FinancialBuzz.com News Commentary
New York, NY (3/31/2021) – Augmented reality (AR) technology has become widely popular due to its ability to allow its users to immerse themselves into a digital world through a real-world lens. Users can experience a virtually augmented world through their mobile devices or with more advanced technology like headsets or glasses. However, the technology still remains relatively new, which is why it has been used only in a handful of sectors. For instance, industries such as healthcare and manufacturing are using AR to practice and potentially prevent onsite accidents. Meanwhile, in the retail, education, and fashion industries, AR is providing users with stunning virtual reality experiences. The technology is also being advanced as the adoption and availability of cloud increases. And, overall, the global augmented reality market size is estimated to reach USD 340.16 Billion by 2028 while registering a CAGR of 43.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. Scienjoy Holding Corporation (NASDAQ: SJ), Vuzix® Corporation (NASDAQ: VUZI), Qualcomm Incorporated (NASDAQ: QCOM), Snap Inc. (NYSE: SNAP), Kopin Corporation (NASDAQ: KOPN)
As the industry continues to develop, specific segments are expected to witness significant growth. For instance, the AR hardware and AR communication segments are projected to grow by approximately 67% from 2020 to 2025. Furthermore, according to a report by Engadget, Snap could make a model of its Spectacles smart glasses with built-in displays that support augmented reality effects. “Snap’s co-founders have spoken about bringing AR to glasses, so the move isn’t a huge surprise. Still, if the company is preparing to debut a version of Spectacles in May, that could give Snap a leg up on other notable tech companies who are working on AR wearables, such as Facebook, Apple and even Pokémon Go developer Niantic,” the report explains.
Scienjoy Holding Corporation (NASDAQ: SJ) just announced breaking news that, “it has established a strategic partnership with Beijing University of Posts and Telecommunications (BUPT) to research multi-user augmented reality technology and its applications for live streaming content and entertainment.
As part of the agreement, Scienjoy will purchase patents for “augmented reality technologies and systems for multi-user interactions” from BUPT. Scienjoy plans to use these patents in multi-player games and multi-player live streams to enhance the user interactive experience in Scienjoy’s virtual reality second life worlds.
Through partnership with BUPT, Scienjoy hopes to further promote innovation and development in the live streaming industry, and to explore research synergies between institutions of higher education and private enterprise on AR technology. This agreement represents a further deepening of the cooperation between BUPT and Scienjoy that was announced in January 2021 regarding the applications of web-based augmented reality technology (Web AR).
Through 3D imaging technology and visual tracking algorithms, augmented reality (AR) technology superimposes computer generated information into real environments. AR allows users to experience both a virtual world and the physical world simultaneously, and to interact with both in a unique and intuitive way. Mobile augmented reality can be divided into three categories: single-user AR, two-user AR and multi-user AR, each backed by different key technologies and useful for different applications. Multi-user AR, the technology in this cooperation and patent acquisition, is of particular interest to Scienjoy, which seeks to continually upgrade the user experience to be more participatory, interactive and entertaining.
For Scienjoy, multi-user interactive AR technologies are a further step in the Company’s long investment in enhancing the user experience of live streaming and games with augmented and virtual reality. The traditional live streaming video experience is one-directional and relies on host appearance, performance skills, environment, and storytelling abilities. In the live streaming category, where users are increasingly looking for interactive entertainment, traditional live streaming may become repetitive and cause users to lose interest in hosts and whole platform ecosystems over time.
Scienjoy has long been at the forefront of researching and integrating AR, virtual reality (VR) and artificial intelligence (AI) to its social platforms to improve the user experience and maintain high user stickiness. Scienjoy has already applied single-user AR technologies to allow hosts and users to supplement their appearance or environment and has also explored multi-player “Second Life Worlds.” This acquisition of multi-person AR technology will allow hosts and multiple users to interact in second life virtual world spaces and together interact with virtual objects and information. Unlike traditional online games, where players are only able to control virtual objects and avatars, AR games allow players to interact with each other, and virtual objects to interact with the physical environment, bringing a new level of novelty and interactivity to the live streaming game experience.
