Benzinga | Nov 17, 2021 08:07AM EST

Nokia Aims For Cloud-based Software Subscription Service

* Nokia Oyj (NYSE:NOK) aims to launch a cloud-based software subscription service targeting telecom companies for providing software around analytics, security, and data management.

* Nokia will offer some of its software portfolios under subscription from 2021, and more will be commercially available in early 2022.

* A cloud-based software platform can cut costs, make it convenient to deploy and manage, and customers can try the platform before committing for long-term use.

* Nokia, which has been in discussions with potential customers, targets an addressable market of $3.1 billion for the 2021-2025 period, with an annual growth rate of about 25%-30%.

* Price Action: NOK shares traded higher by 0.36% at $5.61 in the premarket session on the last check Wednesday.