Industry 4.0 is a new paradigm of digitalization and automation that demands high data rates and real-time ultra-reliable agile communication. Industrial communication at sub-6 GHz industrial, scientific, and medical (ISM) bands has some serious impediments, such as interference, spectral congestion, and limited bandwidth. These limitations hinder the high throughput and reliability requirements of modern industrial applications and mission-critical scenarios. In this paper, we critically assess the potential of the 60 GHz millimeter-wave (mmWave) ISM band as an enabler for ultra-reliable low-latency communication (URLLC) in smart manufacturing, smart factories, and mission-critical operations in Industry 4.0 and beyond. A holistic overview of 60 GHz wireless standards and key performance indicators are discussed. Then the review of 60 GHz smart antenna systems facilitating agile communication for Industry 4.0 and beyond is presented. We envisage that the use of 60 GHz communication and smart antenna systems are crucial for modern industrial communication so that URLLC in Industry 4.0 and beyond could soar to its full potential.