Internet of Things (IoT) has provided a promising opportunity to build powerful industrial systems and applications by leveraging the growing ubiquity of radio‐frequency identification (RFID), wireless, mobile, and sensor devices. IoT integrates various devices equipped with identification, sensing, networking, communication, and processing capabilities as a complex cyber‐physical system. A wide range of industrial IoT applications has been developed and deployed in recent years. Industries have a strong interest in deploying more IoT devices to develop industrial applications. In an effort to understand the development of IoT in industries, this article introduces the recent research on IoT from the industrial perspective. We firstly introduce the background and the fundamental enabling technologies that are used in IoT. Next, we present some key industrial applications of IoT. Afterward, we introduce the future trends associated with IoT, including research in 5G and 6G and their implications to IoT in the future. The current trend is the widespread adoption of 5G; meanwhile, 6G emerges. IoT of Everything will be realized when 6G comes. Due to the rapid advances in technology and improved industrial infrastructure, IoT is expected to be widely implemented in industries.