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FBMC is a candidate for the upcoming 5G cellular. The advantages of it, over OFDM, are (1) that it can be more spectrally efficient, because FBMC does not use a cyclic prefix transmitted with a guard interval, and (2) because it does not depend on perfect orthogonality between symbols transmitted in the channel, a channel can be shared simultaneously by multiple users. The subcarriers can be partitioned, so multiple users can have simultaneous access. This is harder to do with OFDM, although it is possible. With OFDM, it becomes more difficult to guarantee orthogonality of symbols, if the transmitters not co-located. It requires very strict synchronization of the users distributed in a cell.
In short, greater spectral efficiency and more flexibility for use of the channel, but at the cost of the complexity added by the filter bank. I think it's very interesting that FBMC predates OFDM by a good many years. FBMC seems more obvious than OFDM. It does not depend on so much cunning and cleverness, in some way.
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