This paper presents a short review of recent research activities on 5G as the next generation of wireless technology, the requirements they are facing, user scenarios, functionalities, and KPIs (Key Performance Indicators) as a measure of assessing the performances of these systems. 5G technology also known as International Mobile Telecommunications 2020, (IMT-2020) will dramatically increase the capabilities of the Internet of Things, Vehicle-to-everything and will pave the way for massive

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... ine-type communications. While it is not yet define how the ultimate 5G design will be, it is possible to identify the most important services, functionality and KPIs that will provide satisfactory solutions to innovative digital business models after 2020. It is expected that 5G standards be in focus of Regulation Agencies, mainly through socio-economic analysis. In emerging markets, socio-economic dimensions of wireless connectivity must be considered carefully since data will be basic asset in digital age. This paper also highlights the importance of changes in mindset of regulation framework in telecommunications sector. Strong understanding of digital transformation is crucial in order to stay competitive in dynamic changes in the future.