ABSTRACT
Internet of Things (IoT) is a critical component of Industry 4.0. It has extensive applications in the monitoring of production systems in manufacturing and services. This technology opens up newer and innovative possibilities in manufacturing by facilitating higher performance. IoT's major capability is to collect and share information with the help of internet-connected machines and devices. It is associated with unique identification numbers or codes that can be controllable through our daily use devices like smartphones. This technology's major components are software, hardware with the network's connectivity for data altercation, and collection. IoT creates disruptive innovation in the field of manufacturing. The need is to understand this technology and how it can help the contemporary production systems. Here, we have studied the potential of this technology to provide better solutions in Industry 4.0. The major drivers of IoT for Industry 4.0 are studied. This paper discusses how Industry 4.0 helps create a smart factory. Finally, we have identified and studied significant IoT applications to adopt Industry 4.0 successfully, and the same is presented in tabular form. With proper implementation of this technology, industries observe an improvement in efficiency during the manufacturing of products. Manufacturing is done with lesser cost and errors. However, there is a long way to reap full benefits for humankind.