In the era of Industry 4.0, the adoption of cutting-edge technologies has transformed traditional value chains. As the global community progresses towards enhanced digitalization and with the emergence of Industry 5.0, reflecting on the lessons learned from integrating these technologies becomes crucial. This reflection is key to understanding their impact on innovation and steering our approach in embracing current and future technological trends. Through a meticulous analysis of Canadian industries, the study scrutinizes the influence of various industry 4.0 technologies on fostering product, process, organizational, and marketing innovations through time. The findings reveal intricate, technology-specific patterns of innovation, significantly shaped by the temporal dimensions of technology adoption and the extent of integration within firms’ operations. Results of this study can help policy makers and managers better understand the technology adoption and innovation dynamics and draft their roadmap for adoption and innovation accordingly.