In this paper we discuss the challenges and opportunities that the fifth generation (5G) wireless access will bring to the telecommunications market. 5G refers to the next generation mobile communications that will be implemented beyond 2020, and it is expected to be a backbone of Internet of Things (IoT), linking fixed and mobile devices. 5G should include an innovative set of technologies that will radically change our private and professional lives though applications of novel services, such as remote healthcare, driverless cars, wireless robots and connected homes, changing in that way boundaries between the real and cyber worlds. Advanced technologies will be required to achieve this goal, including utilizing higher frequency bands, advanced multi-antenna and scanning antenna systems, and wireless power transmission and self-powering mechanisms for portable and wearable devices.