Enterprise Risk Management Director

The Fourth Industrial Revolution first emerged as a phrase by scientists working on developing a high-tech strategy for the German government. Subsequently in 2015, Klaus Schwab, executive chairman of the World Economic Forum (WEF), introduced the phrase to a wider audience. The term represents the fourth major industrial period since the First Industrial Revolution of the 18th Century. A subset of the Fourth Industrial Revolution is Industry 4.0, often referred to as I4.0, and is a concept of networked connectivity and advanced data analytics, combined with cutting edge technologies, Artificial Intelligence, Additive Manufacturing, Augmented Reality, etc., to create flexible and dynamic automated smart factories. Industry 4.0 is at an early stage, however, governments around the world have recognized the importance of adoption of the new manufacturing concepts in order to capitalize on the potential and have thus established strategic initiative programs, such as These strategic initiatives are supported by multi-faceted networks of stakeholders including companies, associations, academia, and policymakers to drive the country’s Industry 4.0 mission forward The Global market for industry 4.0 was valued at SR 430 Billion (USD 114.55 Billion) in 2021 and is projected to reach SR 1,414.87 Billion (USD 337.30 Billion) by 2029, at a CAGR