Artificial intelligence. [Photo/Xinhua]

Compared with previous industrial revolutions, the Fourth is evolving at an exponential rather than a linear pace, said Schwab. Moreover, it is disrupting almost every industry in every country. And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance.

According to a latest international survey, four out of 10 young people around the world worry that robot will replace them in the future workforce due to rapid development of technology.

Commissioned by Indian business and software services firm Infosys, the study surveyed around 1,000 16-to 25-year-olds in Australia, Brazil, Britain, China, France, Germany, India and the United States, as well as South Africa, where a smaller sample of 700 was polled. Young people in developed economies are more worried about their future jobs.