The role of the fourth industrial revolution in achieving economic development: challenges and opportunities

Abstract

The purpose of this paper is to examine and analyze how the Fourth Industrial Revolution (4IR) contributed to economic growth and development in South Africa. It argues that the 4IR is a pathway to achieve economic growth and development. Although much emphasis from the literature indicates the negative impact of the 4IR on human development, this paper brings to light that the 4IR is an engine to the headway of economic development. To get the expected results, desktop research is used, covering South Africa as an area of focus. Hence, it adopted a literature-based methodology that relies on the use of existing literature to critique the role of the 4IR in enhancing economic development. It reveals that the 4IR is detrimental to human development, however, it can be used as a catalyst for economic growth and development. It thus recommends that the 4IR must be fully embraced by both the government and private sector for the betterment of economic development and business growth amongst others.

Readiness of SMMEs for the adoption of the fourth industrial revolution in Mamelodi Township

“…The 4IR (also known as Industry 4.0) has introduced some of the major leading tools of technology that can be used in various industries, from services to manufacturing (Nwachukwu, 2022). A new level of automation is being realized in the 4IR, blurring the lines between biological, physical, and digital levels as technologies are used to conduct work that was performed by humans in the past (Ogunlela & Tengeh, 2021;Selemela, Khwela, & Selelo, 2023).…”

“…This is due to the lack of investment, mindset to adopt new technologies, electricity infrastructure, broadband infrastructure, digital skills and expertise, manufacturing information and communication technology (ICT) infrastructure, and limited usage of core smart manufacturing technologies (Gumbi & Hossani, 2023). According to Selemela et al (2023), South Africa has the lowest electricity penetration globally, and electricity is expensive compared to other developing economies. Furthermore, poor infrastructure in the country, including electricity, dates back to colonial times (Selemela et al, 2023).…”

“…According to Selemela et al (2023), South Africa has the lowest electricity penetration globally, and electricity is expensive compared to other developing economies. Furthermore, poor infrastructure in the country, including electricity, dates back to colonial times (Selemela et al, 2023). In the study by Moos and Sambo (2018), it was found that SMMEs did not have sufficient knowledge of technology, including complex software, the internet, and advanced technologies.…”