With the development towards the next generation cellular networks, i.e., 5G, the focus has shifted towards meeting the higher data rate requirements, potential of micro cells and millimeter wave spectrum. The goals for next generation networks are very high data rates, low latency and handling of big data. The achievement of these goals definitely require newer architecture designs, upgraded technologies with possible backward support, better security algorithms and intelligent decision making capability. In this survey, we identify the opportunities which can be provided by 5G networks and discuss the underlying challenges towards implementation and realization of the goals of 5G. This survey also provides a discussion on the recent developments made towards standardization, the architectures which may be potential candidates for deployment and the energy concerns in 5G networks. Finally, the paper presents a big data perspective and the potential of machine learning for optimization and decision making in 5G networks.