The advancements in information and communication technology in the past decades have been converging into a new communication paradigm in which everything is expected to be interconnected. The Internet of Things, more than a buzzword, is becoming a reality, and is finding its way into the industrial domain, enabling what is now dubbed as the Industry 4.0. Among several standards that help in enabling Industry 4.0, the IEEE 802.15.4e standard addresses requirements such as increased robustness and reliability. Although the standard seems promising, the technology is still immature and rather unproven. Also, there has been no thorough survey of the standard with emphasis on the understanding of the performance improvement in regards to the legacy protocol IEEE 802.15.4. In this survey, we aim at filling this gap by carrying out a performance analysis and thorough discussions of the main features and enhancements of IEEE 802.15.4e. We also provide a literature survey concerning the already proposed add-ons and available tools. We believe this work will help to identify the merits of IEEE 802.15.4e and to contribute towards a faster adoption of this technology as a supporting communication infrastructure for future industrial scenarios.