Driven by trends such as high-quality communication and the Internet of Things (IoT), the number of connected devices is expected to grow by more than 10 times than what existed in 2019. In order to keep up with this need for more connected devices as well as demands for increased data speeds and reliability, technology standards for cellular networks are expanding into their fifth generation, called 5G. This new generation will enhance the capabilities of mobile broadband, massive machine type communications and ultra-reliable, low-latency communications. It will enable the development and adoption of new applications that have been pursued for a long time, such as augmented reality (AR) and virtual reality (VR), self-driving cars, smart medical services, and smart buildings. However, these opportunities come with challenges. 5G requires large infrastructure investments to realize its full benefits. Also, the technology requirements for hardware, software, raw materials, communication architectures and applications are radically different than what was required for previous cellular generations. The expanded connectivity and high-risk applications of 5G, such as autonomous vehicles, also increase security challenges. This white paper outlines the evolution of 5G, its technological requirements, industrial opportunities and security challenges