DRAPER, Utah – Flexpoint Sensor Systems, Inc. (FLXT) today announced Q1 and Q2 2017 resulted in receipt of record production purchase order volumes in the rapidly growing Virtual Reality/Augmented Reality (VR/AR) market segment. Flexpoint has received orders for more than 150,000 sensors and related assemblies from multiple development partners around the globe. The company began to fulfill the orders in Q2 2017 and complete fulfillment is expected before year end, which will be a large contributor of the expected 500% revenue growth this year. Showing no sign of abating, demand continues to grow and the company expects to receive increasingly larger volume orders before year-end and continuing into 2018.
As previously announced, VR/AR hardware platforms produced by such notable companies as HTC, Oculus, Sony and others offer rich and powerful technologies. Major technological advances in hardware, software and peripherals have enabled this market to expand and experience remarkable growth. As projected, Flexpoint is now realizing significant revenue contribution from numerous VR/AR peripheral technology development companies. Last year, analyst Deloitte Global, correctly predicted virtual reality (VR) would have its first billion dollar year. Additionally, a Goldman Sachs report estimated the combined virtual reality and augmented reality market, (hardware and software), will reach $95B in market size by 2025.
VR/AR is seeing tremendous adoption and growth in the B2B market sub-segment as well as in consumer electronics/gaming. B2B users span a wide variety of industries as they adopt VR/AR and adapt these technologies to varying use cases. As reflected in this recent article by Mr. Cole Sandau, Managing Partner at Optera Group, “2017 and 2018 mark the mainstream adoptions of AR/VR and something that every B2B marketer needs to start paying attention to.” Use cases are many such as:
- * Removal of the need for direct proximity – a customer no longer needs to be directly in front of something to truly interact with it. Think about equipment manufacturers selling a giant vehicle or a real estate agent selling a second home halfway around the world. Today the customer must “travel to the product” to see and experience it. AR/VR removes this boundary – it lets customers experience things from the seat they are sitting in today.
- * Training – Learning cycles across so many industries (manufacturing, military, medical, the list goes on and on) become more simplified and massively compress in AR/VR.
- * A major leap forward from “seeing” to “experiencing” – Companies allowing their prospects/customers to experience products in a special way – not just read about it.
According to Paul Sexauer, Flexpoint VP Sales & Marketing, “You will be hard pressed to find an industry or market segment anywhere around the world that does not embrace the value of VR/AR in one form or another. With our differentiated Bend Sensor® technology, industry experience and strong market focus, we are very pleased to be so uniquely well positioned to grow with it. Our development partners/customers are leading the way to market adoption of these life changing technologies. It is very exciting to be a key part of it!”