Industry 4.0 and Digitalization implementation in SME’s is a very critical topic since the SME’s are the economically important for Countries across the World. A search on google scholar yielded nearly 25000 papers from different parts of the globe on the Keywords such as “Digitalization, SME’s and Industry 4.0”. In this paper latest papers have been reviewed for Literature so as to identify the dominant barriers for the implementation of digitalization and Industry 4.0 in the SME’s. The success factors are also identified so that it can lead to a reasonable conclusion for the SME’s to implement Digitalization and Industry 4.0 particularly in developing nations. The present work is an attempt to review the available Literature as to how Fourth Industrial Revolution and Digitalization can revolutionize the SME’s which are the Major Contributors to the economy of any Developing Nation.