Industry 4.0 is the buzz word in all industries across the globe. As the world is entering the Industrial Revolution 4.0 or Industry 4.0, the boundaries of traditional industries are merging with virtual technologies such as cyber-physical systems, the Industrial Internet of Things (IIoT), and cloud computing technology. This industrial revolution is being termed as the “convergence of industrial production and information and communication technologies”. Having its roots in Germany, Industry 4.0 has overtaken several developed economies including China, Japan, Singapore, New Zealand, and Australia. The profound impact of the technological advances