Purpose: Industrial clusters serve as critical platforms for strengthening productivity, fostering innovation, and enhancing regional competitiveness. These clusters must transform in response to the emergence of the Fourth Industrial Revolution. This research aims to identify and prioritize the key elements involved in conceptualizing and theorizing Industrial Cluster 4.0.
Method: To accomplish the aim, a systematic review and the Grey Delphi method were conducted to identify and then classify 26 key components into five main categories. Subsequently, the Grey Best–Worst Method was applied to determine the weights and priorities of these components based on the evaluations of ten industry experts who were selected using purposive sampling.
Findings: The results showed that the "smart economic development" dimension has the highest weight (47%) in the industrial cluster 4.0 model; also, the "international smart value creation" component ranked first with a weight of 20%. The dimensions of smart human capital development, smart service provision, smart market development, and smart spatial focus were ranked next.
Conclusion: These findings indicated that implementing Industry 4.0 technologies in industrial clusters requires coordinated economic, human, and managerial infrastructure, along with multi-level interaction between the government, cluster managers, and supporting institutions.