An analytical study on the application of industry 4.0 technologies in global economic transformation
Author(s): Mhuske RK, Kharade Vaibhav Baban and Lagad RB
Abstract: This analytical research between 2018 and 2021 investigates how Industry 4.0 technologies are being used and adopted in India and the ASEAN nations (Malaysia, Indonesia, Vietnam, the Philippines, and Thailand). Using secondary data from peer-reviewed studies, the study analyses the adoption rates of IoT, AI, cybersecurity, cloud computing, robotics, and others. t tests as well as ANOVA show that there exists a significant difference between Singapore on the one hand and India on the other in adoption rates of ASEAN to a precise extent in certain industries, especially banking and automobile. The study's correlation analysis also finds that the use of cloud computing, AI, and IoT in India is strongly positively correlated with economic development in India. These results suggest if problems of infrastructure, access to capital, regulation, and talent can be overcome, then Industry 4.0 technologies have the potential to make a big difference to the economy, particularly in developing countries. Finally, the report contains suggestions about future legislative actions and financial plans designed to improve the preparedness of India and ASEAN for Industry 4.0.
Objectives
- To compare the adoption rates of Industry 4.0 technologies between India and ASEAN countries.
- To examine how IoT, AI, cybersecurity, cloud development, and robotics are used differently across sectors.
- To investigate this relationship between India’s economic expansion and the implementation of Industry 4.0 technology.
- To give suggestions for improving how emerging nations are prepared for Industry 4.0 are offered.
How to cite this article:
Mhuske RK, Kharade Vaibhav Baban, Lagad RB. An analytical study on the application of industry 4.0 technologies in global economic transformation. Int J Multidiscip Trends 2023;5(6):44-47.
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