Finnish mobile giant Nokia has unveiled its brand new logo at MWC Barcelona, acting as a strategic shift in the company's vision and plans.
The logo is entirely different from Nokia's famous blue logo, composed of five different shapes, which are sleek and futuristic, in a background containing multiple colours.
Yesterday, the brand announced the overhaul, which included six main pillars which would serve as the main factors that would be the company's focus:-
- Growing market share in service providers using technology leadership.
- Introduction of new business models such as the as-a-Service.
- Expanding the contribution of enterprises in the customer mix.
- Grab opportunities which would help them monetize their IP and invest in R&D.
- Actively manage its portfolio to strive for leadership positions in competent market segments.
- Development of ESG as a competitive advantage.
Moreover, the company has outlined four crucial drivers of said growth: long-term research, digitization of operations, futuristic talent and a refurbished brand.
In a release, Pekka Lundmark, CEO of Nokia, emphasised the importance of networks and connectivity in the current era, expressing his aim to grow in markets with visible leadership positions.
Although the company plans to continue its service provider and handset business, it is working hard to attain leadership in the telecommunications equipment sector.
Nokia is one of the largest 5G equipment suppliers, competing with giants like Ericsson and Huawei. The company now ensures a greater focus on equipment supply, ensuring its growth in the networks and digitization field.
The strategic focus is on the telecom equipment segment while ensuring all-round growth across others. The focus will allow Nokia to improve its market share in the 5G gear market, set to grow at a CAGR of 67% to US$ 57 billion by 2027.
- Aman Agarwal