This report reviews expectations of 5G and examines the infrastructure and investment requirements on the private and public sectors as they prepare for 5G. It is designed to support emerging use cases and services, and to help all sectors meet the expected performance (gigabit data rates), low latency and high reliability requirements of these services, ensuring that end users reap in full the economic benefit that 5G is expected to offer. In addition, the report looks at the transition strategies used by wireless operators to upgrade 4G networks to 5G – particularly in urban areas where 5G rollouts are likely to be prioritized – and the various political, strategic and tactical challenges that can hold back deployment of 5G networks. While significant steps are being taken towards 5G in developed economies, consideration is also given to the challenges that will be faced by wireless operators in less developed economies. Also included in this report is a high-level cost model to estimate the potential capital investment required by a wireless operator to upgrade to a 5G network and the potential models that can be used by NRAs to incentivize investment in 5G. Finally, based on interviews with operators and supplemented by secondary research, the report draws on real examples of the role policy-makers can play as facilitator, enabler and coordinator in preparing for 5G development, to speed up deployment and reduce the cost of deployment.