Technological growth is changing our everyday living, making it smarter and more convenient day by day; Smart society 5.0, Healthcare 5.0, Agriculture 5.0 are only a few examples indicative of our fast-evolving lifestyle. The Industrial Revolution 5.0 (IR 5.0) encapsulates future industry development trends to achieve prosperity beyond jobs by incorporating more intelligence in our everyday living with the help of cutting-edge technologies such as Explainable Artificial Intelligence. This paper reviews the enabling technologies for Industry 5.0 and suggests some pertinent research areas requiring more focus. The transition of manufacturing processes from mass production to mass personalization, the anticipated reliance on Cyber-Physical Systems (CPS) and digital twins is visualized, to identify the gaps in fully realizing the revolution. The operations of smart factories to enhance the overall productivity, modern workforce comprising of human-machine collaboration, means of heterogeneous data transmission & data interoperability, and security & privacy issues are reviewed to identify hot research spots, that will eventually fill in the gaps within societal domains to realize Industry 5.0. The potential of the new domain of Explainable Artificial intelligence to understand the application of right tools in a data connected Industry 5.0 compliant smart society is explored. Altogether, this research explores several research challenges and opportunities linked with IR 5.0.