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The Internet of Things (IoT) emerged as a result of technological advancements that enabled efficient wireless tiny devices. This study explores the role of IoT in various fields, identifies technological challenges and examines opportunities offered by the IoT. As the Internet of Things and 5G transform devices into intelligent machines, the future of human life is dependent on them. A complete overview of IoT and 5G technologies is provided in this paper, as well as how these technologies have the potential to change the human perspective about the digital world. Communication requirements for industrial IoT (IIoT) include a high degree of reliability, low latency, flexibility, and security. A 5G mobile technology provides these services instinctively, making it a great candidate to support IIoT scenarios. This paper examines current challenges in IoT research and potential solutions related to 5G-enabled industrial IoT.