Artificial Intelligence
NexTech AR Acquires Self-Service Event Software Platform: Map Dynamics
VANCOUVER, British Columbia and ATHENS, Ga., Nov. 23, 2020 (GLOBE NEWSWIRE) — NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a leading provider of virtual and augmented reality (AR) experience technologies and services for virtual and hybrid eCommerce, education, conferences and events today announced that it has acquired event management platform, Map Dynamics. The company’s self-serve virtual events platform supports live video, chat, networking, and analytics, reporting for associations, conferences, trade shows, webinars, summits, forums, workshops, and hybrid events. It helps organizers create, host, and manage live events for 100,000+ attendees both online and in its branded native event app.
Based in Athens, Georgia, Map Dynamics offers a consolidated set of self-service event management tools through its Event Home Base technology, coupled with dedicated support teams to create flexible, virtual, in-person or hybrid events. The company has worked with a broad array of events including the Sea Otter Classic international cycling races, regarded as the world’s largest cycling festival and Repticon reptile and exotic animal expos held throughout the United States. Map Dynamics is also an official partner for multiple state societies of association executives including the Georgia Society of Association Executives (GSAE), the Empire State Society of Association Executives (ESSAE), and the New England Society of Association Executives (NESAE), as well as a partner of the National Apartment Association (NAA).
In the past 19 months, Map Dynamics platform has hosted over 1,700 events with over 60% being live events that took place in 2019, prior to the Company’s switch to virtual hybrid events starting in March 2020. NexTech intends to sell its AR solutions to these customers and offer a self-service, no touch option on top of its InfernoAR white glove service. With this acquisition, NexTech gains tiered pricing options and self-service technology for both live and virtual events which, when combined with its existing immersive AR solutions, creates a formidable powerhouse in the rapidly growing events market.
The addition of Map Dynamics and its Event Home Base technology will help increase an event managers’ flexibility and control as the intuitive and easy-to-use platform allows attendees to participate and gain access to event content from their phone, tablet or desktop anytime and anywhere. NexTech will also gain new, flexible event management and coordination tools that allow for easy transition to or from in-person, virtual and hybrid events, and have proven their ability to increase ROI of up to 140% for event customers. As part of the acquisition NexTech will be hiring all the Map Dynamics talents.
In addition to the newly added portfolio options, Map Dynamics’ reputation as a leading event management technology within the association industry will also position NexTech for growth and expansion into this industry of industries. Over 90,000 associations exist within the U.S. and over 18,000 associations are listed in Canada, creating tremendous potential for new partnerships. According to the American Society of Association Executives (ASAE) “Associations are a major contributor to the meetings industry, which generates $263 billion in spending and funds by both local and national economies”. Jeremy Minnick, CEO of Map Dynamics comments, “We’re excited to join the team at NexTech and look forward to bringing our platform and our experience serving the association space to this fast-growing and ever-expanding company. After meeting with the NexTech team, it was clear that our goals and values align in many ways; we want to simplify the process for customers with innovative solutions, we aim to provide top-notch service when and where needed, and we help our customers create engaging experiences that meet their unique and changing needs within the new normal. I’m confident that together, we’re going to continue this growth trajectory and will further establish ourselves in the association space.”
Evan Gappelberg, CEO of NexTech AR comments, “We’re excited to bring Jeremy and his Map Dynamics team into our rapidly growing NexTech family, which is now approaching 200 talents. Jeremy is a talented programmer who will fit in perfectly with our team as he continues to work on his platform and add even more amazing functionality. We love hiring top talent and welcome his entire team, including his four salespeople and the experienced support staff. We look at this as an opportunity to grow Map Dynamics by 100X, just like we are doing with the recent acquisition of the Jolokia platform, which we closed on in April of 2020 and is now at a run rate of over 10X 2019 revenue, post-acquisition.” Gappelberg continues, “With Map Dynamics’ huge customer base, we have a major opportunity to not only cross sell our AR solutions, which brings enormous and immediate upside, but to also super charge the platform with our significant marketing muscle”.
The total purchase price was $780,000 in cash up front with a 12-month potential earn out of another $525,000. For the past 18 months Map Dynamics generated approximately $1,500,000 in revenue and was about breakeven.
