Industry 4.0 and its Impact on the Labor Market

The goal of this scientific study is to clarify and further specify Industry 4.0, to point out its possible social and economic consequences and to analyze Slovakia's state concept on Industry 4.0, called "Smart Industry for Slovakia". The focus of the research is on the current state of industrial development in Slovakia, with a cautious assessment of the consequences of digitization for the labor market in this country. A new aspect that will be fully developed in Industry 4.0 processes is to use new business models that will work on platforms within a collaborative economy. As a result of Industry 4.0 we can expect an increase in efficiency and productivity of the Slovak economy with unknown effects on the labor market and the income of the population.