Amid the challenges firms face in adopting Fourth Industrial Revolution technologies such as financial constraints, limited IT competency among employees, and inadequate technological resources. This study investigates key factors driving the IR4.0 adoption and assesses how this adoption is influenced by organizational culture and impacts competitive advantage. The research conducted empirical analyses based on 268 responses from both manufacturing and service-oriented Firms. The findings reveal that the majority of firms in these sectors have made partial strides in the adoption and implementation of IR4.0 technologies, with approximately half of them yet to fully embrace these technological advancements. Additionally, the study highlights a noteworthy negative impact of environmental factors on firms’ adoption of IR4.0 technologies. This study significantly contributes to the ongoing discourse of digitalization in developing economies by establishing measures aimed at facilitating the rapid acquisition, adoption, implementation, and integration of digital technologies among businesses.