The fifth industrial revolution – innovations in the field of biotechnologies and neural networks

Abstract

A comprehensive study of the phenomenon of the fifth industrial revolution is carried out. This topic is relevant due to the rapid development of biotechnologies and neural networks, transforming the environment of industries and society as a whole. Various interpretations of the term “fifth industrial revolution” are considered, and the key characteristics of previous industrial revolutions are identified and analysed. The main content of the research paper is an analysis of the scientific literature, consideration of visions of the fifth industrial revolution, as well as the identification of the main opportunities and threats that manufacturing enterprises, industries and society as a whole will face. The impact of Industry 5.0 on the economic performance of industries while meeting the needs and interests of employees, as well as ensuring environmental sustainability and resource conservation is described. The importance of the readiness of future industries to adapt to changing conditions in key value chains is emphasized. Based on the analysis of the scientific literature, the authors have revealed that the fifth industrial revolution will be determined by a new and expanded purposefulness, consisting of three basic elements: human orientation, stability and sustainability. Finally, the importance of balancing production through the development of sustainable strategic value chains, adaptable production capacities and flexible business processes was emphasized.