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Foundation Concepts for Industry 4.0

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New Horizons for Industry 4.0 in Modern Business

Abstract

Industry 4.0 refers to the digital transformation of industrial markets, specifically the manufacturing industry. Industry 4.0 has evolved from a German manufacturing industry competitiveness initiative I4.0 to a worldwide accepted term which refers to industrial transformation in distinct and process industrial production which is a synonym with fourth industrial revolution which represents the modern control systems embedded with software systems and dispose of an Internet address to connect and be addressed via IoT (the Internet of Things) using smart machines. The fourth industrial revolution or Industry 4.0 gives further advancement in technology in the form of the internet of things (IoT), data science, big data, cloud computing, block chain and artificial intelligence where all these technologies are changing the way we live, work and amuse us. Moreover, these technologies can contribute to developing hyper automation and hyper-connectivity. It fuels the improvements in science and technology in which IoT (internet of Things) and its associated technologies serve as the pillars of Cyber-Physical Systems (CPS) where smart machines are used as agents to optimize production chains. Such kind of advancement goes out of the organizational and national boundaries, comprising agility, intelligence and networking. Digitalization in the industrial sector surely promises a lower cost of production and improved quality in production. It also avails flexibility and efficiency, shorter response time to customer requests and market demands. Thus, industry 4.0 opens the door towards innovative business opportunities and this paper attempts to give the concept one which provides the basic foundation of Industry 4.0 and opportunities for the future business world.

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Authors and Affiliations

  1. VIT-Bhopal University, Bhopal, India

    Bhakti Parashar

  2. HSMS, Swami Rama Himalayan University, Dehradun, India

    Ravindra Sharma & Geeta Rana

  3. University of Technology and Applied Sciences, Saadha, Oman

    R. D. Balaji

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  1. Bhakti Parashar
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  2. Ravindra Sharma
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  3. Geeta Rana
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  4. R. D. Balaji
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Correspondence to R. D. Balaji .

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Editors and Affiliations

  1. School of Computer Science, Duy Tan University, Da Nang, Vietnam

    Anand Nayyar

  2. AIBS, Amity University, NOIDA, India

    Mohd Naved

  3. Thapar University, Patiala, India

    Rudra Rameshwar

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Parashar, B., Sharma, R., Rana, G., Balaji, R.D. (2023). Foundation Concepts for Industry 4.0. In: Nayyar, A., Naved, M., Rameshwar, R. (eds) New Horizons for Industry 4.0 in Modern Business. Contributions to Environmental Sciences & Innovative Business Technology. Springer, Cham. https://doi.org/10.1007/978-3-031-20443-2_3

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