FinancialBuzz.com News Commentary
AR has become widely popular due to its ability to allow the user to immerse themselves into a digital world through a real-world lens. Users can experience a virtual reality world through their mobile devices or with more advanced technology like headsets or glasses. However, the technology still remains relatively new, which is why it has not been heavily integrated into a multitude of sectors even though it has already been implemented within the gaming industry. In said industry, AR allows users to play a game while being in a real-world environment, in real-time. With the acceleration of the industry, the technology is now being integrated into sectors like retail, healthcare, education, fashion, and manufacturing. Industries such as healthcare and manufacturing are using AR to practice and potentially prevent onsite accidents. Meanwhile, in the retail, education, and fashion industry, AR is providing users with a stunning virtual reality experience. The technology is being advanced as the adoption and availability of cloud increases. Cloud platforms provide AR with an infrastructure to address the scalability limitation of on-premise experiences. The diverse nature of AR applications is also increasing the technology’s adoption, further fueling the marketplace. And according to data compiled by Grand View Research, the global augmented reality market was valued at USD 350 Million in 2018. Furthermore, it is expected to register a CAGR of 151.93% over the forecast period from 2019 to 2024. Nextech AR Solutions Corp. , Himax Technologies, Inc. (NASDAQ: HIMX), Radient Technologies Inc , Premier Health Group Inc.
As the industry continues to develop, specific segments are expected to witness significant growth. For instance, the AR hardware and AR communication segments are projected to grow by approximately 67% from 2020 to 2025. However, the AR commerce segment is expected to see the largest growth, surging by 78% during the forecasted period. Within the commerce segment, AR is being used to enhance the customer experience by integrating features such as modifications and customization. The widespread expansion of AR has now tapped into another developing marketplace: cannabis. The technology is being used within dispensaries and grow houses. Customers in dispensaries can use AR to virtually view 3D models of flowers along with information pertaining to the strain. Within grow houses, AR can be used to easily navigate and retrieve data about the plant itself. Eventually, data can be harvested and embedded onto e-commerce platforms or used to create a quick, user-friendly checkout. “Virtual reality is here, it’s real, and it is developing at an astonishing speed. Could VR dispensaries be the next best thing for cannabis points-of-sale, or a problem for society?” said Dianelle Bresler, Digital Marketing Coordinator at Masscoti, “The way I see this unveiling is an opportunity to make it big. The VR dispensaries would probably have an incredibly large amount of inventory since the products would ship directly from the suppliers, and the interaction would allow us to learn more about each product.”
Nextech AR Solutions Corp. is also listed on the Canadian Securities Exchange under the ticker (CSE: NTAR). Just earlier this morning the company announced breaking news that, “it has launched new 3D augmented reality (“AR”) solutions for brands to create immersive ad experiences for consumers. With this launch of 3D advertising options for Google, following the launch of its 3D advertising solutions for Facebook, NexTech continues to build out the AR industry’s first end-to-end platform for both brands and online retailers looking for 3D AR/AI business solutions.
Click for Demo 3D Ad – Brands and retailers can implement NexTech’s 3D AR ads through a few simple lines of Web AR embed codes, providing the versatility to create interactive ads that are compatible with all major ad networks, including Google Ad Network and Doubleclick (DFP). Brands can publish 3D ads, which are cross-browser and cross-device capable, from the same assets utilized to create Web AR images with no additional work required, other than building the ad itself. The 3D models can then be spun, enlarged, and interacted with directly by the consumer within the ad itself. Split-testing by Sketchfab-branded 3D ads versus traditional static ads bears out just how dramatically engagement can improve, showing a 633% increase in sign-up conversions and a 376% increase in click-through rates.
“We are excited to offer the AR industry’s first end-to-end solution for advertisers and brands from the creation of 3D assets, online 3D display ads, online 3D product views, 3D shopping experiences, and ultimately the purchasing of goods all in a frictionless and seamless 3D environment. Our solutions work incredibly well and provide the rich product experience online shoppers are craving more and more when making online purchasing decisions,” said Evan Gappelberg, CEO of NexTech.
eMarketer forecasted last year that digital ads will account for 50% of total eCommerce ad spending by 2020, at more than $357 billion. NexTech, through its continued push for innovation, is well-positioned to grow alongside the largest ad platforms in the world.
