This paper provides a comprehensive overview of Industry 5.0, tracing its evolution from earlier industrial eras and examining its historical context, objectives, and enabling technologies. The literature review highlights the transition from Industry 4.0 to Industry 5.0, focusing on integrating human elements and societal considerations into technological advancements. Applications of Industry 5.0 across various sectors, including healthcare, manufacturing, and supply chain management, are discussed, illustrating how cutting-edge technologies such as digital twins, edge computing, cobots, and blockchain are revolutionizing traditional processes. The paper explores how marketing adapts to Industry 5.0, emphasizing customer-centric approaches, cyber-physical cognitive systems, transparency, and enterprise agility. Finally, the discussion addresses the challenges of Industry 5.0, including the complexity of integration, data privacy and security concerns, skill gaps, ethical considerations, resistance to change, overreliance on technology, and the need for continuous adaptation.