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Top1. Introduction
Industries are the core of the economy for any country and hence the industrial development is needed with the help of technological development (Sharma & Kushwaha, 2017; Horvath & Szabo, 2019). Industrial development takes place on a periodical basis as per the changes in technology and the demand of the consumers. So far, the industries have experienced various waves of industrial revolutions towards the development and growth of the manufacturing sector (Lasi et al., 2014; Lim et al., 2021). In the current industrial scenario, industry 4.0 is widely discussed among industrialists and consumers. Industry 4.0 is also understood as the industrial revolution, which is presently implemented by industries in almost every sector across the world conclude specifically nations engaged with industrial development (Anshari et al., 2021). The origin of the concept took place in a program held in Germany and after that widely accepted by other nations (Kagermann et al., 2011). The concept of industry 4.0 is about the integration of technology-intensive systems with the use of internet technologies such as cyber-physical systems used for manufacturing (Dafflon et al., 2021). The terminologies and technologies used in the concept of industry 4.0 are the internet of things (IoT), industrial internet of things (IIoT), 3D printing (additive manufacturing), robotics technologies, artificial intelligence (AI), cyber-physical systems (CPS), and other high-end technologies based on the networking systems (Zheng et al., 2021). The use of the internet (IoT) has provided promising results to the industries in all the departments of engineering, manufacturing, inventory management, and supply chain management (Yadav et al., 2020a; Ivanov et al., 2021). These systems enhance the manufacturing process in an unprecedented way that not only gives an advantage to the firm but also to the customers who get the product as per their demand within time. Horvath & Szabo (2019) have had cited several definitions of industry 4.0 that conclude the strong nexus among the various elements of the manufacturing process and the elements of the stakeholders with high-end technologies (IoT, CPS, etc.) towards making a win-win situation to all. There are various significant components in industry 4.0 these are human-machine connections, digitalization, value additions, optimization, and product customization, data sharing and communication, and automation and adaption (Roblek et al., 2016). Industry 4.0 was found useful for the industries and the stakeholders in several ways. The successful implementation of technologies associated with industry 4.0 such as big data analytics and cloud computing leads to lean production, competitive advantage, cost reduction, sustainability (environmental, economic, and social), upskilling of employees, etc. (Kamble et al. 2018; Yadav et al., 2020b). It has been researched and found so far that digitalization always has had given a new edge to the firms in developing and expanding the business. Moreover, digital technologies are becoming the most essential part of the business ecosystem and the success of the firm is mainly led by these digital technologies (Bag et al., 2018). The increasing expansion of industry 4.0 with digitalization is enhancing the entire value chain that benefits the customer and makes the value chain sustainable towards gaining the competitive advantage of the firm. The companies who are predicting the advantages of industry 4.0 are putting their best effort to implement these practices in their organizations to ensure the long-term benefits (Bauer et al., 2015; Bag et al., 2020a). The big-size companies are continuously working to implement industry 4.0 so that they can gain a comparative advantage and win over their competitors (Lasi et al., 2014).