Spectrum scarcity seems to be the most challenging issue to be solved in new wireless telecommunication services. It is shown that spectrum unavailability is mainly due to spectrum inefficient utilization and inappropriate physical layer execution rather than spectrum shortage. Daily increasing demand for new wireless services with higher data rate and QoS level makes the upgrade of the physical layer modulation techniques inevitable. Orthogonal Frequency Division Multiple Access (OFDMA) which utilizes multicarrier modulation to provide higher data rates with the capability of flexible resource allocation, although has widely been used in current wireless systems and standards, seems not to be the best candidate for cognitive radio systems. Filter Bank based Multi-Carrier (FBMC) is an evolutionary scheme with some advantages over the widely-used OFDM multicarrier technique.