Internet of everything (IoE) and huge number of mobile applications are taking the wireless world to   new standards. Standardization efforts for 5G have begun as the research activities for 5G are in progress. As there is consensus on requirements of 5G systems various methods to achieve the same are being proposed, researched and developed. 5G standardization efforts include use of millimeter waves or EHF band of the spectrum in order to address the inadequacy of available spectrum. The spectrum efficiency issues are addressed using  large number of antennas or massive MIMO techniques, various multiple access techniques like non-orthogonal multiple access (NOMA), beam division multiple access (BDMA) and new techniques of waveform communication. At the physical layer, many potential candidates are proposed to replace OFDM in order to perform waveform design. Some techniques which improve upon OFDM are Filter Bank Multi Carrier (FBMC), Universal Filtered Multi-Carrier  (UFMC) and Generalized Frequency Division Multiplexing (GFDM).