Industrial revolution 5.0: A continuous evolution and future research directions

Abstract

Industry 5.0 is a hot topic in the current technological business scenario. Industry 4.0 has not reached its full potential as of now, and Industry 5.0 can help Industry 4.0 to target a 100% adoption rate by using it as a base and inculcating human centricity, better traceability, enhanced transparency, better coordination, and sustainability. Industry 5.0 is a far more, holistic approach and it has a wider scope in associating with upcoming technologies such as-6G (for faster, safer, and more stable real-time communication); Decentralized Autonomous Organization enhances the capabilities of decision-making, and also supports decentralized decision-making at the time of crisis; and Parallel Intelligence increases safety as well as capability to have self-healing systems and enhanced human centricity. This paper tries to explain various components of Industry 5.0. Additionally, it aims to fill the gap in the literature and effectively provide future research directions, with an emphasis on the interplay between the components of Industry 5.0, rating systems for Industry 5.0, and the broader Industry 5.0 ecosystem and governance. This paper uses data from ScienceDirect, IEEE Xplore, and Google Scholar databases. We conclude this study by suggesting the need for more empirical research in this domain.