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Will Apple go the way of Nokia?

A model displays the Nokia 6151, at the Nokia exhibition in Singapore, June 19, 2006.
Roslan Rahman | AFP | Getty Images

It's clear that Apple is the most dominant company in the technology industry.

The iPhone maker is the world's largest company by market value and has more than $200 billion in annual revenue.

It controls almost a fifth of the global market for consumer electronics by revenue, according to Nomura.

But technology history is littered with examples of companies that held complete dominance at one time, only to be displaced by a new competitor. See IBM, Hewlett Packard, Microsoft and Cisco for examples of tech juggernauts that seemed indomitable during their heydays, but later faltered.

But the company that probably most closely resembles Apple's standing is Nokia.

Will the Apple story end like its Finnish competitor?

Nomura raised that issue in a report to clients Friday.