Economic and Social Challenges of Disruptive Technologies in Conditions of Industries 4.0 and 5.0: the EU Experience

Abstract

The paper analyses the economic and social challenges of disruptive technologies in conditions of Industry 4.0 and Industry 5.0. The paper overviews research progress on Industry 4.0 and 5.0 and their influence on sustainable development. The research explains disruptive technologies trends for sustainable development. The paper examines the development process of “disruptive technologies”, which are numerous: telephone (replaced the telegraph), steamboats (replaced the sailing vessels), semiconductors (replaced the vacuum equipment), e-mail (instead of traditional mail), etc. The paper analyzes basic disruptive technologies for creating the Internet of Things. The paper shows potential economic characteristics of disruptive technologies for the nearest five-year perspective. It investigates the EU experience on the realization of Industries 4.0 and 5.0. The paper highlights the trends that positively impact business growth up to 2022 according to the EU Future of Jobs Report: increasing adoption of new technology and big data; advances in mobile internet; advances in artificial intelligence and cloud technology; shifts in national economic growth; expansion of education; advances in new energy supplies and technologies. The research demonstrates how disruptive technologies will accelerate by 2025 and how both positive and negative impacts on business will grow up. The article tackles the issues of the potential economic and social impact of disruptive technologies in the nearest future. It distinguishes possible consequences of the implementation of key disruptive technologies of our time: for example excessive psychological impact; the risk of creative potential reduction; increasing information dependence; reduced the privacy of personal life; risks of uncontrolled reduction of information security (for example, due to hackers); increased information vulnerability of civilization; risk of loss of human control over cyber systems, etc. Key words: economic challenges, social challenges, Industry 4.0, Industry 5.0, disruptive technology.

Organizational competencies toward digital transformation at the events of disruptive changes: an operational process innovation perspective

“…The current study proposes numerous precious theoretical implications against the existing literature. First, the existing literature mostly paid attention to qualitatively classifying I4.0 crucial technologies (Bongomin et al , 2020); enhancing the understanding of I4.0 as a new revolution (Klingenberg and Antunes, 2017); challenges facing the adoption of new technologies in the presence of I4.0 (Melnyk et al , 2019); instead, the current study shifts to quantitatively investigating a proposed model that contains multiple relationships, including several variables: DCs as an independent variable, I4.0 as a moderator, process innovation as a mediator and DT as a dependent variable. Second, the impact of DC on performance is the main searched topic that has taken the attention of many researchers and scholars (Helfat and Bailey, 2005; Karimi and Walter, 2016; Owuor, 2018; Svanberg et al , 2021).…”

Determination of Green Marketing Strategies Through Marketing Communication in the Business World in the Society 5.0 Era

“…Very radical changes occur in the marketer environment, such as technology, globalization, the economy, and government regulations (Melnyk et al 2020). These situations and conditions will emerge new behaviors from consumers reflected in their needs and desires (Duarte & Cruz-Machado 2017).…”

Socio-economic and management concepts

“…al. 2019a;Melnyk et al 2019b;Melnyk et al 2020), the authors formulated the most important functions of cyber-physical systems carried out without any human participation: information exchange (a kind of a "dialogue") in real-time; control of external and internal parameters; self-activation and stop under specific information signals; selftuning for optimal operating conditions; forecasted (anticipatory, preventive) systems self-service; interaction with produced goods (production systems case); adaptation to the new needs of consumers; definition of the needed equipment to make the required products or meet new demands; self-learning of new work methods.The EU experience of a green economy is based on a fundamentally new type of technology and economic relations. On the one hand, this is due to the need to transition to sustainable development, which allows overcoming the threat of a global environmental catastrophe and ensuring the transition to social (personal) development priorities.…”