THE INDUSTRY 5.0 IS HERE!

Several socioeconomic changes have occurred, starting with the First Industrial Revolution in the 18th century. We are now experiencing the Fourth Industrial Revolution (Industry 4.0) and are about to enter a Fifth one, both of which will undoubtedly change the way we live, work, and interact with one another.

Let's define "industrial revolutions" first before we explore what the "Fifth Industrial Revolution" is and how it will alter our lives.

These are the times when new breakthroughs and technologies are developed or created, which leads to modifications in production and significant changes in human civilization. These revolutions don't happen in a vacuum; each one paves the way for the next.

The Fourth Industrial Revolution, which we are now experiencing, places a strong focus on the transmission of information via the extreme interconnectedness of devices, people, and organisations. Technologies like the Internet of Things, 3D printing, virtual reality, AI, and robots were developed as a result of revolutionary developments in the tech world.

It has been said that Industry 4.0 is "human-less" and harmful to both humans and the environment. Where "Industry 5.0" departs from its predecessor is in this area.

In Industry 4.0, attempts were made to take advantage of technology's ongoing development to maximise earnings and improve consumer experiences. Additionally, there was a tendency to dehumanise and deskill workers while replacing them with cutting-edge technology. But keep in mind that this is only one side of the story. This development has the potential to advance civilization.

The primary distinction between Industry 4.0 and 5.0 is that the latter places more focus on human-technological cooperation than on either one's replacement. It involves developing a new socioeconomic period that bridges the gap and opens up many chances for both people and the earth.

In essence, Industry 5.0 will be a tango between people, purpose, and profit. There will be a tendency toward sustainability throughout this time, which is exactly what the world needs right now given the prominence of environmental challenges like climate change and global warming.

A new age when profitability, technology, robots, and people are all driven by the united goal of fostering and attaining sustainability... Because of this, the Fifth Industrial Revolution is now necessary.

The main focus of that revolution will be using the current technology for the benefit of individuals, society, and commerce. We shall use technology in this new era. Technology won't own us anymore; instead, we'll create it so that it exists for us.

Although this revolution is motivated by a common concern for sustainability, it is nonetheless easy to see it negatively. People could start to think that robots would take over the world and replace humans and their jobs as shown in Hollywood movies as a consequence. Although this is a legitimate concern, there is a benefit.

Robotics and machines will certainly change how we work and live, and they'll also undoubtedly raise our standard of living. And they will, in fact, take over certain human-performed jobs. We will be given more time to concentrate on extremely difficult jobs that need for human brains and creativity since these menial duties will be very repetitious.

Because robots lack the one trait that distinguishes humans as a species—human intelligence—despite being more consistent than people at doing certain jobs.

Humans will undoubtedly need to cooperate with robots and intelligent devices in the near future as Industry 5.0 accelerates as a result of the COVID-19 epidemic.

But there is, in the words of Salesforce Co-Founder Marc Benioff, "a crisis of faith in technology." Additionally, companies find it challenging to run effectively without trust. Therefore, not only will people and robots need to work together, but the former will definitely also need to adapt.

This industrial revolution, like all others, won't occur simultaneously everywhere. Industry 4.0 will progressively give way to Industry 5.0 in a number of ways worldwide.

With their notion of "Society 5.0"—a super-smart society where people would lead more pleasant and sustainable lives by using the power of technologies like IoT and AI—the Japanese seem to have raced ahead of the competition. In order to address social and environmental issues before other countries, Japan is now modernising its healthcare, transportation, infrastructure, and fintech sectors using this paradigm.

Cybernetics and convergent technologies are part of Industry 5.0, which aims to help businesses succeed with a clear purpose. Have you prepared?