Navigating Industry 5.0: A Survey of Key Enabling Technologies, Trends, Challenges, and Opportunities

This century has been a major avenue for revolutionary changes in technology and industry. Industries have transitioned towards intelligent automation, relying less on human intervention, resulting in the fourth industrial revolution, Industry 4.0. That is why IoT has been the researcher’s arena for quite some time. With Industry 4.0 still in motion, the world is on the verge of the 5th industrial revolution, a relatively new concept with many unclear opinions regarding its potential benefits, challenges, opportunities, trends, and impact on society. There is a dire need for a broader and more critical perspective. This research paints a bigger picture of “What is happening?” and “What to expect?” during the transition phase of Industry 5.0. In this comprehensive review, we have addressed the state-of-the-art practices in Industry 4.0 and the transitional phase of Industry 5.0. We have highlighted the most promising key enabling technologies, trends, research topics, rising challenges, and unfolding opportunities that can help prepare society for this paradigm shift. The paper then surveys the work toward the outstanding key enablers, challenges, trends, and opportunities for the IoT evolution for Industry 5.0. To spur further avenues for researchers and industrialists, the paper offers conclusive insights at the end. In addition, the article has a precise set of research questions answered in consequent sections and subsections for the reader’s clarity.