Abstract:

Industries are the major forces behind economic growth. However, the industries and its workers are directly impacted by changes brought about by the technological revolutions.    Industry 4.0, is here for the last one decade and is still growing in attention and acceptance throughout the world. It integrates the real world with its "virtual twins." Industry 4.0 has revamped the production systems by improving the operational effectiveness and developed novel business models, products and services. Industry 4.0 focuses on increasing the productivity and sustainability of industrial processes and emphasizes on both, viz digitalization and digitization of systems which may further lead to improvements. Many countries have invested significantly to harness its benefits and a substantial amount of research has been carried out into creating and implementing Industry 4.0 technologies.   A new industrial paradigm called Industry 5.0 emerged very shortly after Industry 4.0, sparking discussions regarding the new paradigm's purpose and justifications for its use. Industry 4.0 is less focused on humans and more on machines and systems. As a result, various countries have initiated to design and develop the human-centric aspect of technologies, systems, and services, known as Industry 5.0. It is a shift in paradigm that will place less emphasis on technology and will impact and influence societal transformation. Industry 4.0 is driven by technology whereas Industry 5.0 is driven by value. Human welfare, sustainability and resilience will be the area of focus of Industry 5.0. It is conceived as an expansion of Industry 4.0 with a social and environmental component. The coexistence of two Industrial Revolutions viz 4.0 and 5.0, raises issues, which calls for debates and explanations. This paper aims to discuss Industry 5.0, analyze its potential opportunities and applications, explain the various technologies enabling it, focus on inherent challenges in its implementation, and discuss its prospects.

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