What Is Industry 5.0?

ElFar, Omar Ashraf; A, Angela Paul; Peter, P. L. S.; Chew, Kit Wayne; Show, Pau Loke

doi:10.1201/9781003080671-4-4

Cited by 4 publications

(4 citation statements)

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“…Industry 5.0 is the perpetuation of Industry 4.0 with a special focus on humancentricity, sustainability, and the resilience of industries (Industry 5.0-European Commission 2022). Since 2016, the concept has been widely discussed by industry experts and academicians in blogs, websites, social media, conferences, journals, and government reports (Rada 2015;Gotfredsen 2016;ØSTERGAARD 2016;Sachsenmeier 2016;Atwell 2017;Demir and Cicibaş 2017;Rendall 2017;Skobelev and Borovik 2017;European Economic and Social Committee 2018;Özdemir and Hekim 2018;Ozkeser 2018;Rossi 2018;Vollmer 2018;Demir et al 2019;Nahavandi 2019;Paschek et al 2019;Pathak et al 2019;Iftikhar and Iftikhar 2020;Müller 2020;Saptaningtyas and Rahayu 2020). It is a well-known fact that past industrial revolutions have transformed the firms' business processes.…”

Section: Introductionmentioning

confidence: 99%

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

Madhavan,

Sharafuddin,

Wangtueai

2024

Administrative Sciences

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This research aims to develop a conceptual framework and propositions to establish and test the causal relationships between Industry 5.0 readiness (I5.0R), global value chain (GVC) participation, business competitiveness (BC), and sustainable business growth (SBG) of small and medium-sized enterprises (SMEs). This study focuses on Industry 5.0 readiness, evaluated through human-centricity, fairtrade practices, lean management, sustainability practices, and business competitiveness, measured by marketing, resources, production, and finance. Both constructs were developed and tested as higher-order constructs, while GVC participation and sustainable business growth were assessed as lower-order constructs. Data were collected from marine food processing SMEs in Thailand using a purposive sampling technique. This study tested and confirmed the content validity, construct validity, and reliability of both lower and higher-order models. Using partial least squares structural equation modeling (PLS-SEM) with bootstrapping (n = 1000), the results indicated significant positive impacts of Industry 5.0 readiness on GVC participation, Industry 5.0 readiness on business competitiveness, GVC participation on business competitiveness, and business competitiveness on the sustainable business growth of SMEs. Additionally, business competitiveness was found to mediate the relationship between Industry 5.0 readiness and sustainable business growth. These findings contribute to the literature on Industry 5.0, GVCs, and SME business competitiveness, offering practical insights for SMEs and policymakers aiming to enhance sustainable growth through strategic readiness and competitiveness in Industry 5.0 practices. The implications and directions for further research in Industry 5.0 readiness of SMEs are presented.

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Section: Introductionmentioning

confidence: 99%

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

Madhavan,

Sharafuddin,

Wangtueai

2024

Administrative Sciences

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“…As Di Nardo and Yu [1], p. 1, point out, "while a significant number of companies around the world are still trying to adapt to Industry 4.0, the discussion about Industry 5.0 has already begun". The concept of Industry 5.0 originated from mid-2010s social media posts by Michael Rada and others [2][3][4][5] and in the years thereafter these ideas were picked up by the academic community, with the first academic article published in 2016 [6]. Since the outbreak of the pandemic, I5.0 has received increasing levels of attention in business and society [7,8].…”

Section: Introductionmentioning

confidence: 99%

Bibliometric Trends in Industry 5.0 Research: An Updated Overview

Madsen

Berg

Nardo

2023

ASI

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The emergence of Industry 5.0 took place in the mid-2010s, presenting a novel vision for the future of an industry that places emphasis on human involvement in the production process. Following the outbreak of the COVID-19 pandemic, there has been a substantial surge in the popularity of this concept, gaining traction not only in the business realm but also within academic circles. This increased attention can be attributed to a heightened focus on crucial aspects such as sustainability and resilience. The objective of this study is to present an updated overview of key bibliometric trends in Industry 5.0 research. The findings indicate a remarkable expansion of research activities in the field of Industry 5.0, as evidenced by a substantial increase in the number of publications and citations. Concurrently, the growth of Industry 5.0 research has led to the emergence of diverse perspectives and the exploration of related research themes such as artificial intelligence, big data, and human factors. In summary, this study enhances our understanding of the Industry 5.0 concept by providing an updated overview of the current state of research in this area and suggesting potential avenues for future investigations.

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“…Інноваційні процеси в економіці and phenomena of this phase transition (Evans, 2011;Horx, 2020;O'Neill, 2017;Rada, 2018;Rifkin, 2013;Rifkin, 2015;Rossi, 2018;Schwab et al, 2018;Shahan, 2016;Skinner, 2018;Vollmer, 2018;Zennaro, 2017). This makes it possible to formulate the main features of the socioeconomic formation of society is approaching transformational processes (Figure 1).…”

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confidence: 99%

Instruments for Ensuring the Phase Transition of Economic Systems to Management Based on Industries 3.0, 4.0, 5.0

Melnyk

Matsenko

Kalinichenko

et al. 2023

journal

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The article develops the concept of key categories related to the phase transition to a new socio-economic formation: industrial revolutions Industries 3.0, 4.0, 5.0; the transition implementation mechanism; transformational processes; trialectic mechanisms of system formation. The key features of the economic system, which can be formed through a phase transition, are conditionally characterized. In particular, such an economy can be called a sustainable economy because it ensures the achievement of sustainable development goals. The essence of modern industrial revolutions (Industries 3.0, 4.0, 5.0) is revealed through which the specified phase transition is realized. In particular, Industries 5.0 is a phenomenon of human adaptation to a cybergized environment, during which the personal basis of a person develops, in particular, based on the synergistic integration of human cognitive abilities and artificial intelligence, as well as human biological nature and technical means. Based on a trialectic view of the system-forming factors of the beginning (material, informational and synergistic), the key groups of instruments for ensuring the specified phase transition were characterized, in particular, the group of instruments that provide the material prerequisites for the implementation of the phase transition can include: the introduction of alternative energy; large-scale energy accumulation; implementation of additive technologies (3D printing); formation of cyber-physical systems; implementation of the Internet of Things; miniaturization of economic assets. In the group of information prerequisites, the following instruments can be listed: mass computerization; sensory revolution; dematerialization of economic systems; the formation of the cloud as a global memory system and a global control centre; mass adoption of RFID tags. The group for ensuring synergistic prerequisites consists of globalization of Internet communications; creation of EnerNet (unified information and energy systems); creation of a global GPS; transition to network economic systems; formation of virtual enterprises.

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What Is Industry 5.0?

Cited by 4 publications

References 1 publication

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

Bibliometric Trends in Industry 5.0 Research: An Updated Overview

Instruments for Ensuring the Phase Transition of Economic Systems to Management Based on Industries 3.0, 4.0, 5.0

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