Ushering into the Industry 4.0 era: A marketing perspective

Abstract

Industrie 4.0, a term that was formalized in the Hannover Fair in the year 2011, is the fourth industrial revolution characterized by cyber physical systems (CPS) production, based on data in diverse forms, degrees and dimensions and the integration of knowledge. The technologies that are comprehensibly included in Industry 4.0, are Internet of Things (IoT), cloud-based manufacturing, Artificial Intelligence (AI), 3D printing, Radio Frequency Identification (RFID), Enterprise Resource Planning (ERP), robotics, and social product development, besides numerous others. The objective of Industry 4.0 is to have a higher level of operational efficiency as well as a higher level of automatization, digitization of services and products offered as well as new market models.