Additive Manufacturing (AM) technology enables the production of personalized goods at reduced development costs, shorter lead times, lower energy consumption during manufacturing, and decreased material waste. AM will be consolidated as a leading technology in numerous sectors in the near future due to the maturity of the technology, the wide range of possibilities afforded by 3D printing, and the institutional push. One of the most important aspects of Industry 4.0 is 3D printing. It may be used to fabricate complicated parts and allows companies to cut inventory, develop on-demand items, create smaller localized manufacturing conditions, and even shorten supply chains. AM is expected to increase rapidly in the future because of its above stated remarkable "performance record." According to a report published the AM market is predicted to produce US$2 trillion worth of components and end products by year 2030. Hence integration of smart technology and production systems or indirectly one can say that AM is promoting Industry 4.0 and it plays a pivotal role in solving some of the 4th industrial revolution's most important needs. AM is a future paradigm for futuristic production systems, and Industry 4.0 will leverage its potential to reach essential goals. AM will be found now days in a variety of industrial applications including aerospace and health care to consumer goods. This review article discusses about brief AM technology, history, its industrial applications, challenges, and future prospective. Finally, case studies using AM has been considered.