Industry 4.0 leading towards fourth generation of industrialization is in the global news of every nation. Digitalization plays a pivotal role in the said process in which the prospects of Augmented Reality (AR) and Virtual Reality (VR) are of vital focus by different business houses cross sectors across the globe. The study enumerates the prospective procedural measures to be incorporated by various educational institutes catering to the futuristic industrial needs being a part of Industry 4.0 through collaborative approach. Moreover, it also delineates the dominant role of AR & VR as a means of new age learning mechanism in optimizing the youths fostering towards innovation and entrepreneurship through research and development by virtue of impedances of skill development in the form of short term and long term courses among students and faculties. This reverberates in deciphering the various industrial objections through formulation of startup entities thereby enhancing the economy through technological interventions. The multi functionality of AR and VR across different sectors like game technology, entertainment, tourism, medicine & healthcare, prehistoric studies, streams of engineering & technology, trade & commerce, architecture, education, life sciences and many more has been elucidated as a part of study objective in the mentioned paper.

Industrialization is the crucial arm of an economy which is a dream for every single country on the globe. The theoretical term Industry 4.0 or Smart Factory delineates a societal and basic man comprehension of computerized innovative (digitalization) patterns which further subdivides the accompanying arrangements into Mobile gadgets, Internet of Things (IoT) stages, Location discovery advances, Advanced human-machine interfaces, Authentication and extortion identification, 3D printing, Smart sensors, Big information investigation and propelled calculations, Multilevel client communication and client profiling, Augmented reality / wearables, Cloud registering, haze figuring, man-made consciousness, AI, mechanical autonomy computerization and so forth. This paper manages the investigation of various parts of Industry 4.0 with it’s entomb connection with advancement and business cultivating towards big business manifestations and upgrade of worldwide economy through innovative intercessions.