Nokia was once synonymous with phones. The Finnish company's legendary model was the Nokia 3310, while its best-selling model in history remains the Nokia 1100.
Thanks to the mass production of durable and reliable phones, Nokia dominated the global market for years. At the height of its success, it was the most valuable company in Europe and one of the most powerful technology brands in the world, writes CNBC.
However, the situation began to change in the late 2000s and early 2010s, when Nokia failed to adapt to the smartphone revolution.
The essence of this change was that the value of phones no longer lay in the hardware, an area in which Nokia was a leader, but in the software and the application ecosystem.
Another big mistake was misjudging the market. When Apple introduced the iPhone and Google introduced Android, they brought a new approach based on apps created by developers from all over the world.
While Apple invested in the operating system, touchscreens, and apps, Nokia continued to focus on traditional phones, believing that mass production of hardware would remain the key to success.
Delays in software development and the unsuccessful transition from the Symbian operating system to Windows Phone left the company behind its competitors, causing it to gradually lose its dominant position in the market.
Today, Nokia no longer makes phones like it used to. The company has focused on other technologies, generating revenue from developing telecommunications network infrastructure and systems based on artificial intelligence.