Digital twins, block chains, Internet of things (IoT) and artificial intelligence (AI) may re-define our imagination and future vision of globalization. Digital twins will likely affect most of the worldwide enterprises as it duplicates the physical models for remote monitoring, viewing and controlling based on numerous algorithms and its digital format. It is the digitalized living model of the physical system that continuously adapts to operational variations based on real-time data from numerous IoT sensors and devices and provides future forecasts corresponding to the physical counterparts with the help of machine learning and IoT. We have investigated the related research that is progressing in this field. In the context of IoT Cyber Physical Systems (CPSs), the major research areas such as machine learning and big data are examined. Machine learning facilitates the development of new models and technology systems in the domain of intelligent smart manufacturing.