Industry 5.0 Implementation: Opportunities and Challenges

Posted by Dr. Nityanand Patil On 07/09/2023 06:30:03

Abstract

This research paper explores the vital role that stock exchanges play in capital formation within the Indian context. Capital formation is a critical driver of economic growth, and stock exchanges serve as key platforms for companies to raise funds and investors to allocate their capital. The study delves into historical trends, regulatory frameworks, and the impact of stock exchange activities on India's economic development. Additionally, the paper examines the challenges faced by Indian companies and investors, and it offers insights into potential future prospects for enhancing the effectiveness of stock exchanges in capital formation.

Keywords: Industrial Revolution, Mass Personalization, Creativity, IoT, Big Data, Artificial Introduction

Industry 5.0 is all set to take the stage when Industry 4.0 is still gaining popularity and yet to get mature. Industry 5.0 is regarded as a fifth industrial revolution in which consumers can satisfy their individual requirements as per their tastes and expectations. Although the repetitive tasks are done by robots in Industry 4.0 which is at the mass customization level, Industry 5.0 aims to perform mass personalization with the help of Artificial Intelligence. Industry 5.0 is expected to revolutionize the production process with higher autonomy for collaborative robots. Industry 5.0 is the futuristic industrial revolution which is expected to bring in more creativity and innovation in the products by allowing robots to perform repetitive tasks. It is expected to utilize the creative intellectual capability of humans optimally. Moving from mass production to custom manufacturing at the moment, the need for today's sector is fast progress in manufacturing techniques and production system digitization and intelligentization (Vaidya et al., 2018).

Role of Robots

Robots make an enormous contribution to work such as loading, unloading, painting, welding, etc. An autonomous robot is used to conduct a more accurate independent technique of manufacturing and to operate in locations where human employees are limited to operate. A major trend is a cooperative robot, or so-called " COBOT" intended to operate with human employees to assist them with a multitude of duties (Fukuda, 2019).  Industry 5.0 has devices interconnected to optimize productivity and human effectiveness.

Role of Big Data and Artificial Intelligence

In order to generate symmetrical innovation, Industry 5.0 can acquire understanding from big data which generates a network of digital knowledge. In order to enhance precision and performance, it utilizes cooperative robots that can do what a person intends to do. For instance, collaborative robots can be used on the operating table to perform distinctive surgery. Big Data comprises four aspects, according to Forrester's concept: information volume, information variety, information value, speed of creation of fresh information, and interpretation (Schumacher et al., 2016).

One of the enablers is the IoT, in which sensor-equipped machines with connectivity transmit data to other machines and computer systems, automate many processes, and also collect large amounts of new data types (Fukuda, 2019). Big data and IoT is already a game changer in industry 4.0 and these entities create a greater impact in Industry 5.0. A large amount of data is generated which is analysed using big data analysis techniques and Artificial Intelligence algorithms to make smart decisions. Also, more sensors and intelligent devices are used in Industry 5.0 which constitutes IoT which ensures high quality, precision, and productivity with higher customization. Industry 5.0 generates a new kinds of job opportunities such as creative and innovative thinking, technology interface, managing COBOTs, creating artificial algorithms, and many more.

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