Social Expectations and Market Changes in the Context of Developing the Industry 4.0 Concept

Abstract

There are more and more talks in the community of scientists and business practitioners about new challenges for industry in connection with the fourth industrial revolution. Industry 4.0 is the result of the development of cyber-physical generation systems as part of the fourth industrial revolution. Industry 4.0 sets new areas of change in the sphere of production and management but also exerts an impact on various aspects of society’s life. It is a transformational challenge for enterprises of the present age. Industry 4.0 is present in economic studies at the macroeconomic level and business at the microeconomic level. Scientists discuss the essence of change, and specialized research centers and consulting companies carry out research on various aspects of this industrial revolution. The article presents the range of expectations and changes in society towards the development of the concept of Industry 4.0. The work was based on a literature study and direct research in the field of social change in the Industry 4.0 era. The aim of the article is to identify social expectations of development changes related to the implementation of the Industry 4.0 concept. The article devotes a lot of attention to customization because it is one of the keys of Industry 4.0, leading to a change of the paradigm from mass production to personalized production. This simple change will affect customers, producers, and employees. Based on the synthesis of literature and secondary research, authors identify opportunities and threats to the broadly understood society functioning in the Industry 4.0 environment. Social conditions were analyzed from the point of view of the consumer, producer, and employee. In the cited direct studies, the basic area of analysis was product personalization and pre-recognition of the opinions of potential consumers about customization in Industry 4.0. The limitation of the research area to the consumer segment resulted from the importance of product personalization in Industry 4.0 and its impact on producer behavior and effects for employees.