FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “NexTech Launches Augmented Reality Dispensary Experience for the Legal Cannabis Market”.
NexTech AR Solutions Corp. (OTCQB: NEXCF) (CSE: NTAR) Tuesday, announced the launch of its innovative augmented reality (“AR”) platform for the legal cannabis industry, AR Dispensary.
NexTech’s AR Dispensary utilizes immersive AR technology and rich 3D 360-degree photography to provide an eCommerce experience like no other in the legal cannabis industry.
NexTech is bringing a next generation web enabled augmented reality (AR) platform with Artificial Intelligence (AI) and analytics to the Cannabis industry, eCommerce, education, training, healthcare and video conferencing. Having integrated with Shopify, Magento and WordPress its technology offers eCommerce sites a universal 3D shopping solution.
Technology has been rapidly reshaping the world throughout the past few decades, from the introduction of the first smartphone to the emergence of supercomputers. The digital age has continued its trajectory in recent years with the introduction of new innovative products. In particular, augmented reality (AR) has become increasingly popular among tech-savvy users. AR is a technology that superimposes a computer-generated image onto a user’s real-world point of view. Primarily, the increasing number of smartphones, and the mobile game users who utilize the smartphones is causing the rise in adoption of both augmented and virtual reality solutions. However, the industry still remains in a sluggish period due to the lack of penetration of those technologies, specifically in underdeveloped regions. Despite the industry’s current trend, heavy investments have been flowing into the market, creating new opportunities for the future. According to data compiled by Allied Market Research, the global augmented and virtual reality market was valued at USD 11.32 Billion in 2017 and is expected to reach USD 571.42 Billion by 2025. Furthermore, the market is expected to exhibit a CAGR of 63.3% from 2018 to 2025.
The gaming segment in the AR industry accounted for 26% of the total revenue in 2017 and is even expected to maintain its lead into 2025. New innovations such as the 360-degree view of environments and haptic feedback through controls have led to the proliferation of AR-based games. Additionally, the exponential growth of the AR industry has also led the technology to be adopted in other fields such as education, information, retail, and even the cannabis industry. In particular, the cannabis industry is increasingly using AR technology for virtual retail experiences to enhance customer engagement or to improve grow houses’ operations. The technology also allows customers to walk through dispensaries and view virtual projected images and information about the product on their smartphones or smart lens. On the supply side, AR can also help cultivators see data regarding the strain on their devices to access quick and onsite information. “Imagine an environment where you’re going with your cellphone into the cannabis store,” said Jay Rosenthal, Co-Founder and President of Business of Cannabis, “You scan the SKU, the barcode, and it brings up on your phone all the information about the product.”
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