Staying at the top is getting tougher and more challenging due to the fast-growing and changing digital technologies and AI-based solutions. The world of technology, mass customization, and advanced manufacturing is experiencing a rapid transformation. Robots are becoming even more important as they can now be coupled with the human mind by means of brain−machine interface and advances in artificial intelligence. A strong necessity to increase productivity while not removing human workers from the manufacturing industry is imposing punishing challenges on the global economy. To counter these challenges, this article introduces the concept of Industry 5.0, where robots are intertwined with the human brain and work as collaborator instead of competitor. This article also outlines a number of key features and concerns that every manufacturer may have about Industry 5.0. In addition, it presents several developments achieved by researchers for use in Industry 5.0 applications and environments. Finally, the impact of Industry 5.0 on the manufacturing industry and overall economy is discussed from an economic and productivity point of view, where it is argued that Industry 5.0 will create more jobs than it will take away.