In the fast-developing world of Industry 4.0, which combines Extended Reality (XR) technologies, such as Virtual Reality (VR) and Augmented Reality (AR), creating location aware applications to interact with smart objects and smart processes via Cloud Computing strategies enabled with Artificial Intelligence (AI) and the Internet of Things (IoT), factories and processes can be automated and machines can be enabled with self-monitoring capabilities. Smart objects are given the ability to analyze and communicate with each other and their human co-workers, delivering the opportunity for much smoother processes, and freeing up workers for other tasks. Industry 4.0 enabled smart objects can be monitored, designed, tested and controlled via their digital twins, and these processes and controls are visualized in VR/AR. The Industry 4.0 technologies provide powerful, largely unexplored application areas that will revolutionize the way we work, collaborate and live our lives. It is important to understand the opportunities and impact of the new technologies and the effects from a production, safety and societal point of view.