Sep 23, 2020 (Baystreet.ca via COMTEX) -- The global health crisis has helped to usher in a new digital transformation marked by accelerating adoption of various technologies including the rapid rise in demand for video and virtual events, as well for augmented reality solutions. For one, video conferencing has become one of the most vital parts of life for millions working and schooling from home. According to Reuters, “Video-conferencing platforms, once used mostly as a technological substitute for in-person meetings, became a vital part of day-to-day life this year for people stuck at home under coronavirus restrictions, be it for work, school or socializing.”
Two, according to ReportLinker, the pandemic has forced companies to shift towards more advanced and virtual solutions, which is expected to act as a major catalyst for the augmented reality services market. As reported, “Increasing demand for augmented reality in various end-use industries post outbreak is expected to generate a higher demand for augmented reality services. For instance, according to Analytics Insights magazine published in April 2020, the demand for AR, VR, and other new-age technologies is escalating” due to the pandemic. That’s all creating big opportunity for companies such as NexTech AR Solutions (otcqb:NEXCF) /quotes/zigman/203550806/realtime CA:NTAR 0.00% , Zoom Video Communications Inc. /zigman2/quotes/211319643/composite ZM +0.34% , Snowflake Inc. /zigman2/quotes/220991541/composite SNOW -4.10% , and Okta Inc. /zigman2/quotes/210420951/composite OKTA -2.36% .
NexTech AR Solutions (otcqb:NEXCF) /quotes/zigman/203550806/realtime CA:NTAR 0.00% 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 that from September 1st to September 22nd the company has already achieved $900,000 in new Bookings for its InfernoAR video conferencing and virtual events business.
The company's Video conferencing platform InfernoAR is gaining traction by signing a broad spectrum of new deals like; FenDigital, Soitec, Alamos Gold, Quartz as well as signing new deals with repeat customers like Bell Canada, Ryerson University, Carnegie Mellon University, Boehringer, and many more.
Evan Gappelberg, Chief Executive Officer, NexTech AR noted “With over $900,000 in new bookings for InfernoAR in just three weeks and over $6million in quotes out in the market we are gaining significant momentum in Q3 expect that to continue to build into Q4 2020. We continue to believe we are in the right place at the right time with the right technology stack to prosper during this digital transformation. We have the only video conferencing platform that I’m aware of which includes the most immersive tech available, augmented reality (AR), giving us a significant competitive edge in this exploding market”.
He continues, “as a result of having the right product mix we are currently experiencing a rapid increase in business and in turn hiring more talent to support our growing business. We started 2020 with just twenty employees while our current headcount is now 115 which is a testament to how fast our business is scaling. We are just at the beginning of what we believe to be a multi-year growth spurt in demand for AR, video conferencing and virtual events from businesses, governments and schools. With video being the new voice during this virtual gold rush we will continue to push more interactive and immersive video centric features and innovations creating long term value and sustainability for our business and shareholders.”
According to Grandview Research the global virtual events market in 2020 is $90 billion and expected to reach more than $400 billion 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 for 64 languages, NexTech is well positioned to rapidly take market share as the growth, and digital transformation accelerates globally.
The global health crisis has helped to usher in a new digital transformation marked by accelerating adoption of various technologies including the rapid rise in demand for video and virtual events, as well for augmented reality solutions. The company is uniquely positioned to benefit from this transformation and is seeing a surge in demand for its products and services across governments, schools and businesses.
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