NexTech AR Announces Major Expansion into Southeast Asia, Signing Multiple Strategic Reseller and Partner Agreements
NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR)
(FSE: N29), a leading provider of virtual and augmented reality
(AR) experience technologies and services for eCommerce, education,
conferences and events today announced that it has entered into
seven additional strategic channel partnerships bringing the total
for the Asia Pacific region to eight. These partner agreements
support both the $35B e-learning market and $229B MICE industries,
two target sectors that NexTech is focusing on in the Asia Pacific
These partnerships further add to NexTech’s rapidly growing
channel and strategic partner portfolio, following the announcement
of its collaboration with South Korea’s largest events coordinator
and event hall, Coex, early last month. With these additional
agreements in place NexTech now has representation in Korea,
Malaysia, Philippines and Singapore, marking a major expansion of
the reach of NexTech’s AR Solutions sales efforts, including; AR
for eCommerce, AR for hybrid events, AR labs for education and it’s
3D/AR advertising network.
These partners will be able to support, sell, design, build and
deliver NexTech’s suite of customizable AR and virtual experience
solutions, to a market that is actively seeking new solutions for
hybrid events and education settings. These are just the first
group of partners to help provide 24/7 tech support, making the
NexTech solution and services accessible anytime, from
“The response to NexTech’s AR and virtual experience offerings
has been overwhelmingly positive; we have 7 quotes in the market in
just the first 30 days. Every other day we’re connecting with
potential partners inside and outside of our networks, who are
particularly interested in the AR component but who are also seeing
the additional value of our comprehensive virtual experiences,” Yau
Boon Lim, President and Managing Director, Asia Pacific at NexTech
AR. “Our strategy for growth and scaling has always been on
building an ecosystem of channel partners in key industries that
are high growth and can benefit in the short and long term from
these technologies. We are confident that this first group of eight
will be an integral part in helping us scale Southeast Asia, and
they are the first of many more strategic partnerships that will
emerge through our efforts in this market.”
A report by Allied Market Research notes that the Asia Pacific
MICE industry generated revenue of $229 billion in 2017 and is
expected to grow at a CAGR of 8.6% to reach $441.1 billion by 2025,
providing a significant opportunity for virtual and hybrid events.
In the education industry, e-learning was evaluated as a $35
billion market in 2019 and is expected to surpass $90 billion by
“We are thrilled to have Yau Boon sign up such an impressive
group of partners so quickly which speaks to the interest in our
technology and products. These eight partners are a key first step
for our expansion within the Asia Pacific Market. We are growing
very rapidly in North America and the EMEA regions, and plan to
continue this fast growth with expansion into the Asia Pacific
market. We believe NexTech should be accessible 24/7 and through
these partnerships, we are able to do just that. The education and
MICE industries represent significant growth opportunities and with
the support of our growing list of partners, we believe we’ll be
able to get in front of the right decision makers, which will drive
the rapid adoption of our products and services and will continue
to drive our revenue growth in 2021 and beyond” said Evan
Gappelberg, CEO of NexTech AR.
NexTech is continuing to connect with and establish channel
partnerships throughout Asia Pacific. To learn more about its
services or to become a partner, please click here.
About NexTech ARNexTech is one of the leaders
in the rapidly growing Augmented Reality market
estimated to grow from USD $10.7B in 2019 and projected to reach
USD $72.7B by 2024 according to Markets & Markets Research; it
is expected to grow at a CAGR of 46.6% from 2019 to 2024.
The company is pursuing four verticals:
Virtual Conference Platform: An advanced
Augmented Reality and Video Learning Experience Platform for
Events, is a SaaS video platform that integrates Interactive Video,
Artificial Intelligence and Augmented Reality in one secure
platform to allow enterprises the ability to create the world’s
most engaging virtual event management and learning experiences.
Automated closed captions and translations to over 64 languages.
According to Grandview Research the global virtual events market in
2020 is $90B and expected to reach more than $400B by 2027, growing
at a 23% CAGR. With NexTech’s Virtual Conference Platform having
augmented reality, AI, end-to-end encryption and built in language
translation for 64 languages, the company is well positioned to
rapidly take market share as the growth accelerates globally.
ARitize™ For eCommerce: The company launched
its SaaS platform for webAR in eCommerce early in 2019. NexTech has
a ‘full funnel’ end-to-end eCommerce solution for the AR industry
including its Aritize360 app for 3D product capture, 3D/AR ads, its
Aritize white label app it’s ‘Try it On’ technology for online
apparel, 3D and 360-degree product views, and ‘one click buy’.
ARitize™ 3D/AR Advertising Platform: Launched
in Q1 2020 the ad platform will be the industry's first end-to-end
solution whereby the company will leverage its 3D asset creation
into 3D/AR ads. In 2019, according to IDC, global advertising spend
will be about $725 billion.
ARitize™ Hollywood Studios: The studio is in
development producing immersive content using 360 video, and
augmented reality as the primary display platform.
To learn more, please follow us on Twitter,
YouTube, Instagram, LinkedIn, and Facebook, or visit our website:
For further information, please contact:Evan GappelbergChief
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