Augmented Reality and Virtual Reality are Among the Rising Tech Trends

NEW YORK, February 27, 2017 /PRNewswire/ --

Among the recent technological innovations that have the potential to penetrate to the mainstream, both in the consumer and commercial segments, are smart glasses and its variations. The two main products in the market are Augmented Reality (AR) and Virtual Reality (VR) headsets. The global augmented reality market is expected to reach USD 117.40 billion by 2022 at a CAGR of 75.72% during the forecast period of 2016 - 2022, according to a research published by Markets and Markets. At the same time, the virtual reality market is expected to reach USD 33.90 Billion by 2022, at a CAGR of 57.84% during the forecast period. Major factors contributing to the growth of the industry are higher adoption rates of smartphones enabled with AR devices and increasing interest from the retail and e-commerce sectors. Vuzix Corporation (NASDAQ: VUZI), Toshiba Corp. (OTC: TOSYY), Apple Inc. (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOGL)

The AR market in particular, is affected by demand from the consumer, commercial/retail and medical industries. AR applications provide digital information and 3D visualization of physical objects and therefore have potential to be highly useful, or entertaining, in various fields. In the case of industrial applications, which has accounted for over 25% of the augmented reality market share in 2015, "several industry players are developing AR for the industrial sector to leverage the full potential. Rising demand to handle complex machinery, assemble and maintenance will propel augmented reality industry growth." As was explained by Global Market Insights. AR technology also has started to help mitigate "the reluctance towards conventional showroom visit with virtual experience and improves user experience."

Vuzix Corporation (NASDAQ: VUZI) is a supplier of Smart Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets. Last Friday the company announced that it, "has signed an agreement to build a customized pair of smart glasses, for Toshiba Client Solutions Co. Ltd. (Toshiba), a wholly owned subsidiary of Toshiba Corp. (OTC: TOSYY). Based in Tokyo, Toshiba Corporation is a world leader and innovator in pioneering high technology, a diversified manufacturer and marketer of advanced electronic and electrical products covering consumer, enterprise, industrial and infrastructure markets. Toshiba Corporation is one of the largest electronics and technology companies in the world.  

Under the terms of this agreement, Vuzix and Toshiba have embarked on a rapid development program with milestone payments totaling over one million US dollars. With development efforts well under way, Toshiba, subject to a final manufacturing agreement, expects to place additional purchase orders from Vuzix for production deliveries in the 4th quarter of 2017. Further details on the new smart glasses product will be released soon after public marketing of the product commences."

President and Chief Executive Officer at Vuzix, Paul Travers, said "We are excited to enter into this partnership with Toshiba and believe it represents a strong vote of confidence in our capabilities and recognition of our leading position within the wearable technology space… Additionally, the agreement demonstrates how we are leveraging and partnering our industry leading technology with top tier global partners. We trust that this will be the first of many ongoing collaborations between the firms."

Vice president of marketing and product development for Toshiba Client Solutions Division, Toshiba America Information Systems, Inc. Carl Pinto commented, "We have selected Vuzix as our new smart glasses development and manufacturing partner because we are very impressed with Vuzix' current line of smart glasses and other technology that the Company has in development. We believe that Toshiba can leapfrog other wearable technology products with Vuzix' support and look forward to a very successful collaboration between the companies."

Chief Executive Officer, Tim Cook of tech giant Apple Inc. (NASDAQ: AAPL) continues to hint that the company is investing and sees massive potential in the field of augmented reality. Cook compared augmented reality to the smartphone in an interview with The Independent's David Phelan published on Friday. "I regard it as a big idea like the smartphone. The smartphone is for everyone. We don't have to think the iPhone is about a certain demographic, or country or vertical market; it's for everyone. I think AR is that big. It's huge. I get excited because of the things that could be done that could improve a lot of lives and be entertaining."

Microsoft Corporation (NASDAQ: MSFT) augmented reality headset HoloLens is still in the hands of developers and early adopters. Microsoft had accustomed its HoloLens hardware roadmap to stop the planned launch of a second-generation device. In its place, the company will now be focusing on launching a third-gen product that delivers something "closer to a generational leap" in relation to the current model, and will likely to be released in 2019. The Company's segments include Productivity and Business Processes, Intelligent Cloud and More Personal Computing.

Alphabet Inc. (NASDAQ: GOOGL) Google Cardboard is a virtual reality platform developed by Google for use with a head mount for a smartphone. Named for its fold-out cardboard viewer, the platform is intended as a low-cost system to encourage interest and development in VR applications. Users can either build their own viewer from simple, low-cost components using specifications published by Google, or purchase a pre-manufactured one. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

Please SIGN UP NOW at http://www.FinancialBuzz.com To Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News"

Subscribe Now! Watch us report from NYSE https://www.youtube.com/FinancialBuzzMedia

Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com  

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR branding, marketing and advertising for third parties for disseminating news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the "Site") is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. Financialbuzz.com has not been compensated directly by any of the companies mentioned here in this editorial. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions as we purely incorporate public market research along with financial and corporate news. FinancialBuzz.com only regurgitates financial or corporate news through our unique financial newswire and media platform. FinancialBuzz.com has been compensated a total of twelve thousand dollars for financial news dissemination and pr services by a third party non affiliate for Vuzix corporation. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on the Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use. Please visit: http://www.financialbuzz.com

For further information:
Media Contact:
[email protected]
+1-877-601-1879

Url: http://www.FinancialBuzz.com

SOURCE FinancialBuzz.com