The envisioned 5G services in various verticals such as manufacturing, mining, and transportation as well as substantially higher cellular download speeds for consumers hold immense potential to transform the society. These services are built on the three main categories of 5G services - enhanced mobile broadband speeds of 100 Mbps user-experience data rate, ultra-low latency and reliability of services, and massive connections of Internet connected devices including IoT devices. To address these opportunities a wide range of radio spectrum frequencies from sub-1GHz to 100GHz including licensed, unlicensed, and shared spectrum will be utilized to achieve the potential of 5G. Several factors, however, need to be taken into consideration before any spectrum strategy can be put in place. This report provides an overview of these key factors as well as the recent developments in 5G technologies and spectrum bands convergence in the context of the launch of 5G networks in this decade.