Decentralizing Emerging Markets to Prepare for Industry 4.0: Modernizing Policies and the Role of Higher Education

Abstract

This chapter investigates socioeconomic policies, technical focus, and academic necessities in core competencies and skills development to prepare emerging markets for the technological disruption of the Fourth Industrial Revolution (Industry 4.0 or 4IR). This chapter reviews the potential that Industry 4.0 has on creating sustainable work opportunities in emerging markets that have typically not benefitted equally (compared to developed markets) in earlier industrial revolutions. Industry 4.0 is unique in its ubiquity through the internet and allows remote participation in Industry 4.0. Emerging markets are urged to address challenges in adapting Industry 4.0 early and prepare for its maturation. Policy gaps in broadband connectivity and equal gender distribution in the information and communications industry are reviewed and presented in this chapter. Following this review, the role that higher education must play in skills development for Industry 4.0. Brazil, Russia, India, China, and South Africa have been identified as significant role-players in addressing policy gaps that could hinder Industry 4.0 development in emerging markets. Through Industry 4.0, a global shift towards a decentralized industry is occurring and this chapter additionally reviews the factors that influence this shift.