Chinese telecom company Huawei has invested £5 million in 5G research at the University of Surrey, in a bid to encourage the development of the technology.
Tech website V3 reports that it's believed 5G mobile networks will offer speeds as high as 10Gbps with extremely low latency and will propel the Internet of Things (IoT).
The University of Surrey's 5G Innovation Centre (5GIC), which is leading research in the technology, say that with the support of leading telecoms firms the centre is on course to ensure that 5G rollout remains a possibility in the foreseeable future.
Huawei's contribution is drawn from a four-year budget of $600 million it has set aside for 5G research globally.
Samsung, Fujitsu and Vodafone are also said to be in support of the 5GIC and they hope to see the technology make suitable progress to allow for implementation by 2020.
Professor Rahim Tafazolli, head of 5GIC at the University of Surrey, highlighted the creation of test bed facilities at the university as crucial to the technology's development. The first phase is scheduled to be finished by around April 2015, when testing will begin.
"As the world's leading independent facility for trialling emerging 5G technologies and applications, this test bed will be used for proof of concepts, to validate standards and to test vendor interoperability," he said.
He believes the technology will allow for "critical developments in areas such as the IoT and for applications where device battery life is critical".
Tafazolli's comments follow a similar message from the UK government on the importance of pursuing 5G technology, which it says will "connect many more objects and things than just people and phones".