector will eventually provide 136,500 jobs, and as a result, will be responsible for the most, new Korean jobs created up to 2025.
The proliferation of consumer goods goes hand in hand with the development of the Internet of Things. To put it plainly, consumers will need the newest devices to stay connected.
83,900 jobs will be created in the robotics industry in Korea over the next decade, which ranked second on our list in total number of jobs created.
Robotics is a field influenced heavily by advancements in computing and artificial intelligence. As we improve the reasoning capability of machines, their physical abilities will have to be improved as well.
In Korea, by 2025, 67,800 jobs will be created within the energy sector. As renewable energy and alternative fuels continue to gain steam, new technologies and regulating bodies will have to be created to manage their growth. As with any technology within the Internet of Things, the energy sector will be critical in sustaining our new digital infrastructure.
5. Electric Autonomous Vehicles, Drones and Eco-friendly Ships
Each of these industries will see their growth rate increase by more than 20% in South Korea alone. If energy is the backbone of Industry 4.0 and VR and AR create the interface, then self-driving vehicles will link us to each facet of our future experience. They are the future of transportation, one where traffic fatalities may be a thing of the past.
Edgy Labs readers: Check out the Korea Times to find out what other economic sectors will benefit from Industry 4.0.