Impact of Increased Implied Volatility on Call Option Pricing

XYZ Corp. has recently been evaluating the performance of its stock options amidst a volatile market condition. Currently, an ATM European call option with a strike price of $50 is traded at $5. The implied volatility calculated from this option price is 30%. However, shortly after the option's pricing, a piece of news is released indicating that XYZ Corp. will enter a significant new market, typically associated with high volatility. Analysts expect the implied volatility of XYZ's options to increase to 40% as a result.

If all other factors remain constant, how should the price of the call option be expected to change based on the new implied volatility?