The term “Industry Revolution” typically refers to the significant changes and transformations in industrial practices and technologies that have fundamentally altered economies and societies. It is often associated with the multiple phases known as industrial revolutions, the most notable being the first industrial revolution that began in the late 18th century, characterized by the shift from agrarian economies to industrialized ones, powered by steam and later electricity. Subsequent industrial revolutions, including the second (focused on mass production and assembly lines) and the third (automation and computerization), further innovated manufacturing processes. The term can also extend to the current shifts in industries influenced by digital technology, often referred to as the Fourth Industrial Revolution or Industry 4.0, which integrates cyber-physical systems, IoT, and artificial intelligence into production and operations. In summary, “Industry Revolution” encapsulates the ongoing evolution of industry through technological advancements, changing labor dynamics, and economic restructuring.
Real estate is undergoing a technological transformation driven by property technology (prop-tech). Prop-tech integrates algorithms, automation, and data analytics to create smart and adaptive buildings. This emerging sector focuses on…