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Industry 4.0 – Opportunities and Risks in the It&C Industry –

Author

Listed:
  • Cristina Veith

    (Academy of Economic Sciences, Bucharest, Romania)

  • Marius Savin

    (Academy of Economic Sciences, Bucharest, Romania)

Abstract

In this paper we describe the challenges posed by Industry 4.0 and analyse the opportunities and risks in the IT&C industry in Romania based on the information available in the specialized literature. Industry 4.0 is characterized by intelligent manufacturing and implementation of Cyber Physical Systems in production which refers to both the built-in sensors, the microcomputer networks and the direct connection of the machines to the value chain. Today, IoT is only a small part of the global phenomenon that can be called The Internet of Everything. The economic growth in our country was one of the highest in the EU since 2010, with an average rate of 3.0 percent during 2010-18. The 2018 GDP per capita is around 65 percent of the EU28 average, up from 25 percent 20 years ago. The IT&C sector is one of the growth engines of the Romanian economy. In the last years, foreign companies have opened development and support centres in Romania. Of the total workforce in Romania, 2.2% work in IT&C, generating 5.9% of GDP. Digitization generates economic growth. The method used is a descriptive and quantitative one, combined with a SWOT analysis. The goal is to underline the huge possibilities that our IT&C sector has, and how it can impact our national economy given Industry 4.0. With a well developed IT&C sector, the cost of digitalisation can be much lower for our country compared to those that do not have such capable specialists in this field. Due to the changes brought by Industry 4.0, the Romanian entities need to look also at examples from other countries in the EU.

Suggested Citation

  • Cristina Veith & Marius Savin, 2019. "Industry 4.0 – Opportunities and Risks in the It&C Industry –," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 30(1), pages 82-91, December.
    • Handle: RePEc:but:manage:v:30:y:2019:i:1:p:82-91
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