The economic impact of the adoption of emerging technologies in the context of the fourth industrial revolution

Abstract

Aim. To investigate the economic consequences in the development and application of modern technologies created in the context of the fourth industrial revolution.Objectives. To identify the main technological solutions introduced within the framework of the “Industry 4.0” concept; to analyze the impact of these innovations on various economic sectors; to assess the economic benefits and risks from the introduction of the latest technologies; to develop recommendations to increase benefits and minimize risks.Methods. The author studied the scientific-publicistic literature and applied the method of analyzing existing research and statistical data.Results. The process of influence of innovative technologies on productivity, employment and economic growth was analyzed. The economic benefits from the introduction of the concept of “Industry 4.0” (increasing production efficiency, creating new jobs and reducing costs) were evaluated. Economic risks are identified: polarization of the labor market, technological unemployment and aggravation of income inequality.Conclusions. The introduction of innovative technologies within the framework of the “Industry 4.0” concept significantly affects the economy. To fully realize the opportunities and minimize risks, industries need to implement organizational measures. Recommendations include investing in education, skills development, retraining and creating a regulatory environment that supports innovation at all stages of production.