Virtual Events Could Lead to a Potential $774 Billion Opportunity

October 01, 2020 - Baystreet.ca


The virtual events industry is booming. In fact, according to Grand View Research, the market is worth $90 billion at the moment, and is expected to reach $400 billion by 2027. In addition, according to Trends Exchange, the market could be worth up to $774 billion by 2030. “The trajectory of conferences & exhibitions, corporate events & seminars, promotions & fundraisers, music & art performances, sports, festivals, trade shows, and product launches will rely heavily on virtual event planners and software.”

With the pandemic showing no signs of slowing, and a growing demand to limit face to face contact, virtual events are becoming commonplace for governments, businesses, and schools around the world. That’s driving big demand for technology, including video and virtual events, and augmented reality solutions. All of which is driving growth for NexTech AR Solutions (OTCQB:NEXCF)(CSE: NTAR), Lockheed Martin Corporation (NYSE:LMT), Raytheon Technologies Corp. (NYSE:RTX), Boeing Co. (NYSE:BA), and Northrop Grumman Corporation (NYSE:NOC).

NexTech AR Solutions (OTCQB: NEXCF)(CSE: NTAR) BREAKING NEWS: NexTech AR Solutions, an emerging leader in augmented reality for eCommerce, AR learning applications, and AR-enhanced video conferencing and virtual events is pleased to announce its InfernoAR video conference platform is now entering the USA and international government contract sales channels of NCAGE, GSA, with the aim of landing large government agency contracts both in the USA and internationally.

NexTech’s recently acquired wholly owned subsidiary Jolokia Corporation, now InfernoAR, has a registered NCAGE Code for doing business with international governments, NATO Commercial and Government agencies globally. It also has been GSA approved which opens the door to Multiple Award Schedules (MAS) and Federal Supply Schedules which are long-term governmentwide contracts.

Evan Gappelberg CEO of NexTech comments “With our new video and virtual events conferencing capabilities the InfernoAR platform is rapidly winning new business, scaling, and gaining attention from large multinational corporations and US government branches which we are currently quoting”. He continues “to ensure we can deliver to large scale enterprise customers we have been working on integrating new automation features into the InfernoAR platform. I’m happy to report that we have integrated the first in a series of automation tools allowing booth vendors to set up and customize a large volume of booths in minutes where previously it would take days and weeks. We are rapidly building in more automation which will allow for large accounts to customize the platform autonomously enabling the platform to scale massively".

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.

The global health crisis has helped to usher in a new digital transformation marked by accelerating adoption of various technologies including the rapid rise in demand for video and virtual events, as well for augmented reality solutions. The company is uniquely positioned to benefit from this transformation and is seeing a surge in demand for its products and services across governments, schools and businesses.

Other related developments from around the markets include:

Lockheed Martin Corporation (NYSE:LMT) board of directors has authorized a fourth quarter 2020 dividend of $2.60 per share, representing an increase of $0.20 per share over last quarter. The dividend is payable on Dec. 24, 2020, to holders of record as of the close of business on Dec. 1, 2020. Additionally, the corporation's board has authorized the purchase of up to an additional $1.3 billion of Lockheed Martin common stock under its share repurchase program. With this increase, total authorization for future repurchases under the share repurchase program is approximately $3 billion. The number of shares purchased and the timing of purchases are at the discretion of management and subject to compliance with applicable law and regulation.

Raytheon Technologies Corp. (NYSE:RTX) reported second quarter 2020 results. "During the quarter, we continued to deliver good performance in our defense business, while we saw challenges in commercial aerospace as expected," said Raytheon Technologies CEO Greg Hayes. "Looking ahead, we expect the pressures in commercial aerospace to persist as OEM production levels and aftermarket activity remain low. As a result, we are taking difficult but necessary actions to strengthen the business, including achieving the previously announced cost and cash savings this year. At the same time, we continue to deliver cost synergies from the Rockwell Collins acquisition and the Raytheon merger."

Boeing Co. (NYSE:BA) is teaming with General Atomics Electromagnetic Systems (GA-EMS) and Aerojet Rocketdyne in its bid to build the Next Generation Interceptor (NGI) for the U.S. Missile Defense Agency (MDA). The NGI is a key element of the MDA’s missile defense system, which is designed to intercept and destroy incoming intercontinental ballistic missiles. “The Boeing-led team will deliver critical technology to enhance our homeland missile defense,” said Norm Tew, Boeing Missile and Weapon Systems vice president and general manager, and Huntsville site senior executive. “Combined, we bring decades of expertise in proven missile and weapon systems.” On Aug. 12, the Boeing-General Atomics-Aerojet Rocketdyne team submitted an NGI offering that will improve performance and enhance the nation’s ability to defend against future threats. GA-EMS has a long history of delivering missile technology and complex systems for critical national defense programs. “This partnership combines our legacies in innovation, bringing together new ideas to create an affordable and reliable solution to defend against emerging threats,” said Scott Forney, president of GA-EMS.

Northrop Grumman Corporation (NYSE:NOC) has been awarded a task order contract by the U.S. General Services Administration’s (GSA) Federal Systems Integration and Management Center (FEDSIM) and the Defense Intelligence Agency to help the organization deliver actionable intelligence with speed and enhance decision superiority. Valued at $690 million, Northrop Grumman will deliver the Transforming All-Source Analysis with Location-Based Object Services (TALOS) program. The TALOS program focuses on the build of new big data systems for DIA to include the Machine-Assisted Rapid-Repository System (MARS). Transforming current databases housing foundational military intelligence into multi-dimensional, flexible and rigorous data environments, MARS will create a military intelligence environment that will be accessed for up-to-date information by the Intelligence Community and warfighters.

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.

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