Challenges of Implementing Industry 4.0 In Financial Sector of Oman

International Journal of Economics and Management Studies
© 2022 by SSRG - IJEMS Journal
Volume 9 Issue 1
Year of Publication : 2022
Authors : Vimal Kumar Stephen, Mathivanan V, Kumar Kaliyamoorthy, Mohammed Tauqeer Ullah, Ramesh Palanisamy
How to Cite?

Vimal Kumar Stephen, Mathivanan V, Kumar Kaliyamoorthy, Mohammed Tauqeer Ullah, Ramesh Palanisamy, "Challenges of Implementing Industry 4.0 In Financial Sector of Oman," SSRG International Journal of Economics and Management Studies, vol. 9,  no. 1, pp. 35-38, 2022. Crossref,


The Fourth Industrial Revolution has become a trend of future manufacturing industries, information technology, banking, etc. Industry 4.0 is a new industrial paradigm that consists of essential characteristics like cyber-physical systems, cloud manufacturing, big data, Internet of things. Due to the emerging financial and banking sector, there needs to be an effective technique for making the process quickly. IR4.0 includes all computerization and automation companies to enhance the production cycles and completes all work aspects into the unique digital ecosystem. While deploying these technologies in the financial sector of Oman, some challenges persist in it. This paper reviews the challenges of implementing Industry 4.0 in the financial industry of Oman.


IR4.0, Industry 4.0, Financial sector, Challenges, Automation, Oman.


[1] Sander, Chances and Risks of Industry 4.0 - NORMA Group Blog, NORMA Group Blog, (2017). [Online]. Available: [Accessed: 13- Mar- 2021].
[2] Vision 2040: Blossoming future for Oman, Oman Observer, (2021). [Online]. Available: [Accessed: 13- Mar- 2021].
[3] X. He, D. Xiong, W. Khalifa and X. Li, Chinese banking sector: A major stakeholder in bringing a fourth industrial revolution in the country, Technological Forecasting and Social Change, 165 (2021) 120519, Available: 10.1016/j.techfore.2020.120519.
[4] A. Botha, Innovating For Market Adoption In The Fourth Industrial Revolution, South African Journal of Industrial Engineering, 30(3) (2019). Available: 10.7166/30-3-2238.
[5] M. Aqeeq, Islamic Banking in Oman Today & The Way Forward, SSRN Electronic Journal, (2014). Available: 10.2139/ssrn.2577369.
[6] Nair, Why hasn't fintech embraced the Fourth Industrial Revolution?, World Economic Forum, (2019). [Online]. Available: [Accessed: 13- Mar- 2021].
[7] Bandara, Oshadhi, KasuniVidanagamachchi, and Ruwan Wickramarachchi, A Model for Assessing Maturity of Industry 4.0 in the Banking Sector,. Paper presented at the International Conference on Industrial Engineering and Operations Management, Bangkok, Thailand, (2019) 5–7.
[8] Babiceanu, Radu F., and RemziSeker, Big Data and virtualization for manufacturing cyber-physical systems: A survey of the current status and future outlook. Computers in Industry, 81 (2016) 128–37.
[9] PwC, Global FinTech Report, (2017). Available online: [Accessed: 13- Mar- 2021].
[10] Ernst and Young, FinTech on the Cutting Edge, (2019). Available online: [Accessed: 13- Mar- 2021].
[11] Hofmann, Erik, and Marco Rüsch, Industry 4.0 and the current status as well as future prospects on logistics. Computers in Industry, 89 (2017) 23–34.
[12] Lu, Yang, Industry 4.0: A survey on technologies, applications and open research issues. Journal of Industrial Information Integration, 6 (2017) 1–10
[13] Ooi, Keng-Boon, Voon-Hsien Lee, Garry Wei-Han Tan, Teck-Soon Hew, and Jun-Jie Hew, Cloud computing in manufacturing: The next industrial revolution in Malaysia?Expert Systems with Applications, 93 (2018) 376–94.
[14] Romao, Mário, Joao Costa, and Carlos J. Costa, Robotic Process Automation: A Case Study in the Banking Industry, 2019, Paper presented at 14th Iberian Conference on Information Systems and Technologies (CISTI), Coimbra, Portugal, June 19–22, (2019) 1–6.
[15] Zambon, Ilaria, Massimo Cecchini, Gianluca Egidi, Maria Grazia Saporito, and Andrea Colantoni, Revolution 4.0: Industry vs. agriculture in a future development for SMEs Processes 7 (2019) 36
[16] Stock, T.; Obernaus, M.; Kunz, S.; Khol, H. Industry 4.0 as an enabler for sustainable development: A qualitative assessment of its ecological and social potential. Process Saf. Environ. Prot. 118 (2018) 254–267,doi:10.1016/j.psep.2018.06.026.
[17] Saxena, P.; Papanikolaou, M.; Pagone, E.; Salonitis, K.; Jolly, R. Digital manufacturing for foundries 4.0. InLight Metal 2020- The Minerals, Metals & Materials Series; Tomsett, A., Ed.; Springer: Berlin/Heidelberg, Germany, (2020) 1019–1031.
[18] Stock, T.; Seliger, G. Opportunities of sustainable manufacturing in industry 4.0. Procedia Cirp., 40 (2016) 536–541, doi:10.1016/j.procir.2016.01.129.
[19] Fitzgerald, M.; Kruschwitz, N.; Bonnet, D.; Welch, M. Embracing digital technology: A new strategic imperative. MIT Sloan Manag. Rev., 55 (2014) 1–12.
[20] Zhou, K.; Liu, T.; Zhou, L. Industry 4.0: Towards future industrial opportunities and challenges. In Proceedings of the 12th International Conference on Fuzzy Systems and Knowledge Discovery (FSKD2015), Zhangjiajie, China, (2015) 15–17.
[21] Roblek, V.; Meško, M.; Krape┼ż, A. A complex view of industry 4.0. Sage Open (2016) 6.
[22] Bahrin, M.A.K.; Othman, M.F.; Azli, N.N.; Talib, M.F. Industry 4.0: A review on industrial automation and robotics. J. Teknol. 78 (2016) 137–143.
[23] Witkowski, K. Internet of things, big data, industry 4.0–innovative solutions in logistics and supply chains management. Procedia Eng. 182 (2017) 763–769.
[24] Schuh, G.; Potente, T.; Wesch-Potente, C.; Weber, A.R.; Prote, J.P. Collaboration Mechanisms to increase Productivity in the Context of Industrie 4.0. Procedia Cirp 19 (2014) 51–56.
[25] Gorecky, D.; Schmitt, M.; Loskyll, M.; Zühlke, D. Human-machine-interaction in the industry 4.0 era.In Proceedings of the 12th IEEE International Conference on Industrial Informatics (INDIN 2014), Porto Alegre, Brazil, (2014) 27–30.