The company has had various industries in its 153-year history. It was founded as a pulp mill and had long been associated with rubber and cables, but since the 1990s focuses on large-scale telecommunications infrastructures, technology development, and licensing. Nokia is a notable major contributor to the mobile telephony industry, having assisted in the development of the GSM, 3G and LTE standards (and currently in 5G), and is best known for having been the largest worldwide vendor of mobile phones and smartphones for a period. After a partnership with Microsoft and market struggles, its mobile phone business was eventually bought by the former, creating Microsoft Mobile as its successor in 2014. After the sale, Nokia began to focus more extensively on its telecommunications infrastructure business and on the Internet of things, marked by the divestiture of its Here mapping division and the acquisition of Alcatel-Lucent. The company also entered virtual reality and digital health (the latter by purchasing Withings), and is the owner of scientific research organization Bell Labs. The Nokia brand has since returned to the mobile and smartphone market through a licensing arrangement with HMD Global.

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