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For the past decade, Industry 4.0 has benefited the industry, but it has drawbacks, such as the COVID-19 pandemic, which disrupted production lines. Besides its societal consequences, this pandemic disrupted industrial production. Industry 4.0 entails adaptation to changing requirements. Industry 5.0 has now emerged, emphasizing human-machine collaboration more than Industry 4.0. Industry 5.0 makes Industry 4.0 more sustainable and resilient with a human-centered strategy. Industry 4.0 connects cyber-physical systems. Industry 5.0 considers “man and machine” collaboration, or machine-to-machine (M2M) communication, in conjunction with Industry 4.0 systems. Without big data analytics, IoT, collaborative robotics, Blockchain, digital twins, and 6G systems, Industry 5.0 cannot be achieved. One possible application, Cloud Computing, and its integration with IoT, is shifting the paradigm toward human-machine collaboration and M2M communication. IoT incorporates real-time collaboration between machines, and Cloud Computing facilitates resource sharing. This chapter discusses the potential influence of Cloud Computing and IoT integration in Industry 5.0. The article also examines Industry 5.0 applications in healthcare, supply chain, manufacturing, and cloud manufacturing. The use of Cloud Computing and IoT in the context of Industry 5.0 is covered in this chapter. Human and machine efficiency is the goal of Industry 5.0. This study presents the challenges of managing Industry 5.0 concerns. To employ Industry 5.0 soon, this chapter discusses future directions and best practices. The chapter will conclude with a case study on smart agriculture enabled by Cloud Computing and IoT, with a focus on proposing a smart agriculture architecture that assists farmers in decision-making related to agriculture.