The current era of the Industrial Revolution, characterized by Industry 4.0, is marked by a widespread shift toward smart industries in which machinery and equipment are closely monitored. However, many industries continue to rely on outdated traditional energy monitoring devices, which present difficulties in terms of ease of monitoring, and installation. To address these issues comprehensively, we have engineered a highly accurate IoT-based smart energy metering solution. This system seamlessly integrates with the ADE7758 precision measurement chip and an Arduino Wi-Fi Rev 3 MCU, ensuring precise measurement of current, voltage, power, power factor, and frequency-essential parameters for industries. Moreover, the accuracy of the data measured by our solution is exceptionally high, standing at an impressive 99.89%. Leveraging IoT capabilities, our solution enables real-time energy consumption monitoring, with data transmitted to the cloud for every 100 msec. Subsequently, this information is stored in a centralized database for prognostic analysis, empowering industries with insights vital for the maintenance and monitoring of their industrial machinery.