In light of the rapidly evolving technological landscape, Nokia is strategically positioning itself for the future. As outlined in the Technology Strategy 2030 report, the company is gearing up for a substantial increase in network demand by 2030. This surge is expected to be driven by the growing prominence of the metaverse, Web3, and AI technologies.
Investing in Network Technologies
Central to Nokia’s vision for 2030 is a significant investment in network technologies that are essential for navigating the expanding realms of the metaverse and beyond. The company anticipates a 22%-25% rise in network demand from 2022 to 2030. This increase is primarily attributed to the widespread adoption of generative AI and virtual reality devices.
To support the evolving landscapes of the metaverse, decentralization, blockchain, and smart contracts, Nokia is proactively investing in its network equipment and services portfolio. The company is also focusing on metaverse opportunities such as human augmentation, spatial computing, and split processing.
Pioneering Practical Applications
Nokia’s commitment to the metaverse goes beyond theoretical discussions. The company has established two dedicated labs to explore the metaverse and its foundational technologies. One notable project involves using a 5G-connected Microsoft HoloLens for remote aircraft maintenance instructions, showcasing the potential of augmented reality in supporting technicians in remote locations.
Looking ahead to 2030, Nokia’s Technology Strategy 2030 report identifies several pivotal trends that will shape the future of connectivity. These include AI, cloud computing, the metaverse, the Internet of Value, Industry 5.0, and API networks. The expansion of connected devices is expected to drive metaverse adoption across consumer, enterprise, and industrial sectors, transforming supply chains and manufacturing processes.
The industrial metaverse is experiencing rapid growth, with sales reaching US$ 61.8 billion in 2022. Forecasts predict a compound annual growth rate (CAGR) of 25.3% from 2023 to 2033, indicating a significant shift towards integrating metaverse technologies in industries like car manufacturing. This integration is expected to fuel innovation in the Industrial Metaverse Market, with projections estimating a growth to US$ 765.8 billion by 2033.
Nokia’s forward-thinking approach and strategic investments in network technologies position the company as a key player in shaping the future of connectivity. The company’s focus on the metaverse, AI, and emerging technologies highlights its commitment to innovation and digital transformation in the years to come.
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