New Business Models for Society 5.0

Abstract

In the evolving landscape of technological advancements, the Internet of Behavior (IoB) emerges as a pivotal concept, harnessing the power of data to understand and influence humans. IoB finds its most profound application in Society 5.0, a vision of a super-smart society where digital and physical realms harmoniously coexist. New business and economic models like the circular economy, sharing economy, smart cities, platform business model, social enterprise model, and blockchain technology will be explored. Emerging healthcare, agriculture, hospitality, and energy business models are discussed. Challenges arise as innovative organizations emerge to create a more sustainable and inclusive culture. Data privacy and security, blockchain high energy consumption, technologically unprepared workforce, and artificial intelligence bias must be addressed. This chapter aims to demonstrate emerging economies, business models, and related technologies that facilitate Society 5.0 as it evolves from human behavior insights gained from IoB.