The Application of the Internet of Things (IoT) to establish a technologically advanced Industry 4.0 for long-term growth and development

Nowadays, industries are observing the potential benefits of using the Internet of Things (IoT) and it increased their interest to invest in IoT technologies. The fourth revolution of industries (industry 4.0) influenced many companies, organisations and individuals to implement the IoT in their respective fields. Industry 4.0 not only looks for its implementation; however, it also demands long-term growth and development. This research has found recent technologies which help the industries to gain significant profit through IoT. However, the major barriers that do not allow long-term growth are security issues, lack of governance, lack of skilled staff and a lack of technological advancement. Therefore, this research is going to identify the new technologies and ideas via an online survey that will help industry 4.0 to rely on IoT for long-term growth and development. The online survey has been carried out with 68 experts who had experience in IoT. They provided their responses via a google form and the collected data were analysed. Findings showed that the major concern of IoT in industry 4.0 is security issues and it can be mitigated by implementing blockchain technology. More appropriately, consortium and public blockchains are more secure which will bring future prospects in the context of long-term growth. Problems related to big data can be addressed by advancing the hardware and software system and encouraging staff training.