Industry 4.0 for SMEs : Challenges, opportunities and requirements

Abstract

Te term Industry 4.0 describes the ongoing revolution of manufacturing industry around the world. Large companies in particular have rapidly embraced the challenges of Industry 4.0 and are currently working intensively on the introduction of the corresponding enabling technologies. Small- and medium-sized enterprises (SMEs) face the hurdle of possessing neither human nor fnancial resources to systematically investigate the potential and risks for introducing Industry 4.0. However, in most of the countries SMEs form the backbone of the economy, they account for the largest share of the gross domestic product and are also important employers. In this respect, the challenges, opportunities, and requirements of Industry 4.0 have to be examined specifcally for SMEs, thus paving the way for the digital transformation of traditional SMEs into smart factories.