About NexTech AR The company is pursuing four verticals: InfernoAR: 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: https://www.nextechar.com. For further information, please contact: The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “looking forward” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the Company increasing investors awareness are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of NexTech to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. NexTech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
NexTech 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.
Evan Gappelberg
Chief Executive Officer
[email protected]
Artificial Intelligence
Precisely Announces Breakthrough in Data Enrichment with New Data Graph API
Unified access to a connected network of trusted datasets empowers users with enhanced query capabilities to gain valuable insights
BURLINGTON, Mass., Oct. 8, 2024 /PRNewswire/ — Precisely, the global leader in data integrity, today announced the Data Graph API, a new addition to the Data Enrichment service within the Precisely Data Integrity Suite, during its Trust ’24 Data Integrity Summit in Philadelphia. For the first time, a single API offers simplified access to the Precisely data portfolio for flexible queries, data enrichment, and enhanced data discovery. Supported by the PreciselyID, the company’s unique and persistent identifier for any addressable location, the Data Graph API reduces complexity, ensures consistency, and speeds up the data enrichment process, accelerating time-to-value.
Data enrichment, the process of augmenting company data with carefully curated third-party data to improve its overall value, accuracy, and usability, is fast becoming a critical priority for organizations. This is especially true for companies looking to ensure that initiatives, such as AI and machine learning, are driven by contextually relevant data. In fact, research indicates a 22% increase in use of data enrichment as a key strategy for improving data integrity year over year. Despite this, many organizations continue to struggle with the time-consuming and often manual process of accurately integrating third-party data.
Powered by GraphQL technology, the Data Graph API dramatically simplifies data enrichment by enabling users to specify their data needs in a single query. The API filters and organizes the data before delivery, ensuring that businesses receive only the most relevant information according to their needs.
Korem, a leading expert in geospatial technologies, and design partner for the Data Graph API, are looking forward to implementing the new functionality into their solutions to support a wide range of industry use cases. “We are excited about the launch of the new Data Graph API from Precisely,” said Jonathan Houde, CTO at Korem. “Instead of licensing entire datasets or making multiple web service calls, our customers can now access all the necessary information through one efficient and cost-effective service.”
At the heart of the Data Graph API is the PreciselyID, which allows customers to connect addresses to a wealth of trusted data for additional insight, such as relationships between buildings, parcels, property attributes, addresses, demographics, natural perils, and more. The Data Graph API simplifies queries to the rich portfolio of Precisely connected data and can facilitate the same easy access to data from industry partners. One such partner is GeoX, an aerial image processing company that provides property intelligence data to the insurance industry. As an industry partner, GeoX integrates their property intelligence into the Data Graph API, enabling insurers to enhance risk assessments, accurately underwrite policies, and predict and prevent losses by establishing a complete, 360-degree view of residential and commercial properties.
“The launch of the Data Graph API fundamentally transforms how companies bring together data to enhance the contextual relevance of AI and advanced analytics,” said Dan Adams, Senior Vice President and General Manager for Data Enrichment at Precisely. “Our data enrichment portfolio is designed to work together seamlessly, using unique identifiers to create a network of connected data where all feature relationships are mapped across datasets. As we extend this by pre-linking data from our trusted partners, the possibilities become limitless. We know this will save our customers time, allowing them to focus more on innovation rather than data preparation.”
The Data Graph API and a broad range of other market-leading tools are available in the company’s recently announced Precisely Data Integrity Suite Developer Portal, providing developer-friendly tools and resources to shorten the time it takes to build applications.
Learn more about the Data Graph API and how it helps customers to unlock a new world of data enrichment or register for the virtual Trust ’24 event taking place October 15 – 16 to hear about the latest data integrity innovations.
About PreciselyAs a global leader in data integrity, Precisely ensures that your data is accurate, consistent, and contextual. Our portfolio, including the Precisely Data Integrity Suite, helps integrate your data, improve data quality, govern data usage, geocode and analyze location data, and enrich with complementary datasets for confident business decisions. Over 12,000 organizations in more than 100 countries, including 93 of the Fortune 100, trust Precisely software, data, and strategy services to power AI, automation, and analytics initiatives. Learn more at www.precisely.com.
