Page 67 - WEF Reoprt 2020

The 4IR: The new economy and businesses: our surveys rank them
as the seventh most likely and eighth
More than 50% of the world’s population most impactful risk, and the second most
is now online; roughly one million more concerning risk for doing business globally
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people join the internet each day. over the next 10 years (see Figure II, The
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Two-thirds of humanity own a mobile Global Risks Landscape). Fifth generation
device. Fourth Industrial Revolution (5G) networks, quantum computing and
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(4IR) technologies are already bringing AI are creating not only opportunities but
tremendous economic and societal benefits also new threats of their own. The lack
to much of the global population. of a global governance framework for
technology risks fragmenting cyberspace,
The next wave of 4IR technologies will which could deter economic growth,
dramatically reshape economies and aggravate geopolitical rivalries and widen
societies. Precision medicine, autonomous divisions within societies.
vehicles and drones are all fast-growing
markets (see Figure 5.1), while artificial
intelligence (AI) alone is expected to boost The dangers of digital
global growth by 14% by 2030. 4 innovation

Smart technologies have enormous potential Cyberattacks. The digital nature of 4IR
to improve both human life and the health technologies makes them intrinsically
of the planet. For example, satellite-based vulnerable to cyberattacks that can take
applications can aid rural farmers to irrigate a multitude of forms—from data theft
their crops efficiently. Prostheses can be and ransomware to the overtaking of
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3D printed. Autonomous vehicles can systems with potentially large-scale harmful
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be employed by the elderly to support consequences. Operational technologies
better mobility. The Internet of Things (IoT) are at increased risk because cyberattacks
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can even help to lower CO2 emissions by could cause more traditional, kinetic impacts
optimizing energy consumption and reducing as technology is being extended into the
traffic congestion. 8 physical world, creating a cyber-physical
system. However, using “security-by-design”
However, many unintended consequences principles to integrate cybersecurity features
have also surfaced. Cyberattacks have into new products is still secondary to getting
become a common hazard for individuals products quickly out into the market.

FIG U RE 5 .1
2025 Market Projections for 4IR Technologies

Cloud computing US$623 billion

Autonomous cars US$416 billion

Precision medicine US$82 billion

Drones US$52 billion

Sources: Cloud computing: https://www.researchcosmos.com/reports/cloud-computing-market/92916729; Precision medicine: https://www.globenewswire.
com/news-release/2019/08/22/1905339/0/en/Global-Precision-Medicine-Market-Expected-To-Reach-over-USD-86-25-Billion-By-2025-Zion-Market-Research.

html; Drones: https://www.researchandmarkets.com/research/vx2jd5/global_unmanned?w=5; Autonomous cars: https://www.marketwatch.com/press-
release/autonomous-car-market-value-at-expected-to-reach-usd-41639-billion-by-2025-cagr-412-2019-07-26?mod=mw_quote_news

62 Wild Wide Web