Write brief of the review(refer picture below) that related to Fourth Industrial Revolution (4IR).

2. Theoretical background 2.1 Industry 4.0 2.2 Small- and medium-sized enterprises 2.3 Business model innovation The term Industry 4.0 encompasses the expectations of politics and corporate practice that In Germany, the term SME refers to companies with less than 650m in sales and fewer than Companies can extract value from new technologies only through suitable business models industrial manufacturing is heading toward a fourth Industrial Revolution (Kagermann et al, 500 employees (German Federal Ministry of Economic Affairs and Energy, 2014). For this (Chesbrough, 2010). Technological innovation therefore is a key driver for business model 2013; Liao et al, 2017; Maynard, 2015). The previous three Industrial Revolutions have achieved paper, SMEs represent a fruitful research context for various reasons. innovation (Baden-Fuller and Haefliger, 2013). In response, companies must adapt their high productivity increases driven by a few fast-spreading general-purpose technologies, such First, prospects for Industry 4.0 can primarily be expected because of the horizontal and business models to external threats and opportunities (Saebi et al., 2016). By introducing as mechanization, electricity and information technology (Veza et al., 2015). These general- vertical interconnection of the value chain. In German industrial value creation, SMEs Industry 4.0, manufacturers are able to develop new customer value (Arnold et al., 2016; purpose technologies resulted in strong technical improvements and initiated complementary represent an essential part, as they represent 99.6 percent of all enterprises, generating more Ehret and Wirtz, 2017; Muller, Buliga and Voigt, 2018). This is expected through new developments (Bresnahan and Trajtenberg, 1995). For Industry 4.0, the underlying technology than 50 percent of the GDP. In turn, integrating SMEs is perceived as a key success factor of services and product-service systems. Manufacturers can take two roles, the user or the is represented by cyber-physical systems, whose technological infrastructure is based on the Industry 4.0 (Muller, Buliga and Voigt, 2018). provider perspective of Industry 4.0 (Kagermann et al., 2013). concept of the Internet of Things (Kagermann et al, 2013; Lasi et al, 2014; Xu, 2012). Together Second, existing studies reveal that SMEs' specific challenges differ from those of large Whereas different approaches describe business models, most of the current literature with cloud computing, cyber-physical systems and the Internet of Things are regarded as the companies regarding Industry 4.0. These challenges include resource limitations, low agrees on central aspects: creating and capturing value by providing a value proposition central technological foundations of Industry 4.0 (Zhong et al, 2017). bargaining power and concerns that existing business models might be unsuitable for to customers (Casadesus-Masanell and Ricart, 2010; Zott et al., 2011; Zott and Amit, 2013). In Industry 4.0, cyber-physical systems establish an interconnection between the Industry 4.0 (Muller and Voigt, 2016; Muller, Kiel and Voigt, 2018). SMEs also tend to have This paper used the Business Model Canvas by Osterwalder and Pigneur (2010). physical world and cyberspace (He and Xu, 2015; Ren et al., 2013). The systems create distinct characteristics regarding the introduction of information technologies in general It originates from the Business Model Ontology by Osterwalder et al. (2005). The Business mechanisms for human-to-human, human-to-object and object-to-object interactions along (Sharma and Bhagwat, 2006). Therefore, SMEs require solutions tailored to meet their Model Canvas is used in current literature to analyze business models from a the entire value-added chain (Kagermann et al, 2013). The task of integrating humans into specific challenges, but research has mainly focused on large enterprises rather than on practitioner's perspective. It has proven to be a comprehensive approach to business this concept remains a challenge as it faces employees' resistance, including fear of being SMEs (Muller, Buliga and Voigt, 2018). models, as its nine building blocks assist in generating a holistic and nuanced view on replaced or having inadequate skills (Frazzon et al., 2013; Gorecky et al., 2014; Hirsch- Third, the upper management of SMEs is able to supervise the whole enterprise. The business models (Wirtz et al., 2016). Kreinsen, 2016; Kiel, Arnold and Voigt, 2017; Kiel, Muller and Voigt, 2017). managers' knowledge reveals information about Industry 4.0 that affects the whole The following description offers a brief summary of the building blocks within the The integration of cyber-physical systems into industrial production leads to the creation enterprise and the entire business model. They may possess knowledge of key aspects Business Model Canvas. The value proposition provides an overview of a company's bundle of cyber-physical production systems (Schlechtendahl et al, 2015). These can fulfill their within their enterprise and can therefore provide both an external and internal perspective of products and services. Customer segments describes the groups of customers that a potential when interconnected across the entire supply chain (Haddud et al., 2017). Cyber- (Muller, Buliga and Voigt, 2018). company wants to offer value. Channels describe the various means that the company physical production systems enable several data-based services, such as predictive utilizes to contact its customers. Customer relationships explains the types of links that a condition monitoring and balancing and reducing energy consumption within production company establishes between itself and its different customer segments. Key activities (Shin et al., 2014; Tao et al., 2011). Those features are established along the entire lifecycle of describes the arrangement of activities and resources. Key resources outlines the machinery and products (Lennartson et al., 2010). competencies necessary to execute the company's business model. Key partners portrays Aside from cyber-physical production systems, Industry 4.0 is driven by technological the network of cooperative agreements with other companies necessary to efficiently offer developments such as service-oriented architectures (Guinard et al, 2010; Mikusz, 2016; Raja and commercialize value. Cost structure summarizes the monetary consequences of the et al., 2013; Vogel-Heuser et al., 2015). These enable the creation of new services and product- means employed in the business model. Revenue streams describes the ways that a service utilities (Kiel, Arnold and Voigt, 2017; Kiel, Muller and Voigt, 2017; Ehret and Wirtz, company makes money through a variety of revenue flows (Osterwalder and Pigneur, 2010). 2017). Those developments result in the concept of smart production, also termed smart Figure 1 illustrates the nine building blocks within the Business Model Canvas. manufacturing (Davis et al., 2012; Radziwon et al, 2014; Wang et al, 2016; Zuehlke, 2010). Several authors in business model research address the capabilities and impacts of Smart production is characterized by manufacturing of intelligent, personalized products digital technologies on business models. However, the specific impact of Industry 4.0 on and by high levels of collaboration through production networks (Lasi et al., 2014; Veza business models remains a field scarcely investigated (Arnold et al., 2016). Furthermore, et al., 2015; Xu et al, 2014). empirical investigations of business models in context of the Industrial Internet of Things Besides the German Industry 4.0 initiative, similar initiatives have been developed mostly have not focused on the special requirements of SMEs (Arnold et al., 2016; worldwide (Liao et al., 2017). The European Union has started a public-private partnership Echterfeld et al., 2016; Kiel, Arnold and Voigt, 2017; Kiel, Muller and Voigt, 2017; under the title "Factories of the Future" to achieve sustainable and competitive production Muller, Buliga and Voigt, 2018). (European Commission, 2016). In the USA, similar efforts are underway through the Industrial Internet Consortium. In China, the "Internet Plus initiative" and "Made in China 2025" represent programs comparable to Industry 4.0, and are among several approaches worldwide (Liao et al., 2017; Muller and Voigt, 2018)