Exploring the Horizon of Industry 5.0: A Multifaceted Socio-Economic Transformation Towards a Sustainable and Inclusive Industrial Evolution

Rishabh Sharma () and Himanshu Gupta ()
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Rishabh Sharma: Indian Institute of Technology (Indian School of Mines)
Himanshu Gupta: Indian Institute of Technology (Indian School of Mines)

Chapter Chapter 6 in Advances in Best–Worst Method, 2025, pp 103-128 from Springer

Abstract: Abstract The introduction of Industry 5.0 signifies a fundamental change in how cutting-edge digital technologies are integrated within a framework that puts sustainability and human-centricity first in response to growing environmental and socioeconomic issues. This study utilizes the Best–Worst Method (BWM), enhanced by expert views, to systematically assess the socio-economic, environmental, technological, and organizational aspects of Industry 5.0. The research emphasizes the crucial significance of the economic aspect, particularly the capacity of Industry 5.0 to enable small and medium-sized enterprises (SMEs) through digital and sustainable innovations, while also bringing attention towards the importance of digital infrastructure and cybersecurity in the technological aspect. Education and skills development play a crucial role in the social aspect, as they ensure that the workforce is aligned with new technological paradigms. Additionally, the environmental aspect highlights the importance of reducing pollution and adopting sustainable practices. For policymakers, industry leaders, and academicians, the research suggests the need for policies that support digital and green transformations, fostering an environment that balances technological progress with environmental sustainability and social equality.

Keywords: Industry 5.0; Impact factors; Sustainability; Human-centricity; Best–Worst Method (BWM) (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/978-3-031-76766-1_6

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