Systematic Analysis of the Smart Economy Concept: The Industry 4.0 Challenges
DOI:
https://doi.org/10.57125/FEL.2023.06.25.08Keywords:
artificial intelligence, cybersecurity, digital transformation, internet of things, smart agriculture, sustainable development, urban planningAbstract
One of the most important aspects of Industry 4.0, the idea of a "Smart Economy" is playing an important part in attaining the SDGs. This study examines the Smart Economy from every aspect, including its defining features, the cutting-edge digital tools it uses, and the positive effects it has on economic growth in the long run. Big data analytics, the Internet of Things (IoT), and artificial intelligence (AI) are the main areas of study because of their potential to improve economic openness, efficiency, and sustainability. The study's overarching goal is to show how the Smart Economy can help get us closer to the SDGs by looking at specific examples in fields like cybersecurity, urban planning, agriculture, and energy management. This goal was accomplished by conducting a systematic literature review that focused on articles published between 2018 and 2022 that had been peer-reviewed, as well as reports from the industry and case studies. Criteria for source selection included adherence to publication in credible scientometric databases (e.g., Scopus, Web of Science, and Google Scholar), relevance to Smart Economy and its components, and alignment with Industry 4.0 and SDGs. In order to discover Smart Economy trends, problems, and opportunities, the data from these sources was coded and analyzed thematically. The interdependencies among the three pillar technologies (AI, IoT, and big data), their respective application domains, and the effect they will have on the attainment of individual SDGs were also graphically depicted in a block diagram. The results demonstrated that smart technologies have substantial effects: smart lighting systems cut energy consumption by 40%, urban planning with AI and IoT reduced traffic congestion by 30%, and precision agriculture enhanced crop yields by 25% while reducing water use by 30%. Digital infrastructures are now more reliable and secure thanks to smart grid optimization of energy resources, which increased grid efficiency by 20% and decreased household energy consumption by 15%. Cybersecurity measures were also improved, leading to a 35% decrease in cyberattacks. Despite the Smart Economy's many advantages in reaching the SDGs, the study says that problems like data privacy and the digital divide must be solved before it can reach its full potential.References
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