The Fifth Industrial Revolution (IR5.0) will see the transformation of the manufacturing sector that can ignite the industrial revolution. IR 5.0 should ideally be the evolution of the modern manufacturing process in order to allow man and machine to perform work hand-in-hand, combining the unique, cognitive abilities of workers and the accurate, technical expertise of robots to bring an innovative culture into the workforce. The fifth-generation industry brings customer satisfaction and opens a new market. IR 5.0 is going to be distinguished by the collaboration between machines and human beings, with the ultimate objective to provide additional value to production, by creating customized products able to satisfy consumers' requirements. And in IR 5.0 the advent of an experience-driven manufacturing economy is focused on providing satisfying customer experiences. This article presents the idea of Industry 5.0, where robots are interconnected with the human brain as well as work as partners rather than competitors. This research paper also defines a number of important features and concerns that each and every manufacturer might have concerning Industry 5.0. Additionally, it represents several advancements achieved by researchers for usage in the IR 5.0 applications as well as environments. The following research paper aims at defining the way the alterations in the manufacturing Industry can be progressively explained and to assess the impact of the implementation of IR 5.0 on the Manufacturing industry. This paper summarizes several significant features of IR 5.0 and the history which led to the 5th IR. Moreover, the study also assesses its impact on the Manufacturing production sector and the new employment market of IR 5.0. Ultimately, the effect of IR 5.0 on the manufacturing industry and the overall economy is being discussed from an economic and productivity perspective.