The Internet of Things (IoT) has been implemented by multiple manufacturing companies into their production chain as this technology is the main source of digitalization in a production plant. It improves the data assembling, productivity of the operation, communication efficiency, and overall manufacturing performance. IoT is also serves to be a good means for improved and efficient warehouse automation. It makes the delivery of products more efficient by calculating the least routes and also

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... educes the time that is consumed during the management of inventory. The basic objective of Industry 4.0 is to lessen the participation of human operators and to emphasize the automation systems. However, this objective has changed in Industry 5.0, which aims to achieve the maximum benefits through the human–machine interaction by maintaining a balance. Industry 5.0 aims to strengthen the interaction between ever-increasing powerful machinery and the productive abilities of human beings. This paper introduces a detailed overview of IoT in enabling digital transformations and Industry 4.0. The authors have discussed the application of IoT in different industrial sectors, and how the concept of IIoT has evolved. In addition to this, the present paper highlights several research studies that enable the authors to elicit the major challenges, implementation analysis, and future scope of IIoT.