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This Research paper focuses on identifying & countering the Challenges of Industry 4.0. Although Industry 4.0 has been a boom of the century, the underlying challenges still need to evaluated and counter measure must be taken in order to have long-term goals satisfied. Therefore, first part of the research focuses on identifying the key challenges and then second part of the research has been dedicated to counter measure. The research contains serious of interview ranging from Industry 4.0 experts to end user of these technologies to validate the identified challenges and counter measure. Thus, the research has a practically backed evidence and real time problem scenarios have been well documented through the course of research. Therefore, this research points out six quantified and qualified Industry 4.0 challenge cluster. They are 1. Economic Challenges, 2. Technical Challenges, 3. Competency Challenges, 4. Cultural Challenges, 5. Managerial Challenges 6. Collaborative challenges. Thus, the identified counter measure falls into four areas of system of Innovation. They are 1. Role of Central Government 2. Co-operation of State Universities and Industries 3. Role of State Government in Promoting Technology Fairs 4. Role of Company Management and Unions. This research also a Supply Chain Limitation which must be considered. Therefore, the research serves as a base guideline for companies in knowing the challenges and provides a direction for the mitigating these challenges through System of Innovation.