The IoT's explosive growth has led to a massive number of connected devices, which demand high-speed and pervasive connectivity, posing significant challenges for current-generation wireless communication infrastructures. Considering our evolution toward 5G and beyond 5G (B5G) and 6G networks, providing scalable, reliable, and low-latency communication for billions of devices is therefore essential. Massive Multi-Input Multi-Output (Massive MIMO) is a promising technology for fulfilling the requirements of 5G, as it can spatially multiplex a large number of users and increase the spectral efficiency per user. In this paper, we focus on optimizing the performance of Massive MIMO systems in IoT connectivity and low-latency use cases for 5G and B5G. It studies key issues, including pilot contamination, energy efficiency, and user scheduling, among dense IoT deployments. In addition, it surveys all recent progress in channel estimation, hybrid beamforming, and machine learning-based resource allocation technologies for enhancing IoT scenarios related to Massive MIMO. Simulation-based results reveal the trade-offs between capacity, latency, and energy utilization, indicating an optimal operating point that ensures optimal performance for diverse IoT applications. The work concludes with a discussion of future research avenues, such as integration with cell-free designs, intelligent reflecting surfaces, or AI-based network orchestration for enhanced IoT capabilities.

Peer-reviewed, accepted version of the article, published in Journal of Computational Analysis and Applications (JoCAAA), contains 22 pages and 13 figures