KEY POINTS
Nokia’s latest annual report, published on February 28, underscores the company’s strategic focus on the metaverse as it charts its course toward 2030.
The report highlights the significant impact of metaverse and artificial intelligence (AI) technologies on consumer demands, particularly the increasing need for virtual reality devices and enhanced connectivity solutions.
The acceleration of AI, machine learning (ML), Web3, metaverse and cloud technologies is anticipated to address global challenges, revolutionize societal norms, and reshape work and lifestyle paradigms.
The company’s strategic outlook also emphasizes the pivotal role of networks in driving digitalization across industries and unlocking the broader potential of the metaverse.
Nokia’s Global Network Traffic 2030 report predicts a substantial surge in network traffic due to the widespread adoption of AI, ML, extended reality, automation, and the proliferation of billions of additional devices. End-user data traffic is expected to experience a compounded annual growth rate of 22% to 25% from 2022 to 2030.
Nokia’s interest in the metaverse is not new; at last year’s International Consumer Electronics Show (CES), Nokia actively participated in the Web3 Studio initiative led by CoinDesk. The studio was dedicated to exploring various aspects of the metaverse, emphasizing its transformative potential for both the retail industry and the overall consumer experience.
The metaverse has become a focal point for many companies globally, with players such as China Mobile, SK Telecom, Samsung, Huawei, Lenovo, and others actively exploring its potential.
Projections for the metaverse market are optimistic, with Statista estimating a value of $74.4 billion by 2024 and anticipating an annual growth rate of 37.73% from 2024 to 2030, resulting in a projected market volume of $507.8 billion by the end of the decade.
