Institutional aspects of digitalization of regional economy in the context of Industry 4.0

The phenomenon of the fourth industrial revolution causes extensive changes in the economic system at all levels of its functioning. Of particular interest in this aspect are regional studies, as they allow us to consider and assess the readiness of individual subjects of the Russian Federation to these changes, as well as the degree ofpotential adaptation to them andopportunities for development in a new“key”, takingintoaccount historical, geographical, social and economic prerequisites. The article includes the analysis of major constraints toeconomic growth at the international, national and regional levels and the full involvement of domestic economy in Industry 4.0. The differentiation in the development of meso-economic systems in Russia leads to the specificity of the approaches to adaptation of subjects to rapidlychanging technological realities. The study is based on the analysis of socio-economic components of one of the regions of the Russian Federation - Volgograd region, in order to further identify the degree of its readiness for systematic development in the new neo-industrial era. The presence of a complexofproblematic (similar togeneral) issues ofa regulatory, social, financial, information and technological nature has been revealed. The identified problems require the development ofdirections for their solution (economicand institutional orientation) in order to reduce the level of losses in the process of transition toa new industrial model of economic development and increase the opportunities to ensure favorable competitive positions within it for the region.