The answer is Industry 4.0, powered by 5G.
Rajeev Suri, President and Chief Executive Officer of the Nokia Corporation (NYSE: NOK) explains the effects of industry 4 and technological advancments at the World Economic Forum (WEF) in Davos
This year at WEF where business, political, academic, and other leaders of society gather, climate change was at the center of attention.
One industry leader, President and CEO of Nokia discussed the possibilities and challenges ahead, as the solutions to fight climate change are being debated.
The economic revolution -
Today, we can see technologies in health, transportation, energy and communications industries reaching new standards of efficiency through digitalization. Think about digital health, with AI-driven diagnostics. Or digital energy, with smart grids.
The arrival of a fifth changing technology - advanced industry, characterized by networked robots and intelligent control systems, is expected to trigger an economic revolution.
Together, these digitalized networks will underpin a new era of productivity. Beginning, data suggests, around 2028 in the US, then in China, India and elsewhere.
When it happens, productivity is projected to jump by 30 to 35%, adding trillions of dollars to the global economy and more than offsetting the cost of “greening.”
The industry revolution -
The second revolution is industrial. Simply, making entire sectors simultaneously more productive and less wasteful.
For example - agriculture. Around 40% of the world’s food is grown using irrigation, accounting for almost 70% of all freshwater use.
The Fourth Industrial Revolution allows us to make sure farms use as much as they need – no more, no less.
A 2014 study estimated that by 2025 manufacturers could cut CO2 emissions by up to 525.5 megatonnes solely by utilizing 3D printing.
The connectivity revolution
This revolution, with 5G at its core, is already taking root.
5G is natively green. Its “lean carrier” feature improves spectral efficiency, meaning energy consumption per bit is reduced by up to 60%. But power consumption is not the only thing that will change. Operators will too.
The Fourth Industrial Revolution will put them on a journey towards providing more – and better – services to businesses. These will be bespoke, fast-changing solutions that can support the new efficiencies mentioned earlier, while opening up a new potential market for operators of around $1 trillion.
And that is the coming trio of revolutions:
in economies, industries and connectivity.
Huge gains are possible across all sectors.
For more information on the World Economic Forum