A Study on New Industrial Frontiers through Industry 5.0 with Special Reference to the Region of South Gujarat
DOI:
https://doi.org/10.64137/31079423/IJEBMR-V2I2P125Keywords:
Industry, Industry 4.0, Industry 5.0, New Industrial FrontiersAbstract
The New Industry Frontiers emerging through Industry 5.0 include the integration of physical systems, artificial intelligence, robotics & sustainable production methods, aiming to achieve inclusive growth by balancing economic progress with environmental responsibility. The evolution of the Industrial Revolution has completely transformed all sectors of society through mechanization, electrification, automation & digitalization. From mechanization in industry 1.0 to mass production in 2.0, with automation in 3.0, and the era of digitalization in industry 4.0, each phase highlights the transformations industries have undergone and how they operate. Today, the emergence of Industry 5.0 is built on the foundation of collaboration between humans and advanced technology, which is a shift from a technology-driven model to a human-centric and more resilient industrial development. A Study on New Industrial Frontiers through Industry 5.0 with special reference to the region of South Gujarat is an exploratory and descriptive study conducted with the help of both Primary and Secondary Data. A total of 23 companies from the South Gujarat region have participated in the survey which was intended to gauge the Industry 5.0 approach at the organisations. The Researchers aimed to understand the concept and significance of Industry 5.0 for organisations. The researchers further aimed to study the Industry 5.0 avenues and challenges for Organisations in the region of South Gujarat. The study recommends the best practices with respect to Industry 5.0 at Organisations. The scope of the study encompasses the domain of the evolution of Industry from the current Industry 5.0. The inferences are indicative in nature and not exhaustive.
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