5G-and-beyond (B5G) networks are moving toward the higher end of the millimeter-wave (mmWave) spectrum (i.e., from 25 to 100 GHz) to support integrated communications and ranging (ICAR) services in next-generation factory deployments. The ICAR services in factory deployments require extreme bandwidth/capacity and large ranging coverage, which a mmWave-B5G system can fulfill using massive multi-input and multioutput (mMIMO), beamforming, and advanced ranging techniques. However, as mmWave signal propagation is sensitive to harsh channel conditions experienced in typical indoor factory environments, there is a growing interest in the realistic mmWave indoor channel modeling to evaluate the practical scope of the mmWave-B5G systems. In this article, we study and implement a 3-D stochastic channel model using the baseline third-generation partnership project model. Our channel model employs the time-cluster spatial-lobe (TCSL) technique and utilizes the temporal and spatial statistics to create the channel impulse response (CIR), reflecting realistic indoor factory conditions. Using the generated CIR, we present the performance analysis of an mmWave-B5G system in terms of power delay profile, path loss, communication and ranging coverage, and mMIMO channel capacity.