Indirect Role of Metaverse in Vietnam: Transformation of Industry 4.0 to Industry 5.0 leading to Business Innovation

Abstract

This study has aim to explore the indirect role of metaverse technology in the promotion of business innovation through the transformation of Industry 4.0 to Industry 5.0 in Vietnam. Despite the extensive research on Industry 4.0, the transformation of Industry 4.0 to Industry 5.0 is relatively less discussed in relation to the business innovation. Most importantly, the indirect role of metaverse was not discussed by previous studies in this transformation stage of technology. To fill this gap, this study examined the relationship between Industry 4.0, metaverse, Industry 5.0 and business innovation. A survey was carried out to examine the indirect role of metaverse by proposing four direct effect hypotheses and one indirect hypothesis. 170 responses from the technological experts of the marketing industry in Vietnam were used to examine the relationship by using a survey questionnaire. It was observed that metaverse is a crucial element in the transformation of Industry 4.0 to Industry 5.0, leading to higher business innovations.