Beyond Innovation: Assessing the Risk Terrain of Industry 5.0 Technologies

Purpose: - The purpose of this study is to systematically identify, assess, and critically analyse these risks within the context of Industry 5.0 technologies. The advent of Industry 5.0 ushers in a new era of industrial operation, promising significant productivity gains but also bringing potential risks and vulnerabilities (Sharma & Joshi, 2020). Method: ology - the methodology encompasses a comprehensive survey for Failure Modes and Effects Analysis (FMEA), which is widely recognised as an effective technique for risk assessment in complex systems (Bowles, 2003). The survey was administered to a diverse cohort of industrial experts, drawing a comprehensive perspective on potential risks associated with the integration of Industry 5.0 technologies. Findings: - The findings of the study include a comprehensive list of risks involved with industry 5.0. the risks have been prioritised on the basis of the calculated RPN. Implications – results of the study can help to devise informed, effective, and sustainable risk management strategies for Industry 5.0 technologies. Originality - This paper provides an original contribution by using FMEA in the context of Industry 5.0, combining both the robustness of this analysis method and the domain-specific expertise of survey respondents. In doing so, the research offers a granular understanding of risks in areas such as cybersecurity, advanced automation, Internet of Things, and human-machine interfaces.