The fourth industrial revolution, Industry 4.0 is poised to happen on a global scale, taking the automation of manufacturing processes to a new level by linking the cyber & physical, incorporating AI and enabling customized and flexible mass production technologies. Industry 4.0 creates a "smart factory" within which the cyber-physical systems monitor physical processes, create a virtual copy of the physical world and make decentralized decisions. Over the Internet of Things, cyber-physical systems communicate and cooperate with each other and with humans in real time.
Industry 4.0 enables minimising wasteful processes and actions and optimizing use of energy and other inputs. This is achieved based on capturing data, its analysis and using the analysis to improve functioning of machines, factories and systems.
Germany, France, China, USA etc. have created platforms for pre competitive cooperation in Industry 4.0. These nations are looking towards automation and control as to replace expensive manpower and attain lower cost of conversion thus regain their share in manufacturing economy from emerging economies.
However, the focus of Indian programme for Industry 4.0 is on using technology to make products for the global markets at competitive rates and to be embrace I4.0 technology with latest technological advancements.