Testbeds are pivotal in developing and deploying 5G infrastructure in the Nordic and Baltic region. This publication investigates the challenges, potentials and opportunities in a differentiated 5G regional landscape based on a SWOT analysis and mapping of the most advanced test facilities of the region. It aims to take the temperature of 5G activities, identifying valuable verticals such as the manufacturing industry, and indicating progress in a regional, national and cross-sectorial perspective. It provides insight into the region’s weaknesses and strongholds, as well as how important cross-border collaboration is in the fastforwarding 5G global race.