Smart manufacturing (SM) or Industry 4.0 is a term generally applied to the improvement in manufacturing operations through integration of systems, linking of physical and cyber capabilities, and taking advantage of information including leveraging the big data evolution. SM adoption has been occurring unevenly across industries, thus there is an opportunity to look to other industries to determine solution and roadmap paths for industries such as biochemistry or biology. In this paper, we analyzed evaluation in smart manufacturing systems based on modern industrial revolution. Since, Industry 4.0 holds the promise of increased flexibility in manufacturing, along with mass customization, better quality, and improved productivity. It thus enables companies to cope with the challenges of producing increasingly individualized products with a short lead-time to market and higher quality. Intelligent manufacturing plays an important role in Industry 4.0. Moreover, we review key technologies for information and communications technology (ICT) that are used to enable intelligent manufacturing. Also, the major key technologies related to smart Manufacturing were identified through the analysis of the policies and technology roadmaps of Germany, Chania and the U.S for smart manufacturing. In addition, we answered the three-key question in this paper. First, how small and medium enterprises (SMEs) are build and setting-up from conventional manufacturing practices to the smart manufacturing/Industry 4.0? Second, comparative analysis of the key architectures adopted for the Industry 4.0. Third, review, select and suggest the standards from the pool of standard bodies for Industry 4.0. Finally, we present current challenges and future research directions. The concepts discussed in this paper will spark new ideas in the effort to realize the much-anticipated Fourth Industrial Revolution.