TOKYO -- Nokia is leveraging its strength in technology and networks to seize opportunities in the consumer market, said Rajeev Suri, company president and CEO.
Speaking at the 18th Nikkei Global Management Forum, the India-born head of the Finnish technology company stressed that "constant adaptability to change" is crucial for Nokia to sustain its business.
Though Nokia sold off its mobile telecommunications devices arm in 2013, it has acquired Alcatel Lucent and Withings to beef up its business portfolio.
Wielding an "extremely strong" brand, Nokia seeks to reinvent itself through Withings, a wearable healthcare devices company, in an ever-changing landscape in the technology and network sector.
"We think the opportunity for us to go into the [consumer market] and to combine it with the network business we have is powerful," said Suri.
The opportunity that Nokia sees is not just confined to healthcare but also to the wider 'programmable world' that connects objects to data used in utilities and autonomous driving.
Through innovations in virtual reality and sensory devises enabled by 5G wireless technology, Nokia is working on products that could help prevent wastage in leaking pipes and power outages.
Such innovations require speedier and higher performance networks to enable the internet of things that Nokia calls the 'global nervous system' that it expects to shape the future of technology that will transform human experience.
Nokia cited working with industry players in Japan to prepare for the 2020 Tokyo Olympics as one example, through such means as deploying 5G in video analysis.
"Japan is in a sweet spot," said Suri, adding that 5G will be commercialized by then.