Concept of Industry 4.0

The rapid technological advancements in recent years have led to developments in manufacturing and linked information technologies which have constituted the fourth industrial revolution. Industry 4.0 is a term coined for the ongoing fourth industrial revolution that focuses on revolutionising existing business models to improve manufacturing efficiency with the help of the Internet of Things. These changes can be classified with time in history as a frame of reference. This chapter aims, first, to present the evolution of the historical transition which led to Industry 4.0, along with a brief overview of earlier industrial revolutions, highlighting the fundamental differences between them. Second, explain what Industry 4.0 is, with notable definitions from the existing literature, and third, detail the integral components of Industry 4.0. Fourth and finally, to give information on its notable advantages.