- Speaking in an interview with Oren Klaff, Nextech President Paul Duffy noted that AR technology, as a concept, was growing as more people understand its use
- He foresees significant milestones and breakthroughs, as well as an extensive global adoption of AR technology
- His prediction is in line with a recent industry report that shows that the AR market will grow at a CAGR of 43.8% from 2021 to 2028
According to a report by Grand View Research, the global augmented reality (“AR”) market is estimated to grow at a 43.8% CAGR from 2021 to 2028, reaching $340.2 billion up from a market size value of $26.75 billion. The report attributes this growth to new innovations in the AR space that have led to the adoption of this technology in multiple industries. Presently, more people are using AR-based tools and platforms to shop, interact with their peers on social media and learn, in turn, fueling growth (https://ibn.fm/u7wMy).
The report tells of a world that a 2017 Harvard Business Review (“HBR”) article predicted (https://ibn.fm/24iNX). The authors forecasted that AR, which was in its infancy at that time, would enter the mainstream and transform different industries and organizations, including learning institutions and social enterprises.
In an interview with bestselling author Oren Klaff on his “The Dealmaker Show” podcast (https://ibn.fm/OzLs9), Paul Duffy, President of Toronto-based Nextech AR Solutions (CSE: NTAR) (OTCQB: NEXCF), gave a positive outlook for the AR market and industry, indirectly seconding the predictions.
“The whole concept of augmented reality is just galloping in growth right now, not just in financial terms, but in mindshare, in people understanding its use. I personally believe that, over the next decade, augmented reality itself will become a new form of mass medium that we will all use to communicate at one level,” Duffy stated.
Duffy predicts that the next decade will witness significant AR technology milestones and breakthroughs that will lower the cost and size/weight of eyewear but still offer expanded functions and features, including support for multiple ways of controlling the devices. Moreover, he noted that breakthroughs leading to revolutionary experiences would hit the market in three to five years, effectively playing a role in making AR technology bigger and “omnipresent.”
“I’m seeing, at a global level, a large adoption of the technology. What I mean by this is there are more and more folks who are seeing its as a technology that they can apply, and they can use to gain value intrinsically in what they’re already doing,” Duffy continued.
Asked about businesses that should adopt AR, Duffy highlighted three key areas: e-commerce companies, hybrid and virtual events, and brands whose operations encompass advertising. He credited Nextech’s growth to its strong leadership team and the fact that it offers AR solutions for each of these three areas.
In April 2021, Nextech launched the LiveX Digital Experience Platform (“DXP”), its hybrid and virtual events platform, which it will use to stream an upcoming two-day event, leveraging its AR technological solutions to provide an engaging experience for attendees (https://ibn.fm/4oBf1). Similarly, the company launched an AR-capable Ad Network early this year. Nextech also offers AR-based e-commerce solutions, effectively taking part in the online commerce megatrend.
Thanks to its broad approach to offering innovative AR solutions, the company has witnessed tremendous growth year over year. In its recently released full-year report, for example, Nextech reported a 342% increase in revenue and a 320% growth in gross profits. Based on Paul Duffy’s positive outlook for the AR industry, Nextech looks poised to continue this growth through the coming years.
For more information, visit the company’s website at www.NextechAR.com.
NOTE TO INVESTORS: The latest news and updates relating to NEXCF are available in the company’s newsroom at https://ibn.fm/NEXCF
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