Digital Industrial Revolution 4.0 and Sustaining Gig Economy: Challenges and Opportunities Ahead

In the modern era of technological advancements and digitalization, companies’ demand for workers has changed drastically. On the one hand, the introduction of artificial intelligence, algorithms, robots, and machine learning has made work faster and easier for humans, and on the other hand, these machines have taken their place, hence reducing job opportunities in the economy. The demand for full-time workers has shifted to independent workers or gig workers as companies do not want to bear the cost of full-time labor. Instead, they are shifting toward a gig economy, “a setup where most of the work is done by gig workers.” These gig workers, or freelancers, work independently as short-term contractors and are paid on the basis of each task they perform. Apart from the benefits of the gig economy, there are some challenges that need to be taken care of. The gig workers are not paid well, they are not given any pension, and their after retirement life is not secured. Thus, there is a doubt that whether this setup of gig economy is safe or not. The present chapter discusses the gig economy in the era of Industrial Revolution 4.0. It also discusses the extent to which the setup of the gig economy is sustainable and the various challenges involved in sustaining the gig economy. It also highlights the opportunities that one can get in the gig economy by considering the digital advancements happening in the practical world and acquiring the skills required in industrial digitalization.