What's the deal with augmented reality?
Tim Cook says it's the biggest development since the iPhone.
“AR is one of the few profound technologies that have the potential to permanently embed themselves in day-to-day life.”
- Tim Cook, Apple CEO
Introduction
Today’s trend: the adoption of augmented reality (AR) technologies to assist in employee training, particularly for commercial and enterprise environments.
The North American AR market is projected to grow exponentially over the next 5+ years, mostly due to:
massive investments in market innovation and
the dominance of the US in the global software market.
The augmented reality market is especially ripe for growth in 2022 because it’s of its medium market concentration: not too consolidated and not too fragmented.
Other industries, such as financial services or pharmaceuticals, have very consolidated markets — meaning the market is dominated by a few major players.
Startup Ecosystem
So what are some startups capitalizing on this trend right now?
Scope AR - Series A startup providing advanced augmented reality (AR) training solutions.
ThirdEye - provider of augmented reality and mixed reality (MR) enterprise solutions and devices
Unicorn or not? 🦄
So the real question is: are these startups $1B exit opportunities?
Let’s dive a little deeper…
Scope AR = yes, but why?
Founding team = robust engineering/technical background, a necessary skill set when building an enterprise-class AR solutions company.
Company has established numerous strategic partnerships and acquisitions.
Partnerships = Microsoft, Google, Unity, and Amazon
Recent acquisition = WakingApp Realities
This deal particularly has positioned Scope AR as a leader in this emerging AR enterprise solutions market and helped expand company resources + product capabilities for future differentiation in a heavily saturated market space.
Global AR/VR market is one of the fastest growing in the world right now
Projected valuation = $454.73 billion by 2030
Compound annual growth rate (CAGR) ~ 41%,
but Scope AR was also ahead of its time with a 2011 founding date -- enabling them to establish themselves as a leader in the market early on.
ThirdEye = yes, but why?
ThirdEye is operating at the cornerstone of two extremely powerful global growth trends: augmented reality and artificial intelligence.
AR/AI is an $8 trillion industry with applications in every industry from telehealth to entertainment/gaming to education to retail.
ThirdEye is uniquely positioned to bring AR/AI into the hands of millions worldwide because of their personalized, cutting-edge products touching so many different use cases:
To name a few: AR/AI cloud software platforms, consumer and enterprise smart glasses, top customer support experience, etc.
Premium market share in their industry
The founding team has specific industry expertise at the forefront of AR and VR — very important!
Strategic partnerships with firms like 3D Media, a technology development company specializing in virtual and augmented reality solutions for enterprise.
This partnership aimed to improve training and human performance in the U.S. Air Force.
Read more about it here!
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