Digital economy to improve the culture of industry 4.0: A study on features, implementation and challenges

Abstract

The digital economy refers to the economic activities that emerge from connecting individuals, businesses, devices, data, and operations through digital technology. It includes online transactions across multiple sectors and technologies, such as the Internet, mobile technology, big data, and information and communications technology. The digital economy differs from a traditional economy because it relies on digital technology, online transactions, and its transformative effect on traditional industries Digital innovations such as the Internet of Things (IoT), Artificial Intelligence (AI), Virtual Reality, Blockchain, and autonomous vehicles all play a part in creating a digital economy. For this study, various papers on ”Digital Economy” and ”Industry 4.0” are identified from Scopus, Google Scholar and other research platforms and further studied briefly. This review paper has been developed after studying the digital economy and its needs in the Industry 4.0 Environment. The defining trends, key enablers, features and challenges associated with the digital economy towards Industry 4.0 are discussed briefly. Finally, the paper identifies and discusses the significant requirements of Industry 4.0 fulfilled through the digital economy. Today, customers are becoming aware of goods and services online and are turning to the industry for long-term solutions by deploying digital technologies. The digital economy is built on hyper connectivity, the growing interconnectedness of individuals, organisations, and machines due to the Internet, mobile technologies, and the IoT. Industry 4.0 technologies are automation, data exchange, cloud computing, robotics, big data, AI, the IoT, and other technological trends are all part of the industrial sector’s digital transformation, which aims to achieve industrial objectives and intelligent manufacturing practices that engage with customers, emerging technologies, and innovation. The economy is becoming more digital, changing how products and services are provided and consumed. A new road map is being provided by Industry 4.0 services to help many industries adapt their conventional methods and support the new revolution. In the digital economy, scaled-up, integrated ecosystems that leverage software platforms to generate value, build resilience, and stimulate innovation via networked goods, assets, people, and processes rapidly replace old, linear value chains with partner participation.