Wireless communication is gaining popularity in the industry for its simple deployment, mobility, and low cost. Ultralow latency and high reliability requirements of mission-critical industrial applications are highly demanding for wireless communication, and the indoor industrial environment is hostile to wireless communication due to the richness of reflection and obstacles. Assessing the effect of the industrial environment on the reliability and latency of wireless communication is a crucial task, yet it is challenging to accurately model the wireless channel in various industrial sites. In this article, based on the comprehensive channel measurement results from the National Institute of Standards and Technology at 2.245 and 5.4 GHz, we quantify the reliability degradation of wireless communication in multipath fading channels. A delay optimization based on the channel characterization is then proposed to minimize packet transmission times of a cyclic prefix orthogonal frequency division multiplexing system under a reliability constraint at the physical layer. When the transmission bandwidth is abundant and the payload is short, the minimum transmission time is found to be restricted by the optimal cyclic prefix duration, which is correlated with the communication distance. Results further reveal that using relays may, in some cases, reduce end-to-end latency in industrial sites, as achievable minimum transmission time significantly decreases at short communication ranges.