To succeed in the ever-changing economic environment, it has become important for industrial enterprises to implement digitization, intelligentization and adopt rapid advancement of new technologies based machines, machine tool and manufacturing systems. Reconfigurable Manufacturing System (RMS) combines the strengths of Flexible Manufacturing System (FMS) and Dedicated Manufacturing System (DMS) with computer based technologies (i.e. smart sensors, autonomous robot, automatic material handling, computer based machine etc.). Today’s manufacturing sector stand on the threshold of the fourth Industrial Revolution 4.0, in which many smart technologies have been developed such as Internet of Things (IoT), Cloud Computing, Augmented Reality, Simulation, Block Chain, Cyber Security System, Big Data , Horizontal and Vertical System Integration, Additive Manufacturing and others. The uses of these smart technologies are powerful driver for Reconfigurable Manufacturing System (RMS) to meet the requirement of digital manufacturing world. The objective of this paper is to provide the overview of Industry 4.0 based emerging technology and its drivers, enablers, goals. This research will be helpful to equip manufacturers, customers, researchers, industrialists, and other concerned persons in understanding the importance, severity and benefits obtained by the application and implementation of the Industry 4.0 based concepts