NexTech’s 3D ads enable a consumer to experience products for themselves while shopping online, from any angle and with rich, true rendering. Providing consumers the ability to fully review an item for size, shape, color and fit before purchasing online can ultimately lead to greater revenues and reduced returns for online retailers.
According to last year’s IAB Internet Advertising Revenue Report, the 2017 global digital advertising market grew 21% to $88 billion in 2017 with Facebook and Google contributing to 90% of the growth. NexTech now offers innovative and engaging 3D AR advertising experiences for both platforms, positioning the Company to quickly penetrate the growing market.
The company is continuing to develop its new business pipeline, targeting high-growth verticals such as eCommerce, Education & Training, and Live Streaming & Telepresence, with an initial focus on the global retail eCommerce market, projected to reach $4.8 trillion in 2021, according to Statistica. Recent research has shown that 40% of online shoppers would be willing to pay more for a product if they could experience it through AR, while 71% of shoppers indicated they would shop at a brand more often if it offered AR experiences.
About NexTech AR Solutions Corp. – NexTech is bringing a next generation web enabled augmented reality (AR) platform with Artificial Intelligence (AI) and analytics using a xAPI to the Cannabis industry, eCommerce, education, training, healthcare and video conferencing. Having integrated with Shopify, Magento and WordPress its technology offers eCommerce sites a universal 3D shopping solution. With just a few lines of embed code, the company’s patent-pending platform offers the most technologically advanced 3D-AR, AI technology anywhere. Online retailers can subscribe to Nextechs state of the art, 3D-AR/AI solution for $79/mo. The company has created the AR industries first end-to-end affordable, intelligent, frictionless, scalable platform.”
For our latest “Buzz on the Street” Show featuring Nextech AR Solutions Corp. recent corporate news, please head over to: https://www.youtube.com/watch?v=Vd_sMC8cXnE
Snap Inc. is a camera company. Snap recently announced a new update to its Lens Studio. This version includes new features and templates requested by the community now there are even more types of Lenses to create and share with Snapchatters. Template Overview: Segmentation: Replace a portion of the camera with an image, tiled image, or post effect coloring; Face Image Picker: Select a photo from your camera roll and attach it to a world object; Marker: Build experiences uniquely tied to a specific image, adding an additional layer of context to the Lens; Marker with Snapcode: Unlock a marker experience directly from a Snapcode. Last year, Snap launched Lens Studio and shared a short, do-it-yourself overview video. “In short, you did it. You created the world’s first community of augmented reality artists and users. And this is just the beginning,” said Snap’s Team Lens Studio in a press release, “We created Snapchat because we believed that the smartphone camera is the fastest and most expressive way to share your unique point of view. With the camera, you could express yourself not just with words, but with images, stickers, videos, doodles, and more — redefining communication in a world that sometimes feels less connected than ever.”
Himax Technologies, Inc. is a fabless semiconductor solution provider dedicated to display imaging processing technologies. Additionally, Himax designs and provides controllers for touch sensor displays, in-cell Touch and Display Driver Integration (TDDI) single-chip solutions, LED driver ICs, power management ICs, scaler products for monitors and projectors, tailor-made video processing IC solutions, silicon IPs and LCOS micro-displays for augmented reality (AR) devices and heads-up displays (HUD) for automotive. Himax Technologies, Inc. recently announced collaboration with MediaTek Inc., an industry leading smartphone AP platform provider, and Megvii, the Chinese developer of the world’s biggest open platform of face recognition known as Face++, to offer the industry’s first Active Stereo Camera (ASC) 3D sensing reference design targeting facial recognition and secure online payment for Android smartphone. Given its cost benefit and outstanding performance, numerous smartphone makers are enthusiastic about the reference design for their next generation product launch. The ASC 3D sensing solution combines MediaTek’s stereo matching depth engine, Megvii’s Face++ AI-based computer vision algorithm with Himax’s cutting-edge projector, sensor and laser driver. The critical technologies provided by Himax include DOE and collimator utilizing its world-leading WLO technology in the projector, a high-efficiency laser driver IC, high precision active alignment for the projector assembly, and two high sensitivity near-infrared CMOS image sensors in the receiver. Compared with the structured light technology, the ASC is a lower cost 3D sensing solution targeting mass market smartphone models for facial recognition, secure online payment and AI-based photo enhancement. “We are pleased to partner with MediaTek and Megvii. This strong alliance ensures that 3D sensing is affordable for Android mass market and can be easily adopted by smartphone makers to create exciting user experience. I believe ASC will facilitate a broader adoption of 3D sensing on Android smartphone during 2019,” said Jordan Wu, President and Chief Executive Officer of Himax Technologies.
