Journal Press India^®

Author Details ( * ) denotes Corresponding author

Purpose: Technology has been progressing rapidly. The pathway to the global economy’s progress has three major milestones already - the steam engine (industrial revolution), followed by era of mass production, and then the rise of computers (digital technology). The fourth one is the current age of artificial intelligence – also called Industry 4.0. The current study aims to shed light on the present scenario and applications of artificial intelligence, studies on related job displacement, demand and supply of robots (industrial, personal and service sector, cobots), robot density around the globe, frontrunner nations in the field of robotics, followed by spending on robotics, reference to the Indian scenario, and the corresponding social and business impact.

Design/Methodology/Approach: A detailed study of literature was done - available in the form of articles, opinion pieces in newspapers, and reports of consulting organizations. A discussion on the various aspects (social/business/economic) of artificial intelligence has been done.

Findings: There has been a shift in the global market for robotics towards consumer and service uses, vis-à-vis industrial applications. As per the latest estimates, the country having the highest robot density, across the globe is South Korea. The spending pattern on robotics has been described. Social and business impact of robotics has also been analyzed.

Originality/Value: This paper has practical implications as it provides a bird’s eye view on artificial intelligence by collecting and classifying the relevant literature, which might be of use to academicians, practitioners, and future researchers while conducting research on the similar subject area.

Keywords

Artificial Intelligence, Industry 4.0, Robot-colleagues, Robot density, Job Displacement, Industry of the Future.

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