With the growing digitalization, the use of machine learning and artificial intelligence has increased in businesses. Humans have gotten smarter while using and collaborating with such machines and integrated to the invention of Industry 5.0. A company like Tesla also depends on humans to create efficient work from robotic devices. Industry 5.0 objects to creating a balance between the use of machinery and human with the promotional use of technologies. Business owners must transform their strategies to attract customers, suppliers, and global markets. This chapter aims to identify the critical factors that Industry 4.0 lacked and were identified and transited to Industry 5.0. With artificial intelligence, the internet of things, machine learning, and nascent technologies, the human pace of work will subsequently be the essential constituent of the future workplace. Thus, India consists of many small and medium-sized companies and start-ups, and the latest technologies and adoption of Industry 5.0 is essential for Indian business owners.
TopIntroduction
Industries are adopting digital technologies in today’s era. Artificial intelligence (AI) is the core of industrial growth. Robotic technology has become essential due to technological advancements like the brain-machine interface in AI (Akundi et al., 2022). With the increasing manufacturing process and lower human resources, such technologies are advancing to bridge the gap between humans and meet the manufacturing demand. To concentrate on such challenges, a new and foremost industrial revolution is analyzed named, Industry 5.0. Thus, the industrial revolution, where the technologies, including robots and humans, work in collaboration to meet the industrial gap, is known as Industry 5.0, followed by the 4 revolutions of industries i.e. Industry 1.0, Industry 2.0, Industry 3.0, and Industry 4.0.
Fabrics, steam engines, steel, instruments, cement, chemical products, fuel, illumination, glass, paper, mineral extraction, agricultural production, and public transit were the priority of Industry 1.0 in the eighteenth century. This revolution's accomplishments involve increased employment prospects, sustainable agriculture, transit, and long-term development. Environmental damage and the period required to develop the affiliated techniques are two recognized disadvantages of Industry 1.0. Industry 1.0 used mathematical models and geometrical as numerical algorithms (Vinitha et al., 2020). Metal, iron, railway, electricity, industrial machinery, paper, gas, chemicals, marine innovation, leather, cycles, vehicles, industrial engineering, fertilizer, motors, turbine, communications, and contemporary company management were the emphasis of Industry 2.0 in the nineteenth century. This era saw the birth of the electricity grid, telecommunications, telegraphs, and diesel engines. The main disadvantage of Industry 2.0 is the massive price of consuming electricity generation. Mathematical expressions, formulas, and geometries were used as computational formulas in Industry 2.0.
Industry 3.0 began in the twentieth century with a concentration on the electronics segment, internet signals, controlled electronic components, telephony, communication connectivity, sustainable sources, and technology. Industry 3.0’s accomplishment is based on broadband, sustainable sources, robotic businesses, and machines are all examples of emerging technologies. Therefore, automation technology was the drawback of this era, as these technologies were full of complexity and added extra costs during the available work. Industry 4.0 emerged in the twenty-first century, focusing on all sectors using advanced technologies. This movement's successes comprise automation technologies and artificial intelligence technologies that function in unpredictable environments, with deep learning providing a favorable impact on the fourth industrial age. The disadvantages of Industry 4.0 include that all content on the web could not be secure, and thoroughly competent solutions for companies have not yet been established (Vinitha et al., 2020; Madsen et al., 2016; Akundi et al., 2022).
Industry 5.0 was invented by Micheal Rada (Rada, 2022). The significant features of Industry 5.0 are industrial robotics utilization to decrease danger. Such machines can detect, comprehend, and perceive the human driver and the aims and objectives for the job at hand. The purpose is for these machines to observe and understand how a human conducts a task before assisting personnel in executing the activity. Moreover, Industry 5.0 incorporates AI into living beings to increase human capability. Innovative IT techniques such as IoT, robotics, AI, and augmented reality are extensively deployed in Industry 5.0 for the advantage and efficiency of skilled workers (Skobelev and Borovik, 2017).