Internet of Things, Cyber Physical System, and Mechatronics brought about the fast evolution of Industry 4.0, which transformed industrial landscape. This paper analyses the effects of these technologies on the level of industrial productivity, economic effectiveness and output of innovation within six countries, Estonia, Ukraine, Portugal, the USA, the UK and China, in the period 2020—2024. The impact of Internet of Things adoption, Cyber Physical Systems integration, and usage of Mechatronics are studied on the thrust of industrial transformation using a panel data econometric model. The ICT infrastructure and respective R&D investment are also studied for their effects on industrial transformation. The results show that China and the USA are the most advanced in Industry 4.0 adoption, with a meaningful penetration of the Internet of Things, reflected in industrial productivity index scores of 81.45 and 79.12, respectively. Portugal and the UK show steady progress, with strong ICT and R&D investments driving consistent efficiency and innovation growth. Although there are numerous gains to be made in mechatronics integration and automation strategies, Estonia and Ukraine currently lag behind. Findings stress that, besides balanced investments, Industry 4.0 needs of regulatory support and proper digital skills development to be fully exploited. Based on the study, it becomes clear that investment in digital transformation is significant, but only an effective state policy on large industrial enterprises, prepared infrastructure, and individuals’ ability to adapt to new labor processes can be effective. Future works on regional discrepancies, sector specific approach and new technologies (AI and blockchain) could be useful in improving adoptability of Industry 4.0.