Imagine AR and Loop Insights sign MOU for integrating AR (Augmented Reality) and AI (Artificial Intelligence) offerings creating real-time actionable data for brands to hyper-target consumers and sports fans. ImagineAR inc, a provider of Augmented Reality platform enabling businesses to create their own Augmented Reality mobile campaigns on 20th July 2020 had announced the signing of an MOU (Memorandum of Understanding) with Loop Insights, a provider of contactless solutions and AI to drive marketing and real-time consumer insights.
The companies together plan on seizing further market opportunities in AR and AI by merging their respective technologies. Loop Insights enhances the Augmented Reality solutions with the Artificial Intelligence providing promotions to generate a higher average spend to make customer experience hyper-personalized where the ImagineAR’s offering allows real-time engagements with the consumers using mobile augmented reality.
The companies stated that they were both well-positioned and supported as ImagineAR being a Microsoft co-sell Azure partner and their clients include NBA Sacramento Kings, Mall of America, AT&T, and the Basketball Hall of Fame where the Loop Insights recently became a member of the Amazon Partner Network.
The global augmented and virtual reality market size as of 2017 was $11.35 billion and is now estimated to reach a market size of $571.42 billion by 2025 growing at a Compound annual growth rate (CAGR) of 63.3% where the global AI market was estimated at $39.9 billion in 2019 and is now projecting to reach $62.3 billion by the end of 2020. These companies are now capturing meaningful market share by merging their technologies.
The Augmented Reality is additive and overlaying digital content to the real world where the users were aware of and can still interact with his surroundings. It allows the users to display text, images or videos over physical objects and hastens real-time feedback by providing lots of information related to audio, visual, location and acceleration data. Artificial Intelligence is impacting the future of every human being and industries. It has acted as the main driver of emerging technologies like IoT, robotics, big data and will continue to act as a technological innovator for the foreseeable future.