The fifth generation (5G) mobile network will enable the Internet of Things (IoT) to take a large leap into the age of future computing. As a result of extended connectivity, high speed, reduced latency services being provided by 5G, IoT has experienced and will continue to undergo a remarkable transition in every field of daily life. Furthermore, fog computing will revolutionize the IoT platforms by decentralizing the operations by the cloud and ensuring sustainability with big data, mobility and reduced processing lag. 5G is ubiquitous, reliable, scalable and economic in nature. The features will not only globalize IoT in a broader spectrum, but also make common people interact smartly and efficiently with the environment in real time. In this study, a combined survey is presented on different IoT applications coupled with cloud platforms. Moreover, the capabilities of IoT in the influence of 5G are explored as well as how the IoT platform and services will adopt through 5G are envisaged. Additionally, some open issues triggered by 5G have been introduced to harness the maximum benefit out of this network. Finally, a platform is proposed to implement in the telepresence project based on the investigation and findings.