  In this paper, we investigate the latency performance of non-orthogonal
multiple access (NOMA) and orthogonal multiple access (OMA) technologies in
finite blocklength regime. In the comparative study, we derive the achievable
effective capacity of two-user NOMA and its OMA counterpart under delay
quality-of-service constraints. We then obtain closed-form expressions for the
achievable effective capacity of the weak and strong users in both scenarios
considering transmissions over Rayleigh fading channels. Numerical results are
provided. In particular, it is shown that at low signal-to-noise ratios (SNRs),
the OMA user with better channel condition outperforms both NOMA users.
\blue{We also evaluate the impact of fixed power allocation scheme on the
achievable effective capacity of two-user NOMA.} The comparative analysis of
the total link-layer rate shows that at high SNRs, the total link-layer rate of
NOMA with finite blocklength outperforms the one of OMA when the delay exponent
is loose.
