Service industries face many dangers. These include cyber threats, data leaks, mistakes in operations, supply chain problems, fewer skilled workers, and damage to their name. All these can hurt trust and dependability. Industry 5.0 lessens these risks. It blends smart tech with human smarts. This builds better, more flexible systems. For instance, AI tools that guess what might happen. And IoT sensors monitor things live. This finds weak spots early. Block chain also makes data safer and clearer. Working together, people and machines cut mistakes. This makes service more correct. Ongoing training keeps staff ready for change. Industry 5.0 also focuses on the planet and fairness. This lowers harm to the environment and society. It also makes a company look better. These methods help the service sector turn dangers into chances. This leads to new ideas, strength, and lasting success. Hence in this chapter a study is carried on risk factors of banking sector, healthcare sector and logistic sector and prioritized by OCRA (Operational Competitiveness Rating Analysis method). Then Industry 5.0 strategies suggested to mitigate these risk factor.