Nokia's updates its iconic logo for the first time in 60 years

Nokia aims to increase its market share in the field of providing network equipment to cellular service providers.

Nokia in a recent announcement has stated that it would alter its brand identity for the first time in more than 60 years, complete with a new logo, as the telecom equipment maker focuses on fast expansion. The word Nokia is formed by five different shapes in the new logo. Depending on the use, the original logo's distinctive blue tint has been replaced with a variety of hues.

On Sunday, a new set of strategic pillars and the updated logo were unveiled in an effort to facilitate speedier growth as the world quickly adopts fifth-generation mobile technology. According to Nokia CEO Pekka Lundmark, a new brand with a strong emphasis on networks and industrial digitization will be introduced, which will be significantly distinct from conventional mobile phones.

Lundmark stated that Nokia's main objective would be to increase its market share in the industry of giving cellular service providers network equipment. Nokia now had "the means and the artillery," he claimed, to increase market share while maintaining profit margins. Nokia also intends to grow its clientele by offering businesses their own 5G networks. The division's next objective is to develop "to double-digit territory," primarily through organic expansion and smaller acquisitions.