Cellular networks are envisioned to be a cornerstone in future industrial Internet of Things (IIoT) wireless connectivity in terms of fulfilling the industrial-grade coverage, capacity, robustness, and timeliness requirements. This vision has led to the design of vertical-centric service-based architecture of 5G radio access and core networks. The design incorporates the capabilities to include 5G-AI-Edge ecosystem for computing, intelligence, and flexible deployment and integration options (e.g., centralized and distributed, physical, and virtual) while eliminating the privacy/security concerns of mission-critical systems. In this article, driven by the industrial interest in enabling large-scale wireless IIoT deployments for operational agility, flexible, and cost-efficient production, we present the state-of-the-art 5G architecture, transformative technologies, and recent design trends, which we also selectively supplemented with new results. We also identify several research challenges in these promising design trends that beyond-5G systems must overcome to support rapidly unfolding transition in creating value-centric industrial wireless networks.