The Third Industrial Revolution was sparked by the creation of the Integrated Circuit (microchip). Many technologies and mechanization had been developed to meet the increased demand, allowing productivity to increase.
This revolution had characterized by mass manufacturing and the substitution of chemical and electrical energy for steam. The Second Industrial Revolution arose in Europe and the United States in the second mid-nineteenth century. The advent of the steam engine accelerated the First Industrial Revolution, which began in Britain in the middle of the 18th century. Industry 4.0 can be compared to three industrial revolutions that happened in the previous centuries and represent the most significant disruptive shifts in manufacturing as a result of technology advancements.
The global industrial environment has transformed dramatically in recent years as a result of technological advances and inventions. Specifically, the impacts of the Industry 4.0 paradigm in the global and national economies, individual industries, employment, and capital markets are attracting more and more attention from economists. Issues related to Industry 4.0 are constantly discussed among researchers, entrepreneurs, representatives of government agencies, and public organizations. In contrast, there are some barriers, to implementing Industry 4.0 for example financial constraints, technical competency, organizational restraints. The KUKA corporation is an application for industry 4.0, for instance, smart factories, M-2-M, intelligent robots, etc., these technologies help industry 4.0 to separate rapidly. Industry 4.0 leads to potentials in three dimensions of sustainability. Industry 4.0 has enormous potential effect in many areas, and its application will have an impact across transforming the work environment. Innovation performs an essential role in organizations, sectors, countries. The key features of Industry 4.0 are collaboration and integration of schemes, both horizontal and vertical. Industry 4.0 brings significant advantages to organizations, including real-time data analysis, increased visibility, autonomous monitoring, enhanced productivity, and competitiveness. Findings – This study concluded that Industry 4.0 describes a future production system’s vision it is an inevitable revolution and radical change, covering a wide range of innovative technologies, and all sectors. For the research methodology, a critical literature review is performed, we relied on the recent studies related to industry 4.0. This chapter aims to analyze the Industry 4.0 framework, identify the definition and drivers of the Industry 4.0 paradigm, discuss its potential effect, and determine obstacles of the Industry 4.0.
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