Industry 5.0 or industry 4.0S? Introduction to industry 4.0 and a peek into the prospective industry 5.0 technologies

Abstract

The Industrial Revolution can be termed as the transformation of traditional industrial practices into new techniques dominated by the technologies available at that time. The first three industrial revolutions were driven respectively by mechanization, electrification, and automation which had gradually transformed the agrarian economy into a manufacturing-based economy. It helped in enhancing the lifestyle of the factory workers and the healthcare system, which improved the overall quality of living. The industries that adapted to the change witnessed a tremendous increase in the production of goods, competitive advantage, and cross-border business opportunities. While we are currently living to see the fourth industrial revolution (also known as Industry 4.0) unfolding around us, the world is poised for the next big leap, the fifth industrial revolution or Industry 5.0. Hence, the first half of the paper outlines the enabling technologies of Industry 4.0 and conceptualizes how they would act as the foundation for the fifth industrial revolution. The socio-economic challenges of the technologies and the need for Industry 5.0 technologies are also discussed. The second half of the paper outlines the prospective technologies of Industry 5.0, their potential applications from the perspective of industry leaders and scholars and conceptualizes how they can overcome the challenges of Industry 4.0. The definition of “sustainability trilemma” a new term coined by the authors, and the reasoning for calling the next industrial revolution “Industry 4.0S” (another new term) rather than Industry 5.0 are also presented.