To meet the diverse industrial and market demands, the International Telecommunication Union (ITU) has classified the fifth-generation (5G) into ultra-reliable low latency communications (URLLC), enhanced mobile broadband (eMBB), and massive machine-type communications (mMTC). Researchers conducted studies to achieve the implementation of the mentioned distributions efficiently, within the available spectrum. This paper aims to highlight the importance of URLLC in accordance with the approaching era of technology and industry requirements. While highlighting a few implementation issues of URLLC, concerns for the Internet of things (IoT) devices that depend on the low latency and reliable communications of URLLC are also addressed. In this paper, the recent progress of 3rd Generation Partnership Project (3GPP) standardization and the implementation of URLLC are included. Finally, the research areas that are open for further investigation in URLLC implementation are highlighted, and efficient implementation of URLLC is discussed.