Industry 4.0 is considered to be the fourth industrial revolution and involves virtual and physical systems that are interconnected and collaborate in an autonomous way. Industry 4.0 is a relatively new concept within computer science and raises interest on how to make use of technologies included in the concept and profit from them. This article investigates Industry 4.0 in the context of SMEs: the opportunities and challenges that Industry 4.0 poses upon SMEs, as well as readiness of SMEs for Industry 4.0 are considered. The data collection and analysis methods were literature review with grounded theory. In the result, the main challenges proved being of organizational nature: SMEs need help with company-specific strategies for implementing Industry 4.0; and SMEs need skilled employees. The opportunities are flexibility and openness to innovation, which are pertinent to SMEs; cloud computing; and public investments into technology and adoption of Industry 4.0 by companies. The readiness of SMEs for Industry 4.0 is still somewhat low – they are still learners.