Designing a Conceptual Framework for Industry 4.0 Technologies to Enable Circular Economy Ecosystem

Abstract

The paper is aimed at developing an ecosystem that can be used within the domain of the circular economy on the foundation of Industry 4.0 technologies. The study emphasizes the importance of Industry 4.0 as a crucial element in the development of the circular economic ecosystem. The circular economic ecosystem is comprised of a business model, business strategies, and resources and capabilities supported by a circular economy framework. This study adopted literature review analysis and case studies as mythology to analyse and synthesize the latest trends and aspects developing within the framework of the circular economy. The major findings of this paper present a theoretical conceptual framework of a circular economic ecosystem that can be adopted at organizational level. The study also supplies a way forward for future studies in this research domain as there are several factors which are found but need to be explored.

Keywords

• Circular Economy
• Industry 4.0
• Smart Manufacturing
• Digital Ecosystem