Industry 4.0 as a lever for innovation: Review of Serbia's potential and research opportunities

Abstract

This article explores the premises of the Fourth Industrial Revolution and its role in fostering innovation and economic growth, indicating Serbia's Industry 4.0 potential and the gaps. The deployed methodology includes a literature review, both in the context of global developments and Serbia's innovation potential, supported by an analysis of several sources of empirical evidence that could serve as a basis for future research. A more in-depth investigation of blockchain and artificial intelligence (and related automation) developments, as well as a study of the application of other relevant technologies, such as robotics, cloud computing, extended reality, 3-D printing and others are suggested. The Republic of Serbia Statistical Office could support this process by conducting wider and more regular innovation surveys, as well as by adapting its business monitoring tools. It is further proposed that research focus be placed on a review of the dataset of companies and projects supported by the Innovation Fund of the Republic of Serbia, concentrating particularly on the outcomes of these projects and how they impact wider innovation activity. Finally, research should also be continued in the related fields of human capital and knowledge integration, access to finance and the regulatory and infrastructure framework.