The maturation of the Industry 4.0 concept has brought numerous benefits to human society. However, it is not without its challenges, including neglect of worker welfare, vulnerability of global supply chains, and environmental degradation. To enhance the adaptability of the Industry 4.0 concept, Industry 5.0 has been developed. As of now, the practical implementation of Industry 5.0 has not yet been fully realized. This paper presents a novel conceptual framwork to analyze and evaluate the complex interrelationships of development factors in Industrial 5.0. Through extensive literature review and prolonged interviews with experts, three critical dimensions and their 18 key factors for the development of Industry 5.0 have been identified. Herein, a combination of Fermatean Fuzzy sets (FFs) and Decision-Making Trial and Evaluation Laboratory (DEMATEL) has been employed to discern the interrelationships among these factors, and an Influential Network Relationship Map (INRM) has been constructed to aid decision-makers in formulating improvement strategies. The results indicate that “Sustainable Development” is the most influential dimension, with factors “Renewable Energy,” “Data-Driven Analysis Technologies,” and “Distributed Control” emerging as the most significant factors within their respective dimensions.