Industry 4.0: enabling technologies, application and challenges of implementation

Industry 4.0 has been gaining importance exponentially over the last decade due to its incomparable advantages. In the wake of global economic innovation, this noble concept was introduced to the world by German engineers at the industrial trade fair-Hannover Messe in 2011. Such is the impact of globalisation and digitalisation that a terminology called 'Industry 4.0', gained momentum and formed the core of planning and strategies of mega-business organisations. Mastering this state-of-the-art 'pool of disruptive technologies' requires a paradigm shift demanding incorporating a networked ecosystem and reconfiguring applied business models. 'Industry 4.0' sync business modelling enables business transformation from cyber-virtual to cyber-physical systems, co-partnering hardware, software and workforce. It further enables optimising internal and external processes in synergy with disruptive technologies. This paper proposes to apply the PRISMA technique of systematic literature review to explore and review the domain-specific literature. In foresight, the evolution of the concept of Industry 4.0, enabling technologies and challenges of implementation were also discussed. Finally, the conclusion, implications, limitations, and directions for future research were addressed.