Aug 04, 2020 (Baystreet.ca via COMTEX) -- Thanks to the global pandemic, demand for virtual events is only increasing. In fact, over the last few months, millions of people have relied on video chats and conferences to limit face to face meetings for school and work. With this likely to become the norm, Global Market Insights (GMI) says the video conferencing market could exceed $50 billion by 2026. With the ongoing coronavirus (COVID-19) pandemic and disruptions in large gatherings, demand for remote training is increasing, eventually driving the video conferencing market demand. Several global enterprises including Microsoft Corporation, Google, Apple Inc., Hitachi Ltd., and Amazon have announced mandatory work-from-home policies to prevent the spread of COVID-19. The rapidly increasing cases of virus has necessitated the demand for video conferencing software as business travel, educational institutes, conferences are cancelled globally,” noted GMI. With demand only likely to pick up momentum, some of the top companies to keep an eye on include NexTech AR Solutions (otcqb:NEXCF) /zigman2/quotes/208196573/delayed CA:NTAR +0.88% , Zoom Video Communications Inc. /zigman2/quotes/211319643/composite ZM +1.21% , Slack Technologies Inc. /zigman2/quotes/212180539/composite WORK 0.00% , 8x8 Inc. /zigman2/quotes/203431883/composite EGHT -3.06% , and Avaya Holdings Corp. /zigman2/quotes/209008523/composite AVYA -1.21% .
NexTech AR Solutions (otcqb:NEXCF) /zigman2/quotes/208196573/delayed CA:NTAR +0.88% BREAKING NEWS: NexTech AR Solutions, an emerging leader in augmented reality for eCommerce, AR learning applications, and AR-enhanced video conferencing and virtual events is pleased to announce it has been selected to provide the InfernoAR platform, ScreenAR, and event design services for CREVOLUTION 2020 from ICM Credit in Mexico November 10 - 12, 2020. The initial value of the contract is $90,000 with the potential for additional revenue through the sale of augmented reality booths, and ‘ScreenAR’ services.
Luis Eduardo Perez, President, ICM Credit comments, "Crevolution is the most disruptive event in the global financial industry, when moving to a digital environment, we had the need to maintain that innovative spirit in our proposal, that is why we believe that Inferno, with its multiple functionalities and friendly interactivity, will allow our guests, to have a memorable experience that will undoubtedly make them remember this event much more than previous editions".
This event represents NexTech's first Spanish-speaking virtual event targeted at the Latin American market, where demand for virtual events continues to grow. According to Grandview Research the global virtual events market in 2020 is $90Bill and expected to hit over $400Bill by 2027 growing at a 23% CAGR. With Nextech’s InfernoAR platform having augmented reality, AI, end to end encryption and built in language translation into 64-languages the company is well positioned to rapidly take market share in this market as the growth accelerates globally.
Evan Gappelberg, Nextech CEO comments “We are excited to work with Luis Eduardo and his team at ICM. Their vision for how to take the successful CREVOLOTION event program to an all-digital experience, speaks of their commitment to their attendees and exhibitors and to their leadership position in the financial industry”. He continues “The virtual events market is witnessing extremely high demand as most companies have adopted a Work-From-Home (WFH) policy due to the lockdown imposed by the COVID-19. The stay-at-home measures have resulted in increased opportunities for Nextech as corporations are extensively using video conferencing platforms for business and client meetings”.
As part of the pre-event marketing to the CREVOLUTION 2020 program, NextTech will provide 6 weekly webinar workshops on the InfernoAR Platform to registered attendees.
Other related developments from around the markets include:
Zoom Video Communications Inc. /zigman2/quotes/211319643/composite ZM +1.21% announced Zoom for Home, a new category of software experiences and hardware devices to support remote work use cases. In a time where employers are grappling with what the new normal of work will look like, Zoom for Home elevates employee experiences to connect remotely and be productive. The future of knowledge work will be a hybrid of virtual and in-person experience. In a recent study by IBM, 81% of respondents—up from 75% in April—indicated they want to continue working remotely at least some of the time. More than half—61%—would like this to become their primary way of working. Major corporations around the globe have already indicated that they do not foresee a return to pre-COVID ways of working. Additionally, according to a recent study by Morning Consult, almost half of adults who are able to work remotely believe that virtual meetings are at least as effective as in-person meetings. Zoom for Home meets the needs of the present shelter-in-place and the new normal of hybrid workforces.
Slack Technologies Inc. /zigman2/quotes/212180539/composite WORK 0.00% announced it has filed a competition complaint against Microsoft Corporation before the European Commission. The complaint details Microsoft’s illegal and anti-competitive practice of abusing its market dominance to extinguish competition in breach of European Union competition law. Microsoft has illegally tied its Teams product into its market-dominant Office productivity suite, force installing it for millions, blocking its removal, and hiding the true cost to enterprise customers. “We’re confident that we win on the merits of our product, but we can’t ignore illegal behavior that deprives customers of access to the tools and solutions they want,” said Jonathan Prince, Vice President of Communications and Policy at Slack. “Slack threatens Microsoft’s hold on business email, the cornerstone of Office, which means Slack threatens Microsoft’s lock on enterprise software.”