The emerging new technologies, rapid change of market demand, and the influence of society moved the companies to be innovative and improve their product as continuously as effectively. Consequently, the need for smart manufacturing systems and smart products arises to support the manufacturer to deal with mass customization under a highly competitive market. The Industry 4.0 initiative provides a base toward smart manufacturing, aimed at producing the smart and highly connected product. Regarding this necessity, in this thesis, the role of Industry 4.0 technologies in product development processes are examined, supposing the product an Industry 4.0 component in its life cycle.