Nokia envisions itself as a pioneer in the upcoming technological revolution, as indicated in their Technology Strategy 2030 report. The company is gearing up to cater to the anticipated surge in network demand by 2030, driven by the rapid growth of the metaverse, Web3, and AI.
Investment in Network Technologies
Nokia is strategically investing in network technologies to navigate the evolving landscapes of the metaverse and beyond. With a projected 22%-25% increase in network demand from 2022 to 2030, Nokia is focused on enhancing its network infrastructure and services portfolio. This investment is essential for supporting generative AI, virtual reality devices, and the ecosystems of the Internet of Value, decentralization, blockchain, and smart contracts.
Special emphasis is placed on exploring metaverse opportunities, such as human augmentation, spatial computing, and split processing. Nokia has even set up dedicated labs to delve deeper into the metaverse and its foundational technologies. The company is actively engaging in practical experiments, like using a 5G-connected Microsoft HoloLens for remote aircraft maintenance instructions, showcasing the potential of augmented reality in supporting technicians in remote locations.
Beyond immediate technological advancements, Nokia’s Technology Strategy 2030 report identifies AI, cloud computing, the metaverse, the Internet of Value, Industry 5.0, and API networks as key trends shaping the future of connectivity. By 2030, the proliferation of connected devices will drive metaverse adoption across consumer, enterprise, and industrial sectors, impacting supply chains and manufacturing processes significantly.
The industrial metaverse is witnessing rapid growth, with sales expected to reach US$ 61.8 billion in 2022. Forecasts indicate a compound annual growth rate (CAGR) of 25.3% from 2023 to 2033, signaling the integration of metaverse technologies in industries like car manufacturing. This integration is poised to drive innovation and propel the Industrial Metaverse Market to a staggering US$ 765.8 billion by 2033.
Nokia’s forward-looking approach to technological innovation and its strategic investment in network technologies position it as a key player in reshaping connectivity and industry through the metaverse. By embracing the transformative potentials of the metaverse, Nokia is paving the way for a future where seamless interactions, efficient operations, and groundbreaking innovations become the norm.