Challenges of Implementing Industry 4.0 In Financial Sector of Oman

Abstract

The Fourth Industrial Revolution has become a trend of future manufacturing industries, information technology, banking, etc. Industry 4.0 is a new industrial paradigm that consists of essential characteristics like cyber-physical systems, cloud manufacturing, big data, Internet of things. Due to the emerging financial and banking sector, there needs to be an effective technique for making the process quickly. IR4.0 includes all computerization and automation companies to enhance the production cycles and completes all work aspects into the unique digital ecosystem. While deploying these technologies in the financial sector of Oman, some challenges persist in it. This paper reviews the challenges of implementing Industry 4.0 in the financial industry of Oman.