Nations all over the world continue to deal with the COVID-19 crisis as we move into the second half of the year. The global economy is in trouble, and every business is thinking about the recession. The stakes are high, and the question on everybody’s mind is, is it possible to flourish at this time? For XRApplied, an acquisition target of Zadar Ventures Ltd. (TSXV: ZAD, OTC: ZADDF), the answer is absolutely yes.
Say hello to emerging technologies
Extended reality (XR), which covers the technologies of augmented reality (AR), virtual reality (VR), and mixed reality (MR), is in high demand again. Forecasts reveal that the global XR market is expected to grow by almost $177 billion in the next few years until 2024, with a CAGR of 60%. In fact, companies like Alphabet (NASDAQ: GOOGL), Microsoft (NASDAQ: MSFT), and Accenture (NYSE: ACN) are already well involved with such tech.
But really, the one to watch out for is XRApplied, who is currently at the forefront of several XR solutions which are going to bridge the gap between businesses and their target market. Passionate about building unique customer experiences, the company boasts of a world-class XR development team that can bring concepts to life—from digital catalogs to real estate virtual tours to immersive gamification tools in a corporate setting.
VR, for one, has come a long way since the first VR headsets have been introduced to the public. These days, they’re not just for playing games. Various industries have found VR very helpful—you can use a headset to tour a popular destination, or meet with colleagues in a virtual conference room. For medical professionals and scientists, they find VR platforms to be useful in coming together to discuss the coronavirus situation.
Indeed, XRApplied can build such cutting-edge solutions today and is intent on helping SMEs be the first movers in their own industry. By providing multiple AR/VR platforms at an affordable cost, the young French startup removes the barrier to entry, thus allowing clients to concentrate on building an engaging brand experience.
XR is immersive technology. It combines the physical world with the virtual, taking our imagination to new heights. With a projected value of $18.8 billion and global consumer spending at $7 billion for 2020 alone, the market for XR is predicted to grow rapidly in the next few years.
In fact, 15.7% of the U.S. population (around 52.1 million people) are using VR today. The most prominent application is gaming, using Facebook (NASDAQ: FB)’s Oculus Rift and Sony (NYSE: SNE)’s PlayStation Network, for game titles like Doom VFR, Fallout 4 VR, Resident Evil 7: Biohazard, The Elder Scrolls V: Skyrim VR, and the most recent Half-Life: Alyx. It was also reported that more than 100 games have surpassed the $1 billion revenue mark this year, which is why gaming console giant Microsoft (NASDAQ: MSFT) is planning to invest in XR now as well.
AR, on the other hand, has around 25% or 83.1 million users. Most people probably cite Nintendo (OTC: NTDOY)’s Pokémon GO when they think of the technology. AR basically overlays new information (like graphics) on top of an existing environment—for example, Pokémon characters in real-world surroundings. This has been such a hit among gamers that Nintendo’s value quickly climbed to more than $40 billion after the game’s release.
That being said, VR and AR is not just for gaming. If you ask XRApplied, this technology can be made accessible to different sectors, such as:
- First-responder training for disaster situations. Using scanners and photogrammetry, XRApplied can design a course that can simulate a real-world emergencies.
- Online shopping. An enhanced product catalog that customers can interact with is infinitely better and more interesting than 2D representations. XRApplied can make your retail store come to life, boosting your audience reach.
- Home design. Through an AR-enabled app, you can point your smartphone camera on a specific area and visualize different kinds of wood for the floor or paint for the walls. XRApplied turns you into an instant interior designer, and saves you time and cost.
XRApplied’s objective is to create immersive XR solutions, as well as an industry-agnostic XR ecosystem that democratizes the technology for everyone. By constructing standardized AR and VR frameworks that can be easily customized for specific needs, XRApplied gives even SMEs the opportunity to ride the emerging tech revolution.
Transforming the future
XR is making a serious global impact on industries everywhere. Even AR and VR engineers and developers are showing sophistication in their design and creative ideas. Mark Bates, General Manager of Hire Intelligence UK, is eager about the possibilities: “The rise of XR shows no sign of abating, it’s revolutionizing training and events across a variety of industries. As the technology develops there are more and more opportunities to learn about and engage with XR and the potential is hugely exciting.”
As we continue to fight the pandemic, there is no denying that XR has well and truly disrupted the present landscape and have shown us what we can do given the technology available. Modern challenges require modern solutions, and companies like XRApplied cannot wait to bring AR and VR to the mass market for SMEs. Investors looking to join the conversation should keep an eye on this French startup who is steadily gaining momentum and is positioning itself at the forefront of innovation.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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