SOCIETY 5.0 AND ITS CHALLENGES FOR THE JAPANESE BUSINESS

Abstract

The paper deals with humanity’s transition from the machine-centered information-based Society 4.0 to the human-centered “super smart society” Society 5.0 and the impact the new society will have on the Japanese business. Society 5.0 integrates the physical and the virtual space using innovations such as artificial intelligence, the Internet of Things, virtual and augmented reality. Its aim is to alleviate problems related to scarcity of resources, inequality, problems of demographic origin, challenges faced by small businesses. Japan is the country considered to be spearheading humanity’s technological progress, therefore it will also be expected to shoulder the brunt of the challenges of Society 5.0 such as politics, technological integration, and business acclamation.