The histrionic growth of mobile subscribers, disruptive ecosystems such as IoT-based applications, and astounding channel capacity requirements to connect trillions of devices are massive challenges of the earlier mobile generations, 5G turned up the key solution. The prime objective of the 5G network is not only to maintain a 1000-fold capacity gain and 10 Giga Bits per second delivered to a single user, but it also assured quality-of-service, higher spectral efficiency, the ultra-reliable and improved battery lifetime of devices and massive machine-type communication (mMTC). The huge traffic load and high amount of resource consumption in 5G applications, augmented reality and virtual reality for magnificent virtual experience, and wireless body area networks will seriously affect the channel capacity of cellular cells and interrupt the admission and service of other users which makes compulsory new means of channel capacity and spectral efficiency enhancement techniques. In this research, we review several key emerging wireless technologies to increase channel capacity and spectral efficiency that will not only lead to improve network performance but also meets the ever-increasing user demands. We investigate various benefits and current research challenges of using these technologies. We analyze massive multi-input multi-output technology (mMIMO) an efficient technique and promising solution for the 5G and Beyond 5G (B5G) networks with several benefits and features. Moreover, this paper will be of vast help to the researchers who will involve advance investigation and also to the wireless network operator industry that is in the search for smooth development of state-of-the-art 5G and B5G networks.