The fourth industrial revolution Industry 4.0 represents a new paradigm shift from “centralized” to “decentralized” industry relies on cyber-physical based automation where sensors send data directly to the cloud and services such as monitoring, control and optimization automatically subscribe to necessary data in real-time. In the coming years, these technologies will be seen as a viable alternative to current manufacturing processes. According to a recent report by Markets and Markets, smart factory technology will have global market size of 74.80 Billion USD by 2022. The talk provides a comprehensive introduction to Industry 4.0 and Smart Factory. Technical challenges and social implications of smart factory will be discussed. The applicability of these emerging technologies in developing economies is highlighted in this talk as well.