Thanks to the pandemic, demand for video teleconferencing stocks have gone from relative obscurity to center stage in a matter of weeks. All as people around the world greatly limit face to face contact meetings to help stop the spread of the virus for school, for work, and for play.
Grandview Research says the global market is worth $90 billion, and could reach $400 billion by 2027. Global Market Insights added that, “With the ongoing coronavirus pandemic and disruptions in large gatherings, demand for remote training is increasing, eventually driving the video conferencing market demand,” as reported by Global Market Insights. That’s creating opportunity for companies such as NexTech AR Solutions (OTCQB:NEXCF)(CSE: NTAR), Zoom Video Communications Inc.(NASDAQ:ZM), Slack Technologies Inc.(NYSE:WORK), and RingCentral (NYSE:RNG).
NexTech AR Solutions (OTCQB: NEXCF)(CSE: NTAR) BREAKING NEWS: NexTech AR Solutions, an emerging leader in augmented reality for eCommerce, AR learning applications, AR-enhanced video conferencing and virtual events, is pleased to announce that Fenestration Digital, one the UK’s leading construction & media platforms, has chosen InfernoAR for five virtual trade show events in 2020/21 contracted at over $280,000. The events will have sponsorship opportunities with virtual booths and AR, potentially increasing the value of the deal significantly.
Fenestration Digital is the leading UK industry body for the window industry, which is worth $7 billion a year in the UK alone. Fenestration Digital provides a comprehensive media platform, guidance and awards covering the UK fenestration industry.
Lee Clarke, CEO of Fenestration Digital comments, “FenDigital decided to partner with NexTech after a rigorous selection process for five initial virtual trade shows in 2020/21. We are thrilled with the InfernoAR platform and the guidance offered so far by the NexTech team. We see NexTech as the best in the world at virtual events and augmented reality and the perfect partner to reflect our position as the leader of the UK's fenestration industry."
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.
Evan Gappelberg, CEO of NexTech comments, “We are super excited to announce this deal since it's both international and marks our largest single client win to date. We are now seeing larger deals as well as deal flow from repeating customers which is a true testament of our InfernoAR platform and of our team delivering on our mission to be ‘best in class.’ We are experiencing significant business momentum in North America and in the EMEA (Europe, the Middle East and Africa) region. We continue to execute on our business plan which is to invest in our business with the rapid build-out of our AR and video confernecing technology as well as the rapid hiring of talent to meet the ever growing demand for our products and services.”
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.”
Slack Technologies Inc. (NYSE:WORK) reported financial results for its fiscal quarter ended July 31, 2020. “Paid Customer growth — which is the single most important driver of the business over the long term — accelerated in Q2, up 30% year-over-year,” said Stewart Butterfield, Chief Executive Officer and Co-Founder at Slack. “One of the drivers of this acceleration was Slack Connect, which offers seamless, secure intercompany collaboration that we believe is light years ahead of email. We ended the quarter with more than 380,000 connected endpoints, up more than 200% year-over-year, and now more than 52,000 Paid Customers use Connect, up 160% year-over-year. In a volatile macro environment, we remain focused on investing for long-term growth and driving innovation in this category,” said Allen Shim, Chief Financial Officer at Slack. “Our largest customers are standardizing their work on Slack, and we ended the quarter with 87 Paid Customers spending over $1 million annually, up 78% year-over-year.”
RingCentral (NYSE:RNG), a leading provider of global enterprise cloud communications, collaboration, and contact center solutions, announced a new multi-year partnership with The Computer History Museum, based in Mountain View, California. RingCentral will be the museum’s enterprise cloud communications partner, bringing a modern and unified communications infrastructure—including messaging, video and phone—to the Bay Area-based institution. The Computer History Museum is a nonprofit organization with a four-decade history as the world’s leading institution exploring the history of computing and its ongoing impact on society. Over the last several years, the museum started to digitally transform the institution in order to extend its reach to various audiences virtually across the globe. Once the COVID-19 pandemic hit, the museum accelerated these initiatives by transitioning to an all-digital format, offering digital tours and video content across its various channels. With RingCentral, the museum will be able to accelerate these initiatives by enabling employees and partners to communicate from any location, on any device, across any mode - all from a single application, while leveraging the technology to cater to global audiences virtually.
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.