Ultra-Reliable Low-Latency Communication (URLLC), and massive Machine-Type Communication (MTC). Of these URLLC in particular will have the biggest impact on RAN architecture and design, because most real-world applications are concerned with end-to-end latency, not just over the air, which is addressed by the New Radio (NR) design. URLLC scenarios and other latency-sensitive applications such as cloud gaming, require 5G networks to support significantly lower end-to-end latency, compared with 4G. 5G creates new business opportunities. It allows cellular operators to expand into new markets (which have been served by non-cellular technologies in the past or did not exist before), for example, by deploying IoT and Vehicle-to-Everything (V2X). Furthermore, it creates new business models with, for example, slicing, allowing mobile network opera- tors (MNOs) to lease network capacity to other companies. On the other hand, 5G also helps new entities that have not used cellular technologies in the past to adopt 5G and in some cases compete with traditional cellular operators, with technologies such as pri- vate networks and the adoption of the 5G radio interface for satellite communications. Increased competition is likely to make standardized network interfaces more important and may eventually allow network multi-vendor interoperability in RAN (which is not quite the case in 4G). Standards will continue being important in 5G and it appears that the 3rd Generation Partnership Project (3GPP) will continue to have a central role in developing cellular standards. This has the positive effect of ensuring that there is only one major 5G stan- dard, reducing market fragmentation. On the other hand, the increased interest in 3GPP triggers increased participation from many more companies and delegates, making a con- sensus harder to reach. The end result is that, unlike 4G, 3GPP 5G standard will have many options (sometimes presented as "flexibility"). This flexibility has a cost, as it is increasingly hard to predict which st