An In-Depth Analysis of the Various Factors Influencing Industry 4.0 and its Impact on the Overall Performance of the Industrial Sector to Achieve Sustainable Development

Abstract

In the last two years, the entire world has been confronted with the emergence of Covid 19 pandemic, which poses several challenges to the entire human race. Covid 19 has been forced to adopt new innovative technology. To survive in this precarious situation; most of the organization has adopted new innovative technology to meet the expectations of the market and the demands of consumers. In this study, the primary goal is to identify the various factors that have an impact on Industry 4.0 while also evaluating the impact of Industry 4.0 on the overall performance of the industrial sector. An exploratory research approach is used by researchers to discover the characteristics and relationships of new research phenomena. This approach is particularly useful when researchers are looking for answers to the questions of what and how they came to be discovered. This study demonstrates that the use of Industry 4.0 technologies will increase the effectiveness and efficiency of organizations and industries. This is beneficial because organizations and industries need to develop and survive in this competitive era. Adoption of smart machine and smart product applications will become more common with the widespread use of information and communication technology for all aspects of business operations and activities