Industry 5.0 is the latest revolution that represents a drastically new era from technology-driven to interactive cooperation between humans and machines. The focus of Industry 5.0 is different from Industry 4.0 as the latter focused on automation, exchange and communication of cyber-physical systems, and efficiency, whereas Industry 5.0 concentrates on human well-being, human creativity, and sustainability by utilizing modern technologies such as, for example, collaborative robots (cobots) and programmable logic controllers (PLCs). This article will consider the intersection of these technologies with Human-Centered principles of design in order to create adaptive, safe, and inclusive workplaces. We review recent literature, summarize drivers, enablers, and inhibitors in becoming Industry 5.0, and report case studies that illustrate the operational, cognitive, and socio-economic consequences deriving from human-centered and co-operative interaction within smart factories. In the end, Industry 5.0 is a reality with an ambitious role to play: the increased productivity that comes along with a more personalizable, adaptable, and sustainable workforce.