Global Pandemic Fueling Exponential Growth for Virtual Events and Augmented Reality

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)(CSE: NTAR), Zoom Video Communications Inc.(NASDAQ:ZM), Snowflake Inc. (NYSE:SNOW), 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 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.

Other related developments from around the markets include:

Zoom Video Communications Inc. (NASDAQ:ZM), a leading provider of video-first unified communications, announced financial results for the quarter ended July 31, 2020. “Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom's video-first platform. At Zoom, we strive to deliver a world-class, frictionless, and secure communication experience for our customers across locations, devices, and use cases,” said Zoom founder and CEO, Eric S. Yuan. “Our ability to keep people around the world connected, coupled with our strong execution, led to revenue growth of 355% year-over-year in Q2 and enabled us to increase our revenue outlook to approximately $2.37 billion to $2.39 billion for FY21, or 281% to 284% increase year-over-year.”

Snowflake Inc. (NYSE:SNOW), the cloud data platform, announced the winners of the second-annual Data Drivers customers awards, including data leaders from organizations like CISCO, Pizza Hut, and Comcast. Snowflake’s annual Data Drivers Award winners represent the individuals and organizations using data-driven strategies to innovate, expand business value, and deliver enhanced customer experiences. “This year’s award recipients represent a wide range of organizations and individuals that are leveraging the expansive value of the Data Cloud by deploying Snowflake’s cloud data platform to advance their businesses,” Snowflake Chief Marketing Officer, Denise Persson, said. “It is exciting to hear all of the ways in which Snowflake customers are forging the future of data, alongside Snowflake.” The 2020 Data Driver of the Year award winner is CISCO. This top award category honors an organization that epitomizes what it means to be data-driven and demonstrates how a well-impacted cloud data analytics strategy can enable accelerated delivery of business capabilities, and transform numerous facets of the business.

Okta Inc. (NASDAQ:OKTA), the leading independent provider of identity for the enterprise, today announced the appointment of Alvina Antar as Senior Vice President, Chief Information Officer. As an IT leader, Antar brings more than 20 years’ experience at high-performing IT organizations at both Fortune 50 companies and high-growth startups. At Okta, Antar will report directly to Hector Aguilar, Okta’s President of Technology, and will be responsible for enabling seamless experiences for Okta customers and employees. Antar is known as the “Subscription Economy CIO” from her years of experience enabling digital enterprises to thrive with recurring revenue business models. As Zuora’s first CIO, Antar built the company’s IT department into a leading modern-day Business Technology organization, led through a successful IPO in 2018, and saw the company’s revenue grow from $30 million to $300 million. Prior to Zuora, Antar spent 17 years at Dell focused on digital transformation, global delivery, and mergers and acquisitions. At Okta, Antar will be focused on enabling business outcomes directly aligned to Okta’s strategic priorities through a deep understanding of end-to-end business processes. As the internal technology arm for the business, Antar will deliver innovative solutions and showcase ‘Okta on Okta’ and the power of identity as our best reference customer.

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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