Way Forward to Digital Society – Digital Transformation of Msmes from Industry 4.0 to Industry 5.0

Abstract

Digital Transformation is a new buzz word in industrial world which transforms the physical world into virtual space. It leverages the implementation of digital technologies to accelerate the growth of the industry/business. It refers to automation, digitalization of process, infrastructure, organization, management with the help of Industry 4.0 technologies like Cloud computing, 5G& 6G, analytics, Big data, Additive manufacturing, Artificial Intelligence, augmented reality, cyber-physical system, smart sensors, IoT Platforms, cloud computing. The field is continuously evolving and shaping the future of Medium, Small and micro industries (MSMEs). Digital Transformation (DX) provides opportunities and possibilities to MSMEs to accelerate their growth via recent disruption in technologies and its attached benefits. The industry is shifting towards virtual work from mechanized systems leveraging benefits of industry 4.0 practices like AI, big data, Intelligent network system, machine learning, strong network connection and making effective use of digital transformation. Since end users' requirements and consumption of goods keep increasing product industry 5.0 is gaining much attention which refers to the integration of Artificial Intelligence matching to the level of human capabilities. This paper discusses the evolution of industry 4 and emerging I4.0 technology, major drivers and factors impacting the implementation of I4.0 practices. It also covers the paradigm shift in how next-generation industry is getting shifted with the help of I5.0. It highlights the prospects of the development of technologies that is contributing to the transition of Industry 4.0 to Industry 5.0. This study provides a high-level overview of industry 4.0, its emergences and emerging technologies and transition from Industry 4.0 to Industry 5.0. This paper also highlights the main components of Industry 5.0 and how digital transformation can be moved from machine to human-machine collaboration.