With recent advancements in mobile devices and chip technology, smart phones and tablets now have the hardware to support AR entertainment. The sensors needed for AR entertainment such as multiple lenses, gyroscopes, accelerometers, and others have all already become standard configurations. The application of these sensors also provides an unprecedented development opportunity for the popularization of AR technology on mobile social platforms like Scienjoy’s. At present, players in the mobile device field such as Google, Apple, Qualcomm, Huawei, Tencent, Alibaba, and Xiaomi and others are all engaged in the research and development of mobile AR related technologies and products. As a leading live entertainment mobile streaming platform provider, Scienjoy will continue to find applications of mobile device technology to further integrate AR to its social platforms and strengthen the user experience.
“In the future, Scienjoy plans to fully integrate virtual and reality through the combination of 5G and AI, AR, VR and other technologies, to give users a more realistic and rich immersive experience,” said Victor He, Chairman and CEO of Scienjoy. “I believe that the purchase of these AR system patents, which represents a further step in Scienjoy’s strategic commitment to entertainment R&D, will bring great value to Scienjoy’s live streaming ecosystem.”
With the goal of seizing the opportunities 5G era for the live streaming industry, Scienjoy has invested considerable research, accumulated solid technology reserves, and attached great importance in R&D personnel to apply technologies to the platform. As user habits evolve, AR technologies advance, and new forms of entertainment are developed, the role of live streaming will be redefined and applied in new ways.”
Vuzix® Corporation (NASDAQ: VUZI) announced yesterday, a new partnership with TechSee, a leader in intelligent visual assistance technology, to deliver a remote visual assistance solution to field service technicians using AR and computer vision on Vuzix’ M400 and M4000 Smart Glasses. “TechSee’s field service solution is a natural fit with our Smart Glasses, so we are very excited to partner with them to offer a unique computer vision-powered solution that can help technicians in both assisted service and self-service modes,” said Paul Travers, President and Chief Executive Officer at Vuzix. “Our smart glasses ecosystem continues to expand with each passing day, and we remain confident that Vuzix is increasingly well positioned to become the hardware vendor of choice among a growing number of industry players.”
Qualcomm Incorporated (NASDAQ: QCOM) subsidiary Qualcomm Technologies Inc. announced on October 20th, 2020 that its Qualcomm® XR Enterprise Program (XEP) first unveiled at Enterprise Wearable Technology Summit 2019, has doubled in membership. The Qualcomm XEP is designed to accelerate the adoption of virtual (VR) and augmented reality (AR), collectively known as extended reality (XR), in industries including architecture, engineering and construction, aerospace, automotive, education, energy, entertainment, food & beverage, healthcare, insurance, manufacturing, pharmaceutical, retail, transportation and travel. The program offers members access to a global community of resources, promotional and co-marketing opportunities, business development and visibility into upcoming Qualcomm Technologies’ hardware and software roadmap and product features, among other benefits. “We are all in on our commitment to driving the XR industry forward on a global scale, while simultaneously advancing XR technology for the enterprise,” said Brian Vogelsang, senior director of product management, Qualcomm Technologies, Inc. “We are incredibly proud of what our Qualcomm XEP members have accomplished in the first year and are confident this collection of innovators will be a key component in meeting the increased demands in enterprise for collaboration and remote work, skills training, education and learning, data visualization, and health and wellness solutions.”
Snap Inc. (NYSE: SNAP) announced last June, new camera and augmented reality experiences for developers, creators, and Snapchatters. On average, more than 170 million Snapchatters engage with AR daily for nearly 30 times per day. Lenses, Snap’s AR product, are made by Snap’s own design team and its global creator community, with top-performing community Lenses reaching billions of views on Snapchat.
Kopin Corporation (NASDAQ: KOPN) announced February 2nd, they have signed an agreement with a major medical technology company to design a precision head-worn display system, The device, based on Kopin’s proprietary platform, will be integrated with the company’s advanced surgical systems. “We are excited to develop this customized high-performance display system for surgical applications,” said Dr. John C.C. Fan, CEO of Kopin. “We believe the combination of our expertise in display system design with HMDmd’s deep knowledge of the specific needs of surgeons is crucial for developing a display system optimized for surgeons. We believe HMDmd’s strong medical device experience and market access should facilitate rapid adoption.” HMDmd is focused on developing and commercializing wearable display systems for surgery, interventional medicine and other medical specialties and applications. The product line plan includes medical grade XR, VR, AR and MR versions.
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