This article presents an exhaustive review of the literature relevant to Industry 4.0 (I.4.0) and Smart Factories (SFs). In this review, a landscape of I.4.0 principles is plotted in the form of a mind map, Definitions explored, background and components investigated, from this a pyramid framework is constructed. This pyramid will assist in identifying the major themes of this I.4.0 concept and help provide specific gaps for further research. A meta-analytic approach (qualitative literature review method) was taken. The paper highlights contradictions and similarities in the form of a table of current research presented in the field of SFs. Successful frameworks such as “Aluminium Industry 4.0”, “SmartFactoryKL” as a model for I.4.0, and game changing case studies such as Exxon Mobil, Proctor and Gamble and Tata Motors are explored. Finally the paper discusses the gaps in knowledge, specifically into the area of what I.4.0 means for developing contexts. The pyramid framework is presented in the recommendations section as a tool for analysis and evaluation. Results reveal that a possible scalable solution is needed for developing contexts. Implications of the literature survey are that an optimal tool of assessment for I.4.0 is needed. This can be along the lines of a matrix, rubric, or checklist for companies to measure practically where they stand when measured against the I.4.0 movement. Future research directions could focus on a more empirical study such as a future concept facility design with the concepts of I.4.0 and SFs.