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PurposeThe purpose of the paper is to identify existing and common critical success factors adapted for implementing Industry 4.0 technology, which is essential to survive in the vulnerability, uncertainty, complexity and ambiguity (VUCA) environment by using systematic literature review (SLR) methodology with the preferred reporting items for systematic reviews and meta-analyses (PRISMA) and content analysis strategy.Design/methodology/approachThe SLR methodology with the PRISMA and content analysis strategy adapted to review 74 papers in peer-reviewed academic journals and industry reports published from 2014 to 2021.FindingsBased on a review of relevant literature, two theoretical contributions have been added to the literature on Industry 4.0. First, this review reveals that 35 (47%) out of total 74 studies assessing the Industry 4.0 implementation in the manufacturing industry, the service industry can also create value through Industry 4.0 implementation, with a lot of potential to increase productivity, which literature has not explicitly focused on. Second, this paper proposes the 12 most common critical factors (training and development, organizational culture, top management support, organizational structure, innovation capability, technological infrastructure, security system, standardization of procedures, financial resources, communication and cooperation, change management and governance) that can be considered as the significant critical factors for successful implementation of Industry 4.0.Originality/valueThe novelty part related to methodological perspective by using the PRISMA approach for systematic review, which cannot be found extensively in existing literature in the context of the Industry 4.0 phenomenon to analyze critical factors.