The Journal of Economics, Marketing and Management (융합경영연구)

International Convergence Management Association (국제융합경영학회)
권호 표지
DOI QR코드

DOI QR Code

Real Estate Industry in the Era of Technology 5.0

  • Sun Ju KIM (Department of Real Estate Asset Management Graduate school, Kyonggi University)
  • Received : 2023.11.06
  • Accepted : 2023.11.21
  • Published : 2023.12.30
Download PDF
⟨ Previous Next ⟩

Abstract

Purpose: This paper aims to suggest ways to apply the leading technologies of Industry 5.0 to the housing welfare field, tasks for this, and policy implications. Research design, data, and methodology: The analysis method of this study is a literature study. The analysis steps are as follows. Technology trends and characteristics of Industry 5.0 were investigated and analyzed. The following is a method of applying technology 5.0 in the industrial field. Finally, the application areas of each technology and the challenges to be solved in the process were presented. Results: The results of the analysis are 1) the accessibility and diffusion of technology. This means that all citizens have equal access to and use of the latest technology. To this end, the appropriate use of technology and the development of a user-centered interface are needed. 2) Data protection and privacy. Residential welfare-related technologies may face risks such as personal information leakage and hacking in the process of collecting and analyzing residents' data. 3) Stability, economic feasibility, and sustainability of the technology. Conclusions: The policy implications include: 1) Enhancing technology education and promotion to improve tech accessibility for groups like the low-income, rural areas, and the elderly, 2) Strengthening security policies and regulations to safeguard resident data and mitigate hacking risks, 3) Standardization of technology, 4) Investment and support in R&D.

Keywords

References

  1. Aigbavboa, C., Amadi, G. C., Ebekozien, A., Radin Firdaus, R. B., Samsurijan, M. S., & Ayo-Odifiri, S. O. (2023). Disasters recovery and rehabilitation in informal settlements: the role of fourth industrial revolution technologies. International Journal of Construction Management, 1-11.
  2. DeLisle, J. R. (2000). Real estate market update, outlook, and a behavioral look at the technological revolution. The Appraisal Journal, 68(4), 375.
  3. Dwivedi, A., Agrawal, D., Jha, A., & Mathiyazhagan, K. (2023). Studying the interactions among Industry 5.0 and circular supply chain: Towards attaining sustainable development. Computers & Industrial Engineering, 176, 108927.
  4. Karmaker, C. L., Bari, A. M., Anam, M. Z., Ahmed, T., Ali, S. M., de Jesus Pacheco, D. A., & Moktadir, M. A. (2023). Industry 5.0 challenges for post-pandemic supply chain sustainability in an emerging economy. International Journal of Production Economics, 258, 108806.
  5. Lu, Y., Zheng, H., Chand, S., Xia, W., Liu, Z., Xu, X., ... & Bao, J. (2022). Outlook on human-centric manufacturing towards Industry 5.0. Journal of Manufacturing Systems, 62, 612-627. https://doi.org/10.1016/j.jmsy.2022.02.001
  6. Momenta. (2022). Industry 5.0: Purpose-Driven Technology Adoption for People and the Planet. Retrieved from https://www.momenta.one/hubfs/Resources/Reports-and-Surveys/Momenta-Industry%205.0-Report-2022.pdf.
  7. Narvaez Rojas, C., Alomia Penafiel, G. A., Loaiza Buitrago, D. F., & Tavera Romero, C. A. (2021). Society 5.0: A Japanese concept for a super intelligent society. Sustainability, 13(12), 6567.
  8. Roulac, S. (2019). The industrial revolution remembers. Journal of Property Investment & Finance, 37(4), 380-397. https://doi.org/10.1108/JPIF-02-2019-0023
  9. Sanquist, N. J., Karpook, D., & Guelen, F. (2018). Transforming corporate real estate for the Fourth Industrial Revolution. Corporate Real Estate Journal, 8(2), 165-179.
  10. Seagraves, P. (2023). Real Estate Insights: Is the AI revolution a real estate boon or bane? Journal of Property Investment & Finance.
  11. Sindhwani, R., Afridi, S., Kumar, A., Banaitis, A., Luthra, S., & Singh, P. L. (2022). Can industry 5.0 revolutionize the wave of resilience and social value creation? A multi-criteria framework to analyze enablers. Technology in Society, 68, 101887.
  12. Souza, R., Ferenhof, H., & Forcellini, F. (2022). Industry 4.0 and Industry 5.0 from the Lean perspective. International Journal of Management, Knowledge, and Learning, 11.
  13. Starr, C. W., Saginor, J., & Worzala, E. (2021). The rise of PropTech: Emerging industrial technologies and their impact on real estate. Journal of Property Investment & Finance, 39(2), 157-169. https://doi.org/10.1108/JPIF-08-2020-0090
  14. Ullah, F., Sepasgozar, S. M., & Wang, C. (2018). A systematic review of smart real estate technology: Drivers of, and barriers to, the use of digital disruptive technologies and online platforms. Sustainability, 10(9), 3142.
  15. Voulgaridis, K., Lagkas, T., & Sarigiannidis, P. (2022, May). Towards industry 5.0 and digital circular economy: Current research and application trends. In 2022 18th International Conference on Distributed Computing in Sensor Systems (DCOSS). IEEE, 153-158.
  16. Waheed, A., Alharthi, M., Khan, S. Z., & Usman, M. (2022). Role of Industry 5.0 in Leveraging the Business Performance: Investigating Impact of Shared-Economy on Firms' Performance with Intervening Role of i5. 0 Technologies. SAGE Open, 12(2), 21582440221094608.