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Industry 4.0 anticipates massive interconnectivity of industrial devices (e.g., sensors, actuators) to support factory automation and production. Due to the rigidity of wired connections to harmonize with automation, wireless information transfer has attracted substantial attention. However, existing solutions for the manufacturing sector face critical issues in coping with the key performance demands: ultra-low latency, high throughput, and high reliability. Besides, recent advancements in wireless millimeter-wave technology advocates hybrid precoding with affordable hardware and outstanding spatial multiplexing performance. Thus, we present HYDRAWAVE -- a new paradigm that contemplates the joint design of group scheduling and hybrid precoding for multi-group multicasting to support ubiquitous low-latency communications. Our hybrid precoder, based on semidefinite relaxation and Cholesky matrix factorization, facilitates the robust design of the constant-modulus phase shifts rendering formidable performance at a fraction of the power required by fully-digital precoders. Further, our novel group scheduling formulation minimizes the number of scheduling windows while accounting for the channel correlation of the co-scheduled multicast receivers. Compared to exhaustive search, which renders the optimal scheduling at high overhead, HYDRAWAVE incurs only 9.5% more delay. Notoriously, HYDRAWAVE attains up to 102% gain when compared to the other benchmarked schemes.