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Artificial Intelligence
Precisely Advances Data Integrity Foundation to Power Data Management at Scale
Common foundation enables interoperability of Precisely Data Integrity Suite services to accelerate delivery of trusted data for analytics and AI initiatives
BURLINGTON, Mass., Oct. 8, 2024 /PRNewswire/ — Precisely, the global leader in data integrity, today announced significant enhancements to its Precisely Data Integrity Suite during its Trust ’24 Data Integrity Summit in Philadelphia. The Data Integrity Foundation that drives the Data Integrity Suite is now expanded to include a new connector framework, advanced data catalog, hybrid execution agents, workflow orchestration, AI-driven intelligence, and more. In addition, Precisely improves the performance of the Data Integrity Suite’s user experience and introduces a new Developer Portal to deliver tools and resources that enable developers to build data integrity into their applications.
“The advancements in the Data Integrity Foundation significantly streamline the services in the Data Integrity Suite,” said Chris Hall, Chief Product Officer, Precisely. “By eliminating the complexities associated with integrating, configuring, and maintaining multiple solutions, the Suite reduces costs and resource requirements, enabling data teams to focus on driving strategic analytics and AI initiatives. The Data Integrity Suite’s unified and accelerated user experience enables our customers to drive deeper engagement with their data and sets the stage for new and innovative approaches to business problems.”
The Data Integrity Foundation powers the interoperable SaaS services of the Data Integrity Suite. Key elements of the newly expanded Foundation include:
Comprehensive Data and Metadata Connectors provide a common framework for centrally managing and reusing any connection across all Data Integrity Suite services, reducing the complexity of managing multiple connections and saving time and resources.Advanced Data Catalog shared by all Data Integrity Suite services provides a high-performance, searchable metadata repository designed to surface insights about data, monitor its health, and visualize data relationships, lineage, and business impact.AI-driven Intelligence has expanded to proactively detect data errors, send alerts, and automate data cleansing, validation, and business rule generation. Intelligence also accelerates data integrity pipeline development by providing smart recommendations for next steps and data enrichment options to reduce the time spent manually managing data.In addition, the Foundation provides the flexibility to run and tune multiple AI models for different use cases while centrally managing those models to ease security and compliance concerns.
Workflow Orchestration enables Data Integrity Suite users to design, manage, and automate tasks from one central place, reducing costs, minimizing human errors, and fostering collaboration between technical and business teams.Hybrid Execution Agents securely run data integrity processes and pipelines wherever data lives, enabling customers to choose between the control of on-premises environments and the elasticity and scalability of the cloud while porting and reusing processes as data environments change.”In our ongoing commitment to make data easy to discover, understand, and use reliably, we are procuring the Precisely Data Integrity Suite,” said Zachary Decent, Data Governance & Quality Manager, Enterprise Data Management at UK Power Networks, providing power to a quarter of the UK’s population. “This move signifies our dedication to fostering Data Best Practice principles, leveraging this platform to offer stakeholders an enriched experience through a comprehensive data catalog, with clearly defined data responsibilities and robust quality monitoring mechanisms.”
Precisely has also implemented significant user experience performance enhancements in the Data Integrity Suite, reducing the time needed to perform basic functions, such as data quality rule reuse, where time was reduced by 77%. Additionally, Precisely has introduced its new Precisely Data Integrity Suite Developer Portal. The portal provides developer-friendly tools and resources that enable the creation of powerful applications with built-in data integrity capabilities like address geocoding and data enrichment. The Developer Portal is a central resource for information on Precisely API products and updates.
Learn more about the Precisely Data Integrity Suite and the enhanced Data Integrity Foundation or register for the virtual Trust ’24 event on October 15 – 16 to hear more from Chris Hall on the latest data integrity innovations.
About Precisely
As a global leader in data integrity, Precisely ensures that your data is accurate, consistent, and contextual. Our portfolio, including the Precisely Data Integrity Suite, helps integrate your data, improve data quality, govern data usage, geocode and analyze location data, and enrich with complementary datasets for confident business decisions. Over 12,000 organizations in more than 100 countries, including 93 of the Fortune 100, trust Precisely software, data, and strategy services to power AI, automation, and analytics initiatives. Learn more at www.precisely.com.
