Industry 4.0: Implications and Impact on the Manufacturing Sector

Abstract

As a result of continuous technological breakthroughs and manufacturing process improvements, the global industrial environment has altered drastically in recent years. Industry 4.0 is a relatively new concept, and academic study is just now beginning to focus on this still-controversial and ill-defined topic. This study includes a review of the literature in order to better understand and appreciate this issue in its technical context. Cyber-Physical Systems, strengthened by the Internet of Things, link the digital and physical worlds in this new industrial paradigm. This concept is predicted to have a big impact on industry, markets, and the economy, improving production processes and increasing efficiency, impacting the whole product lifecycle, introducing new business models, changing the working environment, and changing the labour market. As a result, the focus of this essay is on the idea of Industry 4.0, as well as its ramifications and significance.