Industry 4.0, also known as the fourth industrial revolution, involves the integration of traditional manufacturing with modern smart technology. It focuses on increased automation through machine-to-machine communication and sensors. Major components include cyber-physical systems, the internet of things, and cognitive computing. Industry 4.0 aims to digitize and integrate value chains through technologies like the industrial internet. Challenges to implementing Industry 4.0 include economic, social, political, and organizational issues.