Industry 4.0, known as the fourth technological transformation towards digital-physical systems in manufacturing, creates a disruptive impact on industries. Manufacturing companies, especially small and medium-sized ones, are facing various challenges and must constantly innovate to remain competitive. One way to innovate is by implementing new technologies into company processes. In this study, we investigate how technology, company and industry related factors are associated with the implementation of Industry 4.0 in SMEs. We collect data via a survey with a focus on Industry 4.0 in SMEs. The results indicate that knowledge and expected benefits of technology are the drivers for the implementation of Industry 4.0 technologies. They also show that companies with high levels of process automation and high product variety are more likely to implement Industry 4.0 technologies. Our study creates a better understanding of the status, challenges and plans within Industry 4.0 implementation in SMEs, which will support the development of SME-friendly manufacturing tools and systems and craft managers’ and policymakers’ understanding of Industry 4.0 technologies.