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The coexistence of massive Internet of Things (IoT)network and modern technologies (e.g., high speed gaming and self driving vehicles) requires a versatile network which can provide support to all such applications. Since the Quality of Service (QoS) requirement of each application is different from one another, the existing Radio Access network (RAN) is unable to support such diverse applications. Consequently, Open Radio Access Network(O-RAN) is being considered as the most viable solution for next generation RAN. In this paper, we present the evolution of RAN along with the possible architecture and features of the most promising next generation RAN (i.e., ORAN). This work mainly discusses architectural and functional advancement of the RAN in each generation. In addition, we discuss various challenges associated with O-RAN implementation and possible opportunities created with the advent by O …