Radient Technologies Inc provides industrial-scale manufacturing solutions for premium natural ingredients and products. Radient Technologies Inc. recently announced it has filed an additional 17 provisional patent applications (the “Patent Applications”) with the United States Patent and Trademark Office (the “USPTO”). These applications cover inventions related to novel and improved methods and systems of consuming cannabis extracts and cannabis-infused products, in particular for medicinal cannabis consumers. These filings bring the total number of patent applications filed by the Company in 2018 and 2019 to 60, and mark the expansion of the Company’s intellectual property in the consumer and medical sectors of the cannabis and hemp industries. In order to meet the growing consumer demand for safe cannabinoid-infused products and devices with an improved variety of delivery methods, the Patent Applications relate to novel devices capable of accurately monitoring cannabis consumption, providing relief from cannabis-induced side effects, and delivering cannabinoid extracts via alternate pathways (e.g. nasal, oral mucosal, transdermal, etc.). Dr. Steven Splinter, Founder and Chief Technical Officer of Radient, stated: “We are excited to leverage our considerable experience, research and expertise in the extraction and formulation of natural products in order to enable the development of improved cannabinoid delivery methods and devices, specifically for medicinal cannabis patients. Cannabis is becoming increasingly accepted by medical professionals as an effective treatment for a variety of illnesses and disorders. As governments all over the world continue to ease restrictions surrounding science and research-backed cannabinoid-based medicines and treatments, there is a strong need for safe, standardized products that can be trusted by the healthcare industry, and more importantly, by patients consuming cannabis products for medical purposes. By looking ahead and envisioning how our unique, highgrade extracts may be used by consumers globally, Radient is establishing a commanding and sustainable advantage over competing technologies and competitors.”
Premier Health Group Inc. is a Canadian company that is strategically poised to take advantage of business opportunities in the global healthcare industry. Premier Health Group recently announced that it is working with NexTech AR Solutions to explore bringing augmented reality technology to its patient-centric healthcare app. Premier Health will be working with NexTech to develop educational tools for healthcare professionals and patients alike some of which will be created and commercialized content for third parties. Utilizing AR as a learning tool in training healthcare professionals creates a highly engaging and immersive educational experience which aids in retention and how well complex concepts can be grasped. For patients, AR can potentially empower them to play a more proactive role in their own care through aiding in self-diagnosis. And finally, for third-party content, the companies will explore topics such as education on medications for Pharma and Continuous Positive Airway Pressure (CPAP) therapy systems for Sleep Apnea Clinics. In addition, the companies will investigate possible AR treatment delivery options. For example, in relation to physiotherapy, digital demonstrations can be mapped directly onto the movements patients perform as part of their recovery. Previously, Premier Health announced as a part of its expansion plans, the Company is now formally entering the cannabis clinic space. “At Premier Health we pride ourselves in being at the forefront of changes in healthcare, so we are thrilled to be a part of the future of healthcare by enabling state of the art technological advancements to our patient centric telemedicine app,” said Dr. Essam Hamza, Chief Executive Officer of Premier Health. “AR has the potential to revolutionize both the access to data and the delivery of healthcare. The technology will help doctors and patients alike – doctors will have access to the latest and most relevant information about their patients while patients can use AR for self-education and improving the quality of treatment they receive.”