Why Augmented and Virtual Reality (AR/VR) Markets are Projected to Exceed $18 Billion This Year

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Jan 15, 2020, 08:30 ET

PALM BEACH, Florida, Jan. 15, 2020 /PRNewswire/ -- The augmented and virtual reality market is projected to reach 18.8 billion U.S. dollars in 2020 and is expected to expand drastically in the coming years. Consumer spending made up the single largest portion of the market worldwide, followed by the discrete manufacturing segment, both of which accounted for billions of U.S. dollars in sales. The report from Statista defines augmented/virtual reality technology (AR/VR) as a technology that makes use of sensory devices to either virtually modify a user's environment or completely immerse them in a simulated environment. Specially designed headsets and glasses can be used for visual immersion, while handhelds and wearables and Body Worn Cameras offer tactile immersion. Optical devices such as Facebook's Oculus Rift and Sony's PlayStation Virtual Reality have shipped millions of units as consumers look to explore the possibilities offered by virtual environments. Active companies in the markets this week include Hawkeye Systems, Inc. (OTCQB: HWKE), FLIR Systems, Inc. (NASDAQ: FLIR), GoPro, Inc. (NASDAQ: GPRO), Axon Enterprise, Inc. (NASDAQ: AAXN), Vuzix® Corporation (NASDAQ: VUZI).

Although the adoption rate for AR/VR devices is relatively low when compared to other consumer electronics, many of the world's biggest tech companies see the promise of AR/VR technology and have begun to allocate significant R&D budgets to develop it. Microsoft is particularly well-invested in the technology, with the company owning over ten thousand AR/VR patents across thousands or patent families. Intel and Sony are among other tech giants that stand at the technological forefront of augmented and virtual reality.

Hawkeye Systems, Inc. (OTCQB: HWKE) NEWS: Hawkeye Systems Announces Evolutionary Changes to its Al-powered Body Cam System - Hawkeye Systems recently announced that in conjunction with future subsidiary Radiant Images, it has made significant upgrades and additions to its [IN-DEPTH] Camera (the Hawkeye Body Worn Camera).

A considerable evolution and upgrade from previous generation cameras, the [IN-DEPTH] Body Cam System offers AIoT solutions with industry-leading computer vision applications powered by Artificial Intelligence to run cameras on the field and the edge. The application enables cameras to do far more than just capture by applying intelligence and real-time analysis of not only what is happening in the encounter, but also an insight into the subject's pre-attack indicators.

The Hawkeye [IN-DEPTH] Body Camera platform allows for interchangeable multi-camera sensors and optics which provide multi-field of view and specialty sensors such as infrared, thermal imaging, snake tube, pinhole, and camera sensor upgrade path. In addition, the system includes an evidence management platform that preserves the chain of custody and flexible options that allow for the storage of video evidence on premise, in the cloud, or both. Utilizing mesh connectivity, the camera system is highly portable and easily deployable for situations where there is no WiFi or cellular network.

"Hawkeye has made great strides in its partnership with Radiant; which has resulted in a very capable, unique imaging platform we are proud of and looking forward to bring to market," said Corby Marshall, CEO of Hawkeye Systems.

"We are rapidly advancing the development of the body camera industry to usher in a new way of technological advancements. As we continue to work with the Department of Defense (DoD), and other law enforcement agencies, we're focused on fine tuning our camera platform to ensure it fits the needs and wants of these agencies," said Michael Mansouri, co-founder of Radiant Images. "We will provide further updates as it progresses." Read this full press release and more HWKE here: https://www.financialnewsmedia.com/news-hwke/

Other recent developments in the tech industry markets this week include:

Another report from ResearchAndMarkets projected that: "The AR and VR market revenue is expected to reach $55.01 billion by 2021. It continued: "Advancements in technology such as 5G, artificial intelligence, edge computing, and robotics are expected to transform the augmented and virtual reality experiences in the near future. This transformation will give rise to future opportunities in sectors such as media, gaming, telepresence, retail, medicine, and education. The hardware market of AR and VR will grow tremendously by 2021, mainly due to a 10-fold increase in AR and VR headset shipments by 2021. VR application in the manufacturing sector is projected to increase by 98.9% between 2017 and 2021. AR application in the education and training sector will see tremendous growth by 2021 due to rising investments in smart cities development and defense security applications.

FLIR Systems, Inc. (NASDAQ: FLIR) and ANSYS (NASDAQ: ANSS) are collaborating to deliver superior hazard detection capabilities for assisted driving and autonomous vehicles (AVs) — empowering automakers to deliver unprecedented vehicle safety. Through this collaboration, FLIR will integrate a fully physics-based thermal sensor into ANSYS^'leading-edge driving simulator to model, test, and validate thermal camera designs within an ultra-realistic virtual world. The new solution will reduce original equipment manufacturers' (OEM) development time by optimizing thermal camera placement for use with tools such as automatic emergency braking (AEB), pedestrian detection, and within future AVs.

"By adding ANSYS' industry-leading simulation solutions to the existing suite of tools for physical testing, engineers, automakers, and automotive suppliers can improve the safety of vehicles in all types of driving conditions," said Frank Pennisi, President of the Industrial Business Unit at FLIR Systems. "The industry can also recreate corner cases that drivers can see every day but are difficult to replicate in physical environments, paving the way for improved neural networks and the performance of safety features such as AEB."

GoPro, Inc. (NASDAQ: GPRO) recently released, at last week's CES show, its new Light Mod—the world's most versatile light that will keep shining, no matter what happens. Along with Light Mod, GoPro introduced exclusive first looks at the full HERO8 Black modular accessory line, including Media Mod, available for pre-order now, and Display Mod, available in March.

PLUS, there's more! As an in-show BOGO exclusive, GPRO was offering the cloud-based GoPro PLUS subscription service at a "buy one year, get the second year free" discount. That means for $50 you'll get two years of unlimited cloud storage, VIP customer support, discounts on GoPro mounts and accessories and, in many countries, damaged camera replacement. CES attendees can sign up for the offer during show hours at the GoPro booth.

Axon Enterprise, Inc. (NASDAQ: AAXN) - Axon Public Safety Australia, a subsidiary of Axon Enterprise (Nasdaq: AAXN), the global leader in connected public safety technologies, recently announced that the Australian Federal Police (AFP) Protection Operations, Aviation, will deploy 300 TASER 7 weapons, 470 Axon Body 2 cameras, 470 Axon Signal Sidearm units and the digital evidence management system, Axon Evidence (Evidence.com). The AFP is the first agency in the Asia-Pacificregion to deploy the TASER 7, the most effective TASER weapon yet, with services that are completely integrated into Axon Evidence. This order was received in the fourth quarter of 2019 and will begin shipping in the first quarter of 2020.

Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced that the Company's Vuzix M400 Smart Glasses, powered by Upskill's Skylight software for hands-free operations, is being showcased at NRF 2020 by Verizon at its booth #3237 from January 12-14.

The Vuzix M400-powered AR retail solution being demonstrated at NRF delivers significant picking and packing efficiencies with reduced errors compared to other picking methods. In addition to retail picking and packing, the solution can also assist connected workers with shipping and returns, loading and unloading, receiving, cycle counting and kitting. The hands-free digital solution being showcased by Verizon's business team at NRF is optimized today for 4G networks, but will be marketed as a 5G retail solution.

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