Manufacturing is a crucial link in the backbone of globe economy. Development of sustainable manufacturing technologies has improved the agility and responsiveness of the manufacturing companies. Advent of Industry 4.0, 5G, Smart manufacturing, 3D printing technology, and AI & Machine Learning has changed the outlook of the global manufacturing industry. The slow adoption of these technologies commensurate the volume of goods manufactured across different industry verticals. However, due to increased risk of downturn in global manufacturing, the growth of manufacturing industry has slowed down in last couple of years. The adoption of AI & Machine learning and 5G is filling the gap between the manufacturers and end users through sustained communication and projections based on predictive analytics. Additionally, increased focus on distributed manufacturing and structured logistic network has helped in reducing the lead time in product delivery. We offer a comprehensive analysis of the dynamics prevalent in the industry to develop a holistic view of the industry element under analysis.