Driving factors of industry 4.0: Challenges and opportunities

The study explained the driving forces behind the 4.0 revolution and to identify the challenges and opportunities in the 4.0. The study adopted the exploratory research approach to know the driving factors for the industry 4.0 and core Issues and opportunities in the context of industry 4.0. Convenient sampling methodology was taken for the sampling collection purpose from the employees who are working in these modern industries. The study designed the questionnaire with the likert scale structured questionnaire in the aspect of framed objectives. The study has collected the 120 samples from the respondents. Aiming to find out the major driving forces, which are taking as lead role in the development of next-generation industries, the current research makes an effort to do so. The I 4.0 is constantly ready to take on new challenges and seize new possibilities as they present themselves. The findings of the research will be helpful to the I4.0, allowing them to concentrate on the driving forces that will allow them to develop the organization in order to satisfy market demand. This research identified the most significant obstacles and possibilities, allowing the I4.0 to improve their ability to fulfil consumer expectations and remain competitive in a highly competitive market. The study focused primarily on the driving factors in the context of I4.0. The high loaded factors were extracted using exploratory factor analysis in this study. According to the study’s findings, ensuring reliable operation and lowering error rates are critical in the I4.0 because the majority of job tasks will be completed without the involvement of humans and with a greater involvement of technology and pre-defined instructions. Improving lead time and continuous monitoring of company performance are key factors driving the success of Industry 4.0. The study identified the major challenges and opportunities associated with the use of neural network statistical methodology. The results are observed to be for challenges are “A gap in Technical skills” observed to be key challenge due to changing nature of industry 4.0 and employees need to upgrade skills as per the requirement. In industry 4.0 lot data will be generated and handing the data growth also found to be one key challenge. The study examined the opportunities for the industry 4.0 and result stated that the data which is reliable and makes the real time economy will initiate and drive industry 4.0.