Industry 4.0 has brought a major revolution in the manufacturing industry in terms of automation, optimization, 3D printing, cyber-physical systems, IoT, cloud computing, and cognitive computing. Along with all these advancements, the major issue with Industry 4.0 was its complex nature, expensive software, security threats, and the lack of skilled people to implement this automation. Currently, Industry 5.0 has taken great transition in industrial process with respect to manufacturers and consumers. Its major focus is on the dynamic process models, predictive models, creativity, problem-solving with the help of AI and big data technologies. Focus of Industry 5.0 is to bring the human back to automation and increase the interaction between humans and robots. Further, it maximizes the interaction and collaboration between the human robots by parallelly using the machine intelligence and human creativity. Mass customization to personalization of personalization of software in Industry 5.0 has led to more opportunities and few challenges. This chapter deals with opportunities and challenges that exist in Industry 5.0. Some of the challenges discussed in this chapter are lack of technical skills in learning the new technologies with robots and implementation issue with customized software connecting the industry, people, and the robots.