Industry 5.0 and the Collaborative Approach of Internet of Things With Artificial Intelligence

Industry 5.0 with the internet of things (IoT) gives a human touch to Industry 4.0 for the development to provide efficiency with automation using robots and machines. The advancement in artificial intelligence makes robots with attached brains like human minds. This brain-machine interface introduces the concept of Industry 5.0, where robots with IoT features tangle with humans and try to work as an agent instead of participants. This digital transformation provides opportunities and challenges. This chapter provides development by various IoT and artificial intelligence-based industries and researchers for the use of Industry 5.0 with their application. In addition, the chapter describes how IoT robots and human values collaborate to give input to Industry 5.0. Finally, the impact of Industrial 5.0 is deliberated based on the economy and manufacturing process with increased productivity.