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Artificial Intelligence
AI as a Service Market worth $72.13 billion by 2029- Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 8, 2024 /PRNewswire/ — The AI as a Service Market is expected to significantly increase from USD 14.00 billion in 2024 to USD 72.13 billion by 2029 at a CAGR of 38.8% during the forecast period, according to a new report by MarketsandMarkets™. Increasing demand for cost-effective AI solutions, cloud adoption, and demand for increased business efficiency drive the AI as a Service Market.
AIaaS plays a key role in helping organizations boost data analytics performance, drive automation, and create more meaningful customer engagement. Furthermore, improvements in machine learning, natural language processes, and the frameworks of AI contribute to the growth of market in all segments of the industries.
Browse in-depth TOC on “AI as a Service Market”
281 – Tables 61 – Figures392 – Pages
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Scope of the Report
Report Metric
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD (Billion)
Segments Covered
Product Type, Organization Size, Business Function, Service Type, End User, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), AWS (US), OpenAI (US), NVIDIA (US), Salesforce (US), Oracle (US), SAP (Germany), FICO (US), Cloudera (US), ServiceNow (US), HPE (US), Altair (US), Vsynergize (US), SAS Institute (US), DataRobot (US), Databricks (US), C3 AI (US), H2O.ai (US), Alibaba Cloud (China), Mistral AI (France), Rainbird Technologies (UK), BigML (US), Yottamine Analytics (US), Scale AI (US), Landing AI (US), Synthesia (UK), Yellow.ai (US), Cohere (Canada), Anyscale (US), Abridge (US), Inflection AI (US), Glean (US), Codeium (US), Arthur (US), Levty AI (US), Unstructured AI (US), Clarifai (US), DeepSearch (Austria), Katonic AI (Australia), MindTitan (Estonia), Viso.ai (Switzerland), and Softweb Solutions (US).
By Enterprise End User, BFSI to register for the largest market share during the forecast period.
With the growing implementation of AI as a Service (AIaaS) for improving operational performance, risk management, and customer satisfaction, the BFSI sector is positioned to lead the AIaaS market. AIaaS empowers companies with advanced analytics, fraud detection, personalized services, and automation, all without significant infrastructure costs. The increasing demand for AI solutions in BFSI is driven by the need for real-time insights, regulatory compliance, and security measures. Furthermore, AI-driven chatbots, virtual assistants, and predictive analytics play a role in simplifying customer engagements and providing personalized financial guidance, which strengthens the utilization of AIaaS in this sector. The industry’s continual digital evolution and emphasis on creativity position it as a critical force in the AIaaS market.
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By Product Type, No-Code or Low-Code ML Tools is poised for the fastest growth rate during the forecast period.
No-code or low-code machine learning (ML) tools are expected to experience the most significant growth in the AI as a Service (AIaaS) market because they are easy to use for those with limited coding skills. These type of tools allow companies to create and use AI models without deep knowledge of coding, thus democratizing AI application throughout industries. They are reducing the time and the cost involved in the implementation of AI by a lot and making it easy for organizations of any scale to integrate AI into their workflows. Demand for rapid prototyping, customization and automation fuels the demand for no-code/low-code platforms which offer flexibility as well as scalability enabling businesses to innovate fast, stay agile and thus this market is growing at an accelerated pace by the very factor.
By Region, North America accounts for the largest market during forecast period.
North America expected to dominate the share in the AI as a Service Market due to the advanced technology infrastructure and the presence of large AI providers such as IBM, Google, and Microsoft. The regions benefits from early adoption of AI in prominent industries such as healthcare, finance, and retail to automate, generate analytics, and improve customer service. Huge investments in AI research and development, as well as profound government support for AI innovations, also add to the market growth. North America’s robust cloud infrastructure and widespread digital transformation initiatives further create an ideal environment for the growth of AIaaS. The region’s focus on cutting-edge solutions and the growing demand for AI-driven insights from enterprises ensure its leadership in the AIaaS market.
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Top Key Companies in AI as a Service Market:
The major players in the AI as a Service Market include Microsoft (US), IBM (US), Google (US), AWS (US), OpenAI (US), NVIDIA (US), Salesforce (US), Oracle (US), SAP (Germany), HPE (US).
Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
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