METAVERSE AND INDUSTRY 5.0: RECONFIGURING THE DIMENSIONS AND COMPONENTS OF FUTURE BUSINESS INTELLIGENCE AND PRACTICES

Sugandha Verma

doi:10.55955/330002

Authors

Dr. Sugandha Verma Department of Commerce, Rajkiya Mahavidyalaya Chinyalisaur, Uttarkashi, Uttarakhand https://orcid.org/0000-0001-7623-7213

DOI:

https://doi.org/10.55955/330002

Keywords:

Artificial Intelligence, Futuristic Business , Industry 5.0 , Innovation , Metaverse

Abstract

Antecedent paradigm has witnessed many unexpected instances and modifications in the mechanism of business operations in the last few years. During the time of COVID-19 industries and workplaces underwent through several unprecedented hardships that were beyond imagination and the pandemic destroyed the conventional production and servicing models of industries. Although Industry 4.0 technologies have been strengthening the adaptability capacities of businesses and economies as well, yet the transition towards Industry 5.0 has started producing manifold positive results on multi-dimensional basis. Metaverse is the concept that has its evolving roots in Industry 5.0 application. The noble characteristics, human centric, sustainable and resilient, of Industry 5.0 are shaping and designing the metaverse, which is a digital world with the ultimate serving abilities for the humanity more than ever. ‘Man-machine’ collaboration is the crux of these novel developments. This research paper explains the concept of metaverse, explores its main components and examines its implications for future business paradigm in a comprehensive manner. This paper also attempts to highlight various metaverse technologies and innovations, based on the review and extensive content analysis of previous investigations. Discussion of the key application domains of metaverse is also there. In addition, present paper addresses the corresponding elementary arguments regarding metaverse and Industry 5.0 that could be the foundational motivation for future research and discussion. The study talks about the challenges and probable issues as well in order to better understand the scenario.

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