Ofcom hopes to have 5G networks live across the UK by 2020 to meet the ever rising demand for mobile data services.
The regulator expects 5G speeds to run as high as 50Gbps, far in advance of current 4G services which sit at around 15Mbps.
This would support several emerging mobile applications ranging from financial trading to holographic projections.
Ofcom expects spectrum above 6GHz to form the basis of 5G services, but wants input from the telecoms industry to identify the positives and negatives of using services in this range.
"The information provided will, along with our ongoing work on 5G and demand for other uses of spectrum, inform our strategy on bands above 6GHz," it said.
Ofcom acting chief executive Steve Unger said that industry must get involved in discussions around 5G to ensure that the UK is a world leader in this new technology.
"5G must deliver a further step change in the capacity of wireless networks, over and above that currently being delivered by 4G," he said.
"No network has infinite capacity, but we need to move closer to the ideal of there always being sufficient capacity to meet consumers' needs."
Philip Marnick, Ofcom spectrum group director, added that the faster services could have a huge impact on business.
"We want to explore how high-frequency spectrum could potentially offer significant capacity for extremely fast 5G mobile data," he said.
"This could pave the way for innovative new mobile services for UK consumers and businesses."
The government has already expressed its belief in the power of 5G, seeing it as underpinning Internet of Things projects.
Early work on 5G is already being carried out at a £35m research centre at the University of Surrey.
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