- E-commerce and conferencing evolution platform developer Nextech AR Solutions has sealed a contract with a multinational company that has been listed as one of Fortune magazine’s World’s Most Admired Companies over consecutive years
- Nextech also recently announced its acquisition of artificial intelligence innovator Threedy.ai, Inc., which has developed a platform for mass producing 3D images for retailers
- The developments advance Nextech’s opportunities to acquire recurring revenue based on its proprietary LiveX platform
- The global AR market is expected to grow at a CAGR of 43.8 percent by 2028 to $340.16 billion in annual revenues
An agreement announced July 6 between augmented reality (“AR”) digital marketing solutions designer Nextech AR Solutions (CSE: NTAR) (OTCQB: NEXCF) and a multinational company working in the energy and automation space is showcasing Nextech’s ability to deliver large-scale, real-world applications of its platform for brand development and measurable ROI.
“The onboarding of another Tier 1 customer is a true testament to our sales team and the solutions we offer global enterprises,” Nextech founder and CEO Evan Gappelberg stated in the news release announcing the contract (https://ibn.fm/dYsTY). “For us, partnerships like this are just the tip of the iceberg. Our menu of offerings allows us to land and then expand into these large organizations who recognize the value of partnering with a seasoned and trusted provider focused on customer success.”
Gappelberg noted each new contract provides Nextech with the potential for establishing recurring revenue as the company successfully identifies and fulfills new scopes of work.
The multi-year contract with the European-based company listed as one of Fortune magazine’s World’s Most Admired Companies over consecutive years includes an order worth about CA$340,000 to design and deliver a live broadcast, global summit, across several countries later this year, that will use Nextech’s proprietary LiveX platform with technical, multiple-language support, broadcast services, on-demand access, analytics and software licensing, according to the announcement.
It follows on the heels of Nextech’s announcement that it has acquired Silicon Valley-based artificial intelligence (“AI”) company Threedy.ai, Inc., which is providing AR shopping solutions at scale for retailers including Kohl’s, Pier1, and K-Mart Australia (https://ibn.fm/aIMTt).
Nextech anticipates the acquisition will help it take its AR and 3D marketing solutions to a scalable mass production state.
Analysts at Grand View Research, Inc. predict the global AR market will grow to producing revenues of $340.16 billion by 2028 at a CAGR of 43.8 percent between now and then (https://ibn.fm/FbvDM).
“People are increasingly adopting the AR-supported online platforms for shopping, education, and social media interactions, among other purposes, for a better immersion experience,” the news release states, adding that innovations in the sector are fueling market growth.
The widescale adoption of AR in mobile games and the ubiquitous presence of smartphones and tablets among modern consumers are expected to drive the growth.
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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