Augmented reality (AR) is a technology that aims to improve our interaction with the natural world. The interactive experience uses computer-generated information to enrich what we perceive in the natural world.
The AR market is growing fast as more companies and people embrace this technology
With the widespread adoption of new AR technologies, investors should think about the best augmented reality stocks to buy in 2023 and beyond.
To get our feet wet with AR, we need to cover the fundamentals. Augmented reality refers to platforms that overlay “visual, auditory, or other sensory information onto the real world to enhance one’s experience,” as described by Investopedia.
As of 2021, the worldwide augmented reality market was worth $25.33 billion, as reported by Grand View Research. However, industry forecasters anticipate a 40.9% CAGR in growth from 2022 through 2030.
Assuming the projections hold true, the worldwide augmented reality market could be worth $597.54 billion by the end of the forecasted period. With this incredible growth, it’s no wonder the sector is full of potential for investors.
Here are four companies looking to make their name in the augmented reality sector that investors should pay close attention to.
Unity Software Inc. (NYSE:U) is a software development company, and it is mainly known for its game engine, Unity. Unity is used to develop video games and a few other applications, including augmented reality applications.
In the last three months, 13 analysts have covered Unity Software Inc. (NYSE:U) with 8 Buy ratings and 5 Hold ratings. Despite the market closing on December 14 at $33.63, their average price target of $39.29 still represents a sizable gain over that price.
In terms of the AR landscape, Unity is a full-stack creation platform that lets developers push the limits of integration. It features significant applications, including architecture, automotive design, and multimedia. Unity has custom resources to bring the immersive augmented reality vision to life. The Unity software development platform provides a unified workflow across devices in addition to specialized tools for augmented reality developers, allowing developers to focus on expanding the capabilities of the technology.
Epazz, Inc. (OTC: EPAZ) is a leading provider of cloud-based business solutions, blockchain technologies, cryptocurrency apps, and metaverse infrastructure. Last month, the company released a major announcement regarding augmented reality within its lineup.
On November 22nd, EPAZ announced that its On-site Remote Assist (OSRA) product would utilize Augmented Reality Slim glasses technology for real-world overlay.
Together, the OSRA product and Epazz’s Metaverse Technology enable off-site technicians to perform live quality inspections, video tutorials, proof of work, and reports using remote assistance from machine experts and on-site video calls.
Using the Onsite Remote Assist (OSRA) integrated with TillerStack field management software, coupled with the smart data glasses, field workers can perform their tasks with the help of a real-time video stream between remote technicians and back-end experts.
In addition to facilitating access to local and dispersed knowledge objects, the technology also facilitates automated expert mapping and company-specific configuration.
At the beginning of January 2023, the technology will be fully integrated into the systems of each company. The OSRA product will pave the way for the implementation of metaverse principles in the real world, allowing for the seamless integration of digital and physical elements.
When implemented to improve the world of field and remote technical services, this software will be a game changer. With this technology, remote workers can simply point their Epazz Slims at an object to give experts access, have them inspect it, and then have them report back with their findings and any next-step instructions as if they were in the same room.
Imagine a junior technician working on-site who can video chat with an experienced colleague and get guided through a tricky problem with the help of augmented reality, as if the expert were standing right behind them. This is transferable to many positions in the technical service sector.
Dr. Shaun Passley, Founder, Director, and CEO of Epazz, stated, “Epazz Slims integrated with the OSRA product will pioneer for customers to enable real-world overlay.”
Since this use case for augmented reality is appealing to a large industry, smart investors should keep an eye on EPAZ in the coming year.
NexTech AR Solutions (OTCMKTS:NEXCF) is a promising small-cap stock in the rapidly growing augmented reality industry. For Nextech AR Solutions, the goal is to be the catalyst for the rapid expansion of the Metaverse.
Nextech AR’s goal is to provide creators with the foundational resources they need to realize their digital AR vision in the Metaverse by using cutting-edge AI to scaleably transform a wide range of existing assets into products, people, and places ready for interactive 3D use.
NexTech represents a pure-play AR competitor. While there are benefits to running a diversified business, NEXCF offers even more to the table for committed AR enthusiasts. NexTech’s primary focus is on providing comprehensive augmented reality (AR) solutions for large businesses.
In addition, the company boasts performance statistics for companies that integrate augmented reality technologies. For example, businesses with AR-enabled products experience 250% higher conversion rates and 94% higher click-through rates.
NEXCF recently announced that its common shares are now being traded on the OTCQX Best Market. This market represents the highest level of OTC Markets. Trading on the OTCQ Best Market will increase the company’s exposure and investor accessibility. The common shares of Nextech will continue to trade on the Canadian Securities Exchange under the symbol NTAR and the Frankfurt Stock Exchange under the symbol EP2.
Vuzix Corporation (NASDAQ: VUZI) is a leading provider of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and business markets. The company’s products include personal display and wearable computing devices that offer users a portable, high-quality viewing experience and provide solutions for mobility, wearable displays, and augmented reality.
On December 19th, VUZI announced that they had commenced a full-scale deployment of Vuzix M400 smart glasses to support engineers in the areas of elevator maintenance and training in Japan. Fujitec can have its most skilled engineers provide remote support and auditing of installation and service work via video calls by using Vuzix smart glasses. This cuts down on travel costs and time. Additionally, remote support can supplant the need for on-site safety inspections and management.
Paul Travers, President and Chief Executive Officer at Vuzix. “We look forward to working with Fujitec as they deploy our smart glasses throughout their service operation.”
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