Industry 4.0 is a name for the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of things, cloud computing and cognitive computing.
Industry 4.0 creates what has been called a “smart factory”. Within the modular structured smart factories, 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, and via the Internet of Services, both internal and cross-organizational services are offered and used by participants of the value chain. In addition to this, these technologies enable mass customization of manufacturing products. The production systems become more flexible in order to be adapted to the needs of the individuals. (Click here for the source)