The transition to Industry 5.0 has amplified the importance of advanced strategies for managing physical assets while addressing operational efficiency, sustainability, and human-centricity. This study conducts a systematic literature review to assess how technological innovations, such as Artificial Intelligence (AI), are transforming physical assets to improve their performance. While these technologies contribute to predictive maintenance and resource optimisation, significant gaps are observed in aligning Intelligent Asset Management (IAM) frameworks with operational strategies and environmental objectives. This paper aims to identify these existing limitations and underexplored areas, in the current literature, such as the need for frameworks that balance technological advancements with sustainability and human-centric principles. By identifying these gaps, the article seeks to provide a foundation for future research directions that can bridge innovation and practical application, fostering resilience, efficiency, and sustainability in the era of Industry 5.0.