ABSTRACT
Global gross domestic product is playing a significant role in global economic development. The history of manufacturing has transformed dramatically, witnessing immense growth fueled by big manufacturing revolutions. The first, second, and third revolutions were characterized by “mechanization” in the 18th century with the invention of the steam engine, “electrification” in the 19th century with the discovery of electricity, and “automation” in the 20th century with the introduction of programmable controls and computers, respectively, where each time productivity has been the growth lever. The analysis entails a detailed insight into continuous efforts that have been made to increase productivity. However, despite these transitions, the emerging and advanced economies alike are experiencing a decline in their manufacturing sectors, becoming insignificant for national incomes and growth since the last couple of decades. Apparently, the fourth industrial revolution (or Industry 4.0) is the ongoing automation of traditional manufacturing and industrial practices, using modern smart technology in order to bring the economy back to the growth trajectory. This development provides immense opportunities for the realization of sustainable manufacturing to produce copiously and contribute to economic growth. The contemporary wave of Industry 4.0 is characterized by “cyber-physical systems,” which combine the power of ubiquitous information and communications technology and the physical manufacturing systems together to create a magnificent impact on productivity improvement. This current study will present a state-of-the-art review of Industry 4.0 based on recent research and practice.
