INDUSTRY 4.0 AND INDUSTRY 5.0 – OPPORTUNITIES AND THREATS

Abstract

Industry 4.0, also known as the fourth industrial revolution, is a concept that refers to the application of high technologies, such as the Internet of things (IoT), cybernetics, machine learning, and automation, in production and business processes. One of the main goals of Industry 4.0 is to create "smart factories" that can adapt to changing market conditions and customer needs and increase efficiency and productivity through advanced technologies. This is achieved by connecting machines, devices, and systems to the internet, allowing them to communicate and share data in real-time. This enables the factory to be more responsive to demand changes and optimize production processes. Industry 4.0 also has the potential to change the way we work and interact with machines, through the use of advanced technologies such as augmented reality and human-machine interfaces. This can lead to more flexible and efficient work processes and create new opportunities for workers to develop new skills.