Industry 5.0: A Macroperspective Approach

Introduction

Industrial revolution has brought changes in both business & society. With the advent of digital technology, drastic changes has been brought in manufacturing practices. Industry 1.0 (the first industrial revolution) was focused on mechanical engineering and water & steam. The second industrial revolution (Industry 2.0) was focused on electrical engineering. Steam as a primary power source brought about major changes in industries and in people's lives. During the second industrial revolution, mass production assembly lines and electric power systems were developed (Industry 2.0). Automatic manufacturing and the integration of electronics, computers and information technology into manufacturing were dubbed the third industrial revolution (Industry 3.0). It's said that the fourth industrial revolution (Industry 4.0) is automating industry processes and bringing us to the next level of manufacturing based on interconnected technology, smart manufacturing and cyber physical systems (CPS) and the Internet of Things (IoT), where machines will transform themselves in the way they communicate and perform individual tasks. Industry 5.0 is one step ahead of its predecessor and has all advanced technologies with a balance between human and machine interaction and a focus on sustainable development.

The challenges of manufacturing can be fulfilled using digital technologies involving artificial intelligence-based system. Using this AI based system, mass customization and advanced manufacturing can be achieved by employing lesser human efforts. Most monotonous, dangerous, or physically complex and demanding jobs have been performed by robots in manufacturing environments in the past. These include heavy materials loading and unloading in warehouses, welding in job shops, and painting in car factories that require uniformity. An increase in productivity as well as a smarter and more connected work environment have resulted from this technology adoption. By merging cognitive computing capabilities with human intelligence and resourcefulness, Industry 5.0 can achieve collaborative operations. As Industry 5.0, which was introduced at the beginning of this decade, matured and stabilized, the world began to recognize its positive impacts on conventional manufacturing. The highly customized and personalized demand of the product can be meet by adopting the advanced manufacturing technologies to satisfy the need of the customer. Improved performance, higher productivity, profitability and accuracy can be facilitated in the manufacturing process by the adoption and implementation of the emerging tool called Artificial intelligence. Industry 5.0 with the adoption of these intelligent devices are going to transform & gives a new competitive edge and shape to the businesses (Haleem and Javaid, 2019c; Xu et al., 2018). Industry 5.0 with the right blend of automation with human touch helps to get the right product & services to the customer which meets their specific requirements. The deployment of artificial intelligence, 3D printing, virtual reality, adaptive manufacturing which is part of the current industrial revolution, fulfil the concept of product and services personalization as per the requirement of customer or businesses by enabling the industry by following a proper manufacturing process. The enhanced manufacturing capabilities, helps manufacturing processes to be more automated and enables products or services to be more personalized and customized, which is based on the concept of “design freedom”. This new revolution with the adoption of new and advanced technologies helps the manufacturing processes and society to make more specialized, personalized, customized products and services with better job conditions using interactive interaction between human and machines (Lu, 2017; Reinhardt et al., 2020; Ozdemir and Hekim, 2018).