The rapid advancement of technology has brought about the era of Ultra Reliable Low Latency Communication (URLLC) which holds importance in todays world. This paper explores the significance of URLLC in relation, to the generation of mobile communications technology (5G) and the Internet of Things (IoT) by employing a methodical approach of literature analysis and synthesis. Through analysis, this paper discovered that both 5G and IoT individually play substantial roles in enhancing communication and connectivity, and their combined potential is truly transformative especially when it comes to achieving URLLC across industries. This convergence opens up possibilities for reality virtual reality warehouse automation and other groundbreaking applications. However, there are challenges that must be carefully examined and addressed on the path to achieving an integrated URLLC in the future. These challenges encompass problems related to scheduling and energy efficiency, alongside technical concerns such as economics and regulatory obstacles. By confronting these challenges and promoting a mindset it is possible to fully embrace the opportunity to enter an era where URLLC, 5G and IoT blend harmoniously enabling groundbreaking applications and fueling innovation, in industries.