Abstract:
The research investigates Industry 5.0 and open innovation regarding their contributions to sustainable economic impacts in Pakistan's tourism sector, particularly in the context of digitalization. The discussion explores the integration of technologies like Big Data and the Internet of Things (IoT) within Industry 5.0. It also considers open innovation in service commercialization. The study's participants were employees from the tourism industry in Pakistan, and data was collected through surveys using the Partial Least Squares (PLS) algorithm for analysis. Findings indicate that Industry 5.0 significantly influences open innovation in organizations. The tourism sector initiates this strategy by focusing on service commercialization, which is crucial for fostering sustainable economic growth in Pakistan. Thus, the combination of Industry 5.0, digitalization, and open innovation has the potential to enhance economic growth in the tourism industry.
