Apple Inc. (NASDAQ:AAPL)’s recent win over Samsung may change the dynamics of the smartphone industry. The stock prices of almost all the Android players plunged after the court verdict on August 24th. However, the non-Android players, like Nokia, have got a little breathing room, and riding on the same sentiments, the stocks of Nokia jumped 11 percent after the verdict, in Helsinki trading.

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Is it just the public sentiment, or Nokia Corporation (NYSE:NOK), which makes smartphones running on Windows Phone, can really make a turnaround by exploiting this opportunity? Well, let’s admit it. Nokia Corporation (NYSE:NOK) does have that strength, and with the launch of Windows Phone 8 round the corner, the momentum is in its favor. It is the only company in the mobile phone industry whose thick patent portfolio matches the might of Apple’s patents.

Robert Barr, the director of the Center for Law and Technology at the University of California, Berkeley, says that the user interface of Nokia smartphones is entirely different from that of iPhone, and Nokia Corporation (NYSE:NOK) has a strong patent portfolio to protect itself. The company’s core strength lies in the emerging markets such as India.

However, Bank of America’s Merrill Lynch research says that the verdict may not increase the consumer appetite for Nokia products in the short-term, because Nokia doesn’t have a product that people really desire to buy. The research further states that the USA remains a challenge for Nokia Corporation (NYSE:NOK), where it has only a 2 percent share in the smartphone market. So, Nokia may not be the preferred alternative for many people, even if the Samsung devices are not available.

However, the research does mention that the release of the highly anticipated Windows Phone 8-based Lumia smartphone may boost the sales of Nokia. WP8 is scheduled to be launched on October 26.

Nokia Corporation (NYSE:NOK) is the only major Windows Phone-based smartphone maker. If the other Android players feel that Android is being compromised, they may shift to Windows Phone, directly competing head-to-head with Nokia.

Therefore, though Nokia Corporation (NYSE:NOK) has the capabilities, it may not be the biggest beneficiary of the verdict, at least not until the Windows Phone 8 hits the market.