INDUSTRY 5.0: ARTIFICIAL INTELLIGENCE, PACE OF ADOPTION AND THE JOB UNCERTAINTY

Abstract

The current study discusses the increasing relevance of Industry 5.0 in modern business, specifically the function of artificial intelligence (AI) as a transforming factor. With possible process efficiency, smart decision-making, and new business models, artificial intelligence is revolutionizing the operations of sectors all around. This study closely investigates the useful influence of artificial intelligence on Industry 5.0. This paper reviews how artificial intelligence is driving innovation and opening up new opportunities.  The report also touches on the potential negative effects, such as ethical challenges, privacy issues around data and job replacement.  We believe these risks need to be addressed through efforts to create transparent ethical standards, investment in retraining workers and cooperation among industry stakeholders and policymakers. The main purpose of this paper is to analysis of how AI will transform the world's industries from the perspective of Industry 5.0. The paper also inspects different uses of AI and by what means they can potentially benefit all the interested parties, i.e., the firms, customers and society at large. Of particular interest to us is how AI will fuel innovation, increase competitiveness and make the future better. Further, the study will try to analyse how AI relates to economic growth and creativity. GDP