The Top Reasons Video Teleconferencing Could be a $400 Billion Market Opportunity

With or without the pandemic, demand for virtual teleconferencing is here to stay. At the moment, millions of workers and students are using video chats and conferences to replace in person meetings, and meetings they can’t attend with the pandemic.

There’s so much demand, Grandview Research says the global events market is worth $90 billion at the moment, and could reach $400 billion by 2027. In addition, Global Market Insights says, “With the ongoing coronavirus 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, and Amazon have announced mandatory work-from-home policies,” as reported by Global Market Insights.

“The rapidly increasing cases of virus has necessitated the demand for video conferencing software as business travel, educational institutes, conferences are cancelled globally.” As demand increases, some of the top companies to keep an eye on include NexTech AR Solutions (OTCQB:NEXCF)(CSE: NTAR), Vuzix Corp. (NASDAQ:VUZI), Fastly Inc. (NYSE:FSLY), and WiMi Hologram Cloud Inc. (NASDAQ:WIMI).

NexTech AR Solutions (OTCQB: NEXCF)(CSE: NTAR) BREAKING NEWS: NexTech AR Solutions, an emerging leader in augmented reality for eCommerce, AR learning applications, AR-enhanced video conferencing and virtual events is pleased to announce that it’s recently launched augmented reality solution for video ‘ScreenAR’ has generated over $100,000 in sales in its first month and is gaining great momentum. ‘ScreenAR’ has been seamlessly integrated into the InfernoAR platform and uses the company's ARitize technology. With the integration of its augmented reality solutions into its video conferencing events platform InfernoAR, NexTech has created a unique suite of product offerings that helps companies drive their digital transformation. With the rapid rollout and adoption of ‘ScreenAR’ the company has dramatically expanded its AR revenue generating power and is now becoming the de facto video conferencing industry standard.

The recently announced contract with Ryerson University for AR Labs valued at $250,000 plus the recent surge in orders for ScreenAR bringing in over $100,000 and growing positions at the company at the enviable intersection of the digital transformation of everything, setting the stage for exponential growth in AR revenue going forward. To meet this rapidly growing market demand the company is dramatically expanding its AR division of expert 3D modelers, highly experienced Unity developers as well as talented UI/UX designers. In addition, the company has appointed Dawsyn Borland as Head of its new AR Labs to prepare for the highly anticipated rollout of AR glasses as well as to continue to develop and innovate AR for eCommerce, ScreenAR, AR Labs, WebAR, 3D/AR Advertising, all of which are key parts of the company's ongoing drive to develop its ecosystem of revenue generating AR solutions.

Evan Gappelberg, Chief Executive Officer, NexTech AR noted “Due to the insatiable demand of InfernoAR, the surging demand for our AR products and continued growth in our AR ecommerce we are on target to have a record breaking Q3. With our growing sales force, pipeline of deals and quotes I’m estimating that we hit $5 million in revenue for Q3, which almost equals our entire year's revenue in 2019 of $6 million. Due to our diverse product offerings we are seeing adoption of our products and services across a wide spectrum of customers; including Universities, Faith based organizations, Fortune 1000 corporate giants and virtual conferences. He continues “With our innovative AR technology solutions we firmly believe that NextTech has a competitive edge in the market and that ‘ScreenAR’ will only accelerate the massive adoption already underway of our InfernoAR software. Our customers believe that video combined with the immersive nature of AR puts us head and shoulders above the other video conferencing platforms out there, and are choosing our platform because of it”.

Paul Duffy, President of NexTech states, “Demand continues to soar for our unique offer of Virtual events with Augmented Reality through InfernoAR. Our clients find that they are able to literally augment their existing 2D presentations with 3D photorealistic immersive storytelling, leading to every manner of event utilizing our augmented reality through ScreenAR, 360 AR Portals and other forms of interactive AR experiences.

Duffy continues, “As an example we now deliver global product launches that reach thousands of retail distributors and tens-of-thousands of customers through InfernoAR, bringing holographic products direct to the user from the comfort and safety of their home. This is transforming how brands are able to interact with their customers and supply chains during the reality of COVID”

Other related developments from around the markets include:

Vuzix Corp. (NASDAQ:VUZI), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products announced the Company will host a webinar with University of Louisville School of Medicine to discuss smart glasses usage in healthcare. University of Louisville School of Medicine has successfully piloted Vuzix M400 Smart Glasses over the last several months for emergency response, medical education and training, and care of patients in nursing homes and aging in place.  The upcoming webinar will feature presentations by Vuzix and Dr. R. Brent Wright, Associate Dean for Rural Health Innovation at the University of Louisville School of Medicine who recently served as the 169th President of the Kentucky Medical Association (KMA). "Healthcare, has quickly emerged to become an important business segment for Vuzix, including telemedicine and telehealth solutions related to patient care, training and surgery, as well as providing technicians hands-free support within medical facilities," said Paul Travers, Vuzix President and Chief Executive Officer. "We are pleased with the successful piloting of our M400 Smart Glasses at University of Louisville School of Medicine, one of the country's oldest and most innovative medical schools."

Fastly Inc. (NYSE:FSLY), provider of an edge cloud platform, today announced that it has entered into a definitive agreement to acquire Signal Sciences, for approximately $775 million in cash and stock. The acquisition will expand Fastly’s robust security portfolio at a time when security at the edge has never been more critical. Signal Sciences' strong, developer-first web application and API protection solutions will bolster Fastly's existing security offerings to bring customers a unified edge security solution. Signal Sciences’ technology combined with Fastly’s current solutions will form Fastly’s upcoming new security offering, [email protected] [email protected] will be a modern, unified web application and API protection solution that will power and protect companies looking to further or begin their digital transformation. The acquisition supports Fastly’s mission to provide simplified, secure, and frictionless solutions at scale, and to transform the security landscape by offering an alternative to the existing array of opaque, fragmented and inflexible solutions needed to protect web applications and APIs.

WiMi Hologram Cloud Inc. (NASDAQ:WIMI), a leading holographic augmented reality application platform in China, announced the closing of WiMi's “best efforts” public offering of 7,560,000 American Depositary Shares, each representing two Class B ordinary shares of the Company, at a public offering price of US$8.18 per ADS for a total offering size of up to US$61,840,800, before deducting underwriting discounts, commissions and estimated offering expenses. Participants in the offering include a select group of institutional investors in both the US and Asia, including WB Online Investment Limited, an affiliate of Weibo Corporation (NASDAQ: WB). The Company intends to use the proceeds from its public offering to research and development of the application of holographic AR technologies in the semiconductor industry, as well as for strategic acquisitions and investments and for working capital and general corporate purposes.

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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