In recent times, the rapid growth in mobile subscriptions and the associated demand for high data rates fuels the need for a robust wireless network design to meet the required capacity and coverage. Deploying massive numbers of cellular base stations (BSs) over a geographic area to fulfill high-capacity demands and broad network coverage is quite challenging due to inter-cell interference and significant rate variations. Cell-free massive MIMO (CF-mMIMO), a key enabler for 5G and 6G wireless networks, has been identified as an innovative technology to address this problem. In CF-mMIMO, many irregularly scattered single access points (APs) are linked to a central processing unit (CPU) via a backhaul network that coherently serves a limited number of mobile stations (MSs) to achieve high energy efficiency (EE) and spectral gains. This paper presents key areas of applications of CF-mMIMO in the ubiquitous 5G, and the envisioned 6G wireless networks. First, a foundational background on massive MIMO solutions-cellular massive MIMO, network MIMO, and CF-mMIMO is presented, focusing on the application areas and associated challenges. Additionally, CF-mMIMO architectures, design considerations, and system modeling are discussed extensively. Furthermore, the key areas of application of CF-mMIMO such as simultaneous wireless information and power transfer (SWIPT), channel hardening, hardware efficiency, power control, non-orthogonal multiple access (NOMA), spectral efficiency (SE), and EE are discussed exhaustively. Finally, the research directions, open issues, and lessons learned to stimulate cutting-edge research in this emerging domain of wireless communications are highlighted.