A Literature Review on Industry 4.0 and Its Technologies

Abstract

Abstract Many manufacturing industries are anticipated to adopt and implement the fourth industrial revolution in the era of Industry 4.0. Manufacturing firms are shifting away from mass production toward customized production, which calls for unique technology and applications. These technologies aid in boosting the productivity. The fourth industrial revolution, or Industry 4.0, is a system that has an impact on the value chain of the product life cycle. Internet of Things, Cloud Computing, Big Data, Cyber Security, Artificial Intelligence, Block chain are just a few of the technologies that make up Industry 4.0. Industries across many nations and sectors are using Industry 4.0 technologies in their factories. We live in an era of constant progress, which has affected every aspect of human life throughout history, the most important change being triggering new technologies leading to a change in the economic system and social structure. The meaning of the fourth industrial revolution is reflected in how we respond to these changes. Industrial companies face many challenges, which can be reduced after introducing new technologies. The fourth industrial revolution is a result of a digital revolution where many new applications, robots, and technologies were introduced, which helps to integrate physical and digital systems, resulting in fast product development. Industry 4.0 refers to new technology or new production patterns that change the production processes completely in order to obtain faster and better results. This chapter identifies the literature review of Industry 4.0 technologies and the benefits and challenges that Industry 4.0 faces.