Future digital society depends heavily on timely availability of high quality wireless connectivity the offering of which today is dominated by mobile network operators (MNOs). Future 5G systems aim at connecting billions of devices to serve versatile location and case specific needs of vertical sectors in parallel with the provisioning of traditional mobile broadband services. As the majority of mobile traffic originates from indoors, cost-efficient and fast deployment of new indoor small cell networks is fundamental, which calls for new developments in regulation and technology to enable new business. This paper proposes the concept of micro operators (uO) for local service delivery in 5G to build indoor small cell communication infrastructure and offer context related services and content. Key elements of the new micro operator concept are introduced including regulation-related factors of local spectrum access rights, and technology-related factors of flexible network implementation. Several business opportunities are identified for the uO concept including the provisioning of hosted local connectivity to all MNOs in specific locations, operation of secure networks for vertical sector specific use, and offering of locally tailored content and services.

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Future 5G networks aim at providing new high-quality wireless services to meet stringent and case-specific needs of various vertical sectors beyond traditional mobile broadband offerings. 5G is expected to disrupt the mobile communication business ecosystem and open the market to drastically new sharing based network operational models. 5G technical features of network slicing and small cell deployments in higher carrier frequencies will lower the investment barrier for new entrants to deploy local radio access networks and offer vertical specific services in specific areas and allow them lease the remaining required infrastructure on demand from mobile network operators (MNO) or infrastructure vendors. To realize the full vision of 5G to benefit the society and promote competition, innovation and emergence of new services when the 5G end-to-end network spans across different stakeholders administrative domains, the existing regulations governing the mobile communication business ecosystem are being refined. This paper provides a tutorial overview on how 5G innovations impact mobile communications and reviews the regulatory elements relevant to 5G development for locally deployed networks. This paper expands the recent micro licensing model for local spectrum authorization in future 5G systems and provides guidelines for the development of the key micro licensing elements. This local micro licensing model can open the mobile market by allowing different stakeholders to deploy local small cell networks with locally issued spectrum licenses ensuring pre-defined quality guarantees for the vertical sectors' case specific needs.

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