Career Advice for
Tomorrow's Jobs
As Industry 4.0 changes the way we work, new skills are needed for the new professions being created.
Industry 4.0
Nikola Tesla famously wrote that “the progressive development of man is vitally dependent on invention”.
The world is changing. Industry 4.0 is the latest wave of technological innovation that is transforming the way industries operate. Characterised by the integration of cyber-physical systems, the internet of things, big data, cloud computing, and artificial intelligence, Industry 4.0 is creating new ways for organisations to optimise their operations, reduce costs, and improve overall efficiency.
Innovation Cycles
Coined by economist Joseph Schumpeter in 1942, the theory of “creative destruction” suggests that business cycles operate under long waves of innovation.
Although the fourth industrial revolution is still in its infancy, technology companies already make up 7 of the 10 largest organisations in the world (according to market capitalisation) and their dominance is expected to continue as technology becomes more pervasive through the adoption of artificial intelligence, big-data, and cloud computing. Below we can see how innovation cycles have impacted industries since 1784.
1784-1845
1.0 Mechanisation
Innovations in hydro and steam power prompts the transition from manual to mechanised production, bringing about the first cotton mills, textile factories and steam engines.
- Textiles
- Railroad (Urbanisation)
- Iron & Steel
1870-1915
2.0 Electrification
Mass production of consumer goods using assembly lines (a concept invented by Henry Ford) driven by the emergence of electrical power, as well as the widespread adoption of telecoms.
- Automotive
- Telecommunications
- Electrochemical
1969-2000
3.0 Automation
Automated production using electronics, programmable logic controllers, IT systems and robotics. Aviation also becomes more affordable, revolutionising movement of people and goods.
- Electronics
- Aviation (Globalisation)
- Petrochemicals
Today
4.0 Digitalisation
Introduction of connected devices, data analytics and artificial intelligence. Autonomous decision making of cyber physical systems using machine learning through cloud technology.
- Cyber Physical Systems
- AI, IoT, Big Data, Cloud
- Smart Factories & Cities
Why Work in ICT?
A survey by the World Economic Forum in 2023 found a worldwide shortage of ICT talent as an increasing number of companies adopt new technologies such as artificial intelligence, big data, cloud computing and cybersecurity.
The impact of digitalisation is being felt across multiple industry sectors. A 2023 report by Goldman Sachs claims that an estimated 7% (300m) of all jobs globally are at risk of being totally displaced to automation by 2030, with a further 63% of jobs being complemented to increase productivity and efficiency, and the remaining 30% unaffected.
The good news is that technological innovation that initially displaces workers has historically also given rise to employment growth over the long-term from the emergence of new occupations and creation of new jobs. Economist David Autor asserts that 60% of the current workforce in the United States are employed in occupations that did not exist in 1940, meaning that over 85% of employment growth during the last 80 years is explained by new technologies.
ICT Jobs On The Rise
Understanding how industry 4.0 is affecting jobs is crucial for anyone considering a career in ICT as well as individuals looking to transition from declining occupations.
Research conducted by LinkedIn for the Future of Jobs Report 2023 indicates ICT related roles make up 16 of the top 100 jobs to have grown consistently and globally, over the last four years. This is in line with data published by the ILO (International Labour Organisation) and OECD (Organisation for Economic Co-operation and Development) on which sectors are employing the most workers.
The following is a list of the 10 most coveted ICT skill sets over the next five years, along with the technologies driving their demand.
Top 10 ICT Professions in Demand
- AI and Machine Learning Specialists
- Information Security Analysts
- Blockchain Developers
- Data Analysts & Scientists
- Big Data Specialists, Data Engineer
- DevOps & Full Stack Engineers
- Database Architect, Network Professionals
- Software & Application Developers
- IoT Specialists
- ICT Operations & User Support
Top 10 Technologies Impacting Job Creation
- Big-data Analytics
- Encryption & Cybersecurity
- Digital Platforms & Apps
- Augmented & Virtual Reality
- Cryptocurrency
- Cloud Computing
- 3D/4D Printing & Modelling
- IoT & Connected Devices
- Artificial Intelligence
- Quantum Computing