Industrial Revolution (IR) 4.0

Abstract

Industry 4.0, which is “synonymous with smart manufacturing, is the realization of the digital transformation of the field, delivering real-time decision making, enhanced productivity, flexibility and agility to revolutionize the way companies manufacture, improve and distribute their products. The rapid advancements in manufacturing technologies and applications in the industries help in increasing productivity. The term Industry 4.0 stands for the fourth industrial revolution which is defined as a new level of organization and control over the entire value chain of the life cycle of products; it is geared towards increasingly individualized customer requirements. Industry 4.0 is still visionary but a realistic concept which includes Internet of Things, Industrial Internet, Smart Manufacturing and Cloud based Manufacturing. Industry 4.0 concerns the strict integration of human in the manufacturing process so as to have continuous improvement and focus on value adding activities and avoiding wastes. The objective of this paper is to provide an overview of Industry 4.0 and understanding of the nine pillars of Industry 4.0 with its applications and identifying the challenges and issues occurring with implementation the Industry 4.0 and to study the new trends and streams related to Industry 4.0.”