Industry 4.0 (I4.0) has revolutionized manufacturing by bringing automation of processes through digital technologies. However, it fails to explain how machines and humans will work together in the future. Industry 5.0 (I5.0) is an attempt to move toward a manufacturing paradigm where the strength of humans and machines complements each other to move toward the production regime, which is more human-centered and finally results in a sustainable industrial environment. Therefore, I5.0 has been growing quite recently in terms of its industrial applications and academic publications. It has emerged as a newer manufacturing paradigm that integrates advanced technologies in a working ecosystem that is mostly human-centric. The ongoing I5.0 transition has changed the way industries will operate. Its implications for developing countries will be far more effective. The paper discusses that developing countries need to catch up with the developed world to move ahead for a sustainable future. The current study is aimed at using a systematic literature review of 142 Scopus-indexed articles published from 2018 to 2023 to discuss the existing opportunities for I5.0 enabling technologies that developing countries need to adopt, various barriers and challenges that may hinder their progress, and finally the future research agenda for developing countries.