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Femtocell is said to be the next ldquohappening thingrdquo in the wireless scenario. A femtocell is an indoor base station using wide area network (WAN) radio access technology, such as Universal Mobile Telecommunications System (UMTS). These data access points are deployed in a residential or small business unit building. Voice and data communications are relayed back and forth utilizing cellular technology (2G/3G/WiMAX) with IP backhaul through the customer's broadband connection such as digital subscriber line (DSL), cable modem or a separate radio frequency (RF) backhaul channel. Personal cell towers at every home may appear like an enthralling scene. However, some critical issues must be resolved before the mass deployment of femtocells becomes possible. The global market has advanced a lot in the field of wireless communication with the advent of technologies like 3G, WiMAX and now even 4G. However, these technologies becoming popular amongst the mass is a phenomenon concentrated only in some parts of the world. For instance, the mass in developing countries like India is still using 2G and concepts like 3G and Mobile Virtual Network Operator (MVNO) services have just arrived in the wireless communication panorama. This paper finds out the challenges in the technical and commercial aspects of femtocells for facilitation of the mass deployment of femtocells in the global scenario, in general, and the present Indian market scenario, in particular. Moreover, future prospects of femtocells are analyzed and possible research directions are recommended for the successful implementation of femtocells as home base stations.