After ten years of providing industry 4.0 to the benefits of industry and it address the inadequacy of the industry, the time has come for industry 5.0. Industry 4.0 is limited as smart factories are raising corporate productivity. This study discusses industry 5.0 opportunities, challenges, and potential directions for further research. Industry 5.0 is bringing about a paradigm shift and resolution by placing less emphasis on technology and assuming that human-machine cooperation is the foundation for success. By using customised products, the industrial revolution is increasing client happiness. Industry 5.0 is necessary in today's company with the paid technical advancements to obtain competitive advantages and spur economic growth for the industrial unit. The purpose of the study is to examine industry 5.0's possible uses. The definitions of industry 5.0 and the cutting-edge technology needed for this industrial revolution are first discussed. The applications enabled by Industry 5.0, such as cloud manufacturing, healthcare, supply chain and manufacturing production, and are also discussed. This article covers the following technologies: block chain, digital twins, Internet of Things, big data analytics, collaborative robotics, and upcoming 6G systems. In order to understand the problems generated by organisations between the people and robots on the assembly line, the research also incorporated the challenges.