Since the first Industrial Revolution the trends in manufacturing have evolved a lot, from mechanical production to the era of smart manufacturing via technologies like Cyber Physical Systems, Internet of Things, Big Data, Cyber Security, Cloud Computing, Additive Manufacturing, Advanced robots, Modelling and Simulation and Augmented Virtual Reality. These technologies are enabling Interoperability and integration of various processes and departments in an organization because of the attribute of real-time inter-connectivity. Due to high inter-connectivity advantages like shorter development time, mass customization and modularity, configurability can be brought into existence. This will not only change the dynamics of the production lines but also add to the profit ratio of an organization by controlling over inventory via virtualization and predictive manufacturing. Due to such attributes of the Industry 4.0 paradigm, understanding them in depth is necessary. Hence, this paper aims to review many such characteristics, enablers, and main drivers of the Industry 4.0 paradigm and ultimately provides insight on the future scopes of each of the main pillars of Industry 4.0. © 2021