Comparing the Evolutionary Trajectories of Industry 4.0 and 5.0: A Management Fashion Perspective

Abstract

The concept of Industry 4.0 has received enormous levels of attention since it was introduced in 2011 and continues to be a dominant management trend. However, during the last few years, Industry 5.0 has emerged as an alternative visionary management concept. Although Industry 5.0 builds on and is related to its predecessor, it provides a different vision of the future of industry. Therefore, the aim of this paper is to carry out an in-depth examination of these two related management concepts, using management fashion theory as an interpretive framework and lens. Viewing Industry 4.0 and 5.0 from this vantage point involves analyzing and tracing the involvement activities of the suppliers of the two concepts as well as gauging the concepts’ demand-side impact. Generally, the comparative analysis of the cases of Industry 4.0 and 5.0 indicates that, while the growth and popularity of Industry 4.0 appear to have plateaued, it remains at a high level. Although Industry 5.0 is growing in popularity and is gaining followers and supporters, it is still a much more marginal concept and movement. This study contributes to the management fashion literature by showing how two highly related but competing management concept movements coevolve. Furthermore, the two cases provide novel insights into the trajectories and lifecycles of fashionable management concepts, in particular, the early phase where actors are actively attempting to generate credibility and legitimacy and drum up support and enthusiasm for their preferred ideas.