Top 5 IT Giants Who Ultimately Bit The dust
1.Nokia
Headquarters: Finland
What is it known for: Mobile Handsets and portable IT devices
Current Value: $8.8 billion
Peak Value: $289 billion (2000)
Percentage Residue: 3 percent
Reason for downfall: Android phones
There was a time when Nokia was a name synonymous to mobile handsets. It had the largest market share in terms of sales of mobile devices, handsets and portable IT devices. But the rise in the Android market and some of their failed launches marked the breaking point in Nokia’s success story. Nokia failed miserably in determining the wind of change and continued with its old ways and Symbian OS. However, the steep decline in sales shook them from their sleep but it was too late a realization. Nokia’s failure in providing their customers with features that could compete with the remarkable features that Android offers resulted in their collapse.
Currently, Nokia is struggling to win back its lost market share and reputation in the market and is taking desperate measures (one being alliance with Microsoft and giving up on their Symbian OS) to perk up its value.
However, the wider acceptance of Android on all scales makes it look like it is going to be difficult for Nokia.
