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Industry 5.0: Quo Vadis? Challenges and Concerns for Future Development

In: The Future of Industry

Author

Listed:
  • Olga Buchinskaia

    (Institute of Economics of the Ural Branch of the Russian Academy of Sciences)

Abstract

The movement towards a new socio-technological order within Industry 5.0 is determined by the acceleration of scientific and technological progress and the development of new computer technologies. It focuses on the interaction of man and machine and implements the UN Sustainable Development Goals (SDGs), including improving the welfare of the population and caring for the environment. This study addresses the challenges arising in the transition to Industry 5.0 and identifies the consequences that humanity may face if these challenges are ignored. The author uses ecosystem and value analysis, analytical tools of economic theory, political economy, and narrative analysis of papers related to Industry 5.0. As a result, we identified ten basic challenges that arise within the transition to Industry 5.0 and defined possible negative scenarios that appear as part of these challenges. Those scenarios may not increase but instead reduce human welfare within Industry 5.0. We suggest that a careful revision of the strategy for the transition towards Industry 5.0 is needed in order to eliminate the negative effects of changes in employment, wealth, education, medical services, ecology, etc. arising from the impact of new technologies. We need to enforce processes that increase the well-being of all members of society, with an emphasis on ethics, respect for property relations, and the prevention of a rise in various types of inequality.

Suggested Citation

  • Olga Buchinskaia, 2024. "Industry 5.0: Quo Vadis? Challenges and Concerns for Future Development," Lecture Notes in Information Systems and Organization, in: Andrea Appolloni & Vikas Kumar & Evgeny Kuzmin & Victoria Akberdina (ed.), The Future of Industry, pages 39-53, Springer.
    • Handle: RePEc:spr:lnichp:978-3-031-66801-2_4
    DOI: 10.1007/978-3-031-66801-2_4
    as

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