Video Conferencing Gold Rush Could Create $50 Billion Market Opportunity

With the global pandemic wreaking global havoc, demand for video and virtual events is accelerating. For months, millions of people have been firing up video chats and conferences to replace meetings and events they’re unable to attend in person because of the virus. According to Global Market Insights, the video conferencing market could exceed $50 billion in the next six years thanks in part to the virus. Already, major corporations around the globe have 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. With demand only likely to pick up momentum, some of the top companies to keep an eye on include NexTech AR Solutions (OTCQB: NEXCF)(CSE: NTAR), Zoom Video Communications Inc. (NASDAQ:ZM), Five9 Inc. (NASDAQ:FIVN), Teladoc Health Inc. (NYSE:TDOC), and Okta Inc. (NASDAQ:OKTA).

NexTech AR Solutions (OTCQB: NEXCF)(CSE: NTAR) 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 ICSOBA has chosen InfernoAR for its 38th annual event November 16-18 at a cost of $40,000, with the potential for additional revenue from ScreenAR. The International Committee for Study of Bauxite, Alumina & Aluminium (ICSOBA) unites industry professionals representing major bauxite, alumina and aluminium producing companies, technology suppliers, researchers and consultants from around the world. With the rapid rise in global demand for video and virtual events, the company is experiencing a surge in demand for its InfernoAR video conferencing and virtual events services.

With the companies recently announced new ScreenAR any virtual event can become engaging and have a one-of-a-kind immersive experience that everyone is craving today. With an initial launch price of $9,999 the potential for upselling ScreenAR and generating additional revenue is substantial even for a small event with 100 booths. SEE DEMO VIDEO HERE

Pete Dunn Sr VP of Sales, NexTech comments, “I'm honoured that the International Committee for Study of Bauxite, Alumina and Aluminium (ICSOBA) has chosen InfernoAR to host their 38th annual International Conference bringing together their global audience in an exciting new format.” He continues, “I have already had several conversations with their Chairman who sees the future of their annual events as hybrid. They have also introduced us to their close partners, the Aluminium Research Centre REGAL - from the University Laval in Canada who have also made the decision to host their annual event for students using our InfernoAR platform.”

Mr Dunn further comments on the sales climate for InfernoAR, “In all my 21 years experience in high level sales I have never seen anything like the demand I am currently witnessing for our virtual event solutions even as some countries are slowly opening up events - the future is truly hybrid and to call the daily enquiries and lead flow insatiable is not doing it justice. Furthermore it's far more than just quantity, it's the absolute quality and caliber of the companies and organisations that I am speaking with and we are helping. Some truly mind blowing global institutions across multiple industries.”

Evan Gappelberg CEO of NexTech comments, “We believe that having such a prestigious international organization as ICSOBA choose us over the competition validates our platform as one of the leading video conference virtual events platforms not just in North America but globally. InfernoAR is being chosen by more and more customers because of its full spectrum of offerings including end to end security encryption, Interactive Video, Artificial Intelligence and Augmented Reality all in one super-secure platform.” He continues, “with video being the new voice during this ‘virtual gold rush’ we will continue to push more interactive and immersive video centric features such as ScreenAR which we see as a industry game changing innovation creating long term value and sustainability for our business.”

ICSOBA was formed in 1963 in Zagreb (Yugoslavia), and in the past half century it has become a well recognized and truly international organization. The main objective of ICSOBA is to promote the exchange of ideas and results of the work from different fields of research related to bauxite exploration and mining, and alumina and aluminium production.

Other related developments from around the markets include:

Zoom Video Communications Inc. (NASDAQ:ZM) 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.

Five9 Inc. (NASDAQ:FIVN) a leading provider of cloud contact center software for the digital enterprise, announced that it will release financial results for the second quarter 2020 ended June 30, 2020 following the close of market on Monday, August 3, 2020. The Company will host a corresponding conference call and webcast at 4:30 p.m. Eastern Time on that day.

Teladoc Health Inc. (NYSE:TDOC), the global leader in virtual care, announced that it will release second-quarter 2020 results on Wednesday, July 29th, 2020, after the market closes. In conjunction, the company will host a conference call to review results at 4:30 p.m. E.T. on the same day.

Okta Inc. (NASDAQ:OKTA), the leading independent provider of identity for the enterprise, announced a major milestone in cloud reliability and uptime, offering 99.99% uptime to all customers in every region of the world at no additional cost. Through its distributed and highly available cloud architecture, now Okta customers of every size – whether free developer instances, up to the largest enterprises – can now count on unparalleled reliability and nearly zero planned downtime. This further deepens Okta’s capability to enable anyone to securely use any technology. Virtually overnight, digital transformation has accelerated around the world due to COVID-19. Workforces are now relying on the cloud to maintain operations while consumers are turning to digital experiences to interact with their favorite products and services. Adobe’s 2020 Digital Economy Index report indicates e-commerce levels from April and May 2020 were higher than digital spending from the 2019 holiday season. This trend is only expected to continue during the pandemic in addition to the fading concept of working within the confines of a traditional office. According to Gartner, 74% of CFOs intend to shift at least some of their workforce to remote positions permanently. This new dependency has put the reliability, scalability, and security of technology to the test, making the consequences of cybercrime or downtime, planned or unplanned, catastrophic to both productivity and revenue.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement between Winning Media and NexTech AR Solutions, Winning Media has been paid three thousand dollars for advertising and marketing services for NexTech AR Solutions. We own ZERO shares of NexTech AR Solutions. Please click here for full disclaimer.

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