Vection Technologies is fine-tuning its digital product suite to service multiple verticals, including fashion, healthcare, real estate and space exploration
\nThe company wants to deliver further value to shareholders, recording a 40% increase in revenue year-over-year in FY23
\nVection\u2019s recent Invrsion and proposed MYR acquisitions set the company up for the next stage of its growth journey<\/p>\n
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Special Report<\/em><\/strong>: Vection Technologies is driving the digital revolution with its suite of AR, VR and XR solutions, and director Gianmarco Orgnoni believes the future is bright.<\/strong><\/p>\n There\u2019s more linking the mining, fashion and real estate industries than you might realise.<\/p>\n While these markets have polar-opposite customer bases, products and purposes, they\u2019re all innovating with a flourishing class of technologies that bring the digital realm to life.<\/p>\n Virtual, augmented and extended reality technologies are having their time in the limelight, and Vection Technologies (ASX:VR1) director Gianmarco Orgnoni believes they\u2019re here to stay.<\/p>\n \u201cWe are in an emerging kind of technology space, but we\u2019re just at the beginning of the adoption phase,\u201d Orgnoni told Stockhead<\/em>.<\/p>\n So, what\u2019s in store for Vection as it champions these emerging technologies, and where does the business see itself heading in the months ahead?<\/p>\n \u00a0<\/p>\n You\u2019re probably familiar \u2013 or at least acquainted with \u2013 the burgeoning virtual reality (VR) industry.<\/p>\n Valued at a whopping US$59.96 billion back in 2022, this family of technologies is behind fully realised virtual worlds, immersing the user in a completely digital experience.<\/p>\n What\u2019s even more impressive is the growth potential. Grand View Research estimates a 27.5% compound annual growth rate for the industry, namely thanks to VR\u2019s implications in the gaming, virtual training and entertainment sectors.<\/p>\n Rather than being fully immersive, extended reality (XR) is an umbrella term that captures one simple premise: an effort to bridge the gap between the physical and digital realms.<\/p>\n \u201cWe\u2019re essentially adding a digital layer within the field of view of the user,\u201d Orgnoni explained.<\/p>\n Extended reality harnesses physical assets, such as handheld devices, wearables, or even the user\u2019s hands to help them interact with digital infrastructure, merging two spheres that would otherwise be worlds apart.<\/p>\n Enter Vection\u2019s IntegratedXR suite: a multi-purpose portfolio which leverages several technologies to make up the company\u2019s primary offering.<\/p>\n \u00a0<\/p>\n Pic: Supplied (VR1).<\/p>\n \u00a0<\/p>\n IntegratedXR plays hosts to several of the company\u2019s flagship projects, including Mindesk, which supports VR design and real-time rendering in game engine and development software Unreal Engine.<\/p>\n Other Vection technologies help customers create immersive presentations in the metaverse, harness augmented reality to visualise their products, and shake up the in-store customer experience with 3D models.<\/p>\n According to Orgnoni, the inherent possibilities open the doors to a behemoth range of industries, including fashion, retail and real estate.<\/p>\n \u201cAnd one of the benefits we see with this technology is that it\u2019s not only across verticals, but it can be across regions as well,\u201d the VR1 director explained.<\/p>\n Back in September, Vection dotted the I\u2019s and crossed the T\u2019s on its acquisition of XR player Invrsion<\/a>, increasing its exposure to 3D and mixed reality solutions amid growing competition.<\/p>\n The company also recently announce its MYR S.r.l<\/a>. acquisition \u2013 a move that will bring a fashion and apparel-centric tech company in line with its broader objectives.<\/p>\n \u201cThe combined implementation of traditional technologies, XR, and AI is rapidly gaining traction across various industries,\u201d Vection MD Gianmarco Biagi told the market in September.<\/p>\n \u201cOur emphasis on integrated immersive technologies seamlessly aligns with the global trend towards digitalisation \u2013 a trend we are well-prepared to lead.\u201d<\/p>\n \u00a0<\/p>\n Given its work across AR, XR and VR solutions, Vection\u2019s breadth of experience positions it to help myriad companies realise their technological potential \u2013 whether they\u2019re early movers or novices in the evolving digital landscape.<\/p>\n \u201cI wouldn\u2019t say we\u2019ve got an idea of a typical customer in the market today \u2013 mainly because we\u2019re seeing interest from all different walks of live,\u201d Orgnoni said of the market\u2019s scope.<\/p>\n The variety in Vection\u2019s customer base requires the tech stock to remain agile, tackling each case study with a view to provide bespoke solutions.<\/p>\n \u201cWe approach from the outside in \u2013 what kind of technologies and IT infrastructure do these businesses have in place? What procedures and workflows can we bring in to enable the adoption of these technologies?\u201d Orgnoni said.<\/p>\n \u201cWe really need to look at things in a different way.\u201d<\/p>\n For businesses who are ready to dip their toes into the water, Orgnoni\u2019s advice is simple: take it one step at a time.<\/p>\n \u201cYou start with 3D elements \u2013 very simple solutions that can be adopted or utilised via traditional devices \u2013 and then you build on top of that,\u201d he said.<\/p>\n \u201cWorking this way, you can eventually build an end-to-end digital transformation strategy\u2026I think that\u2019s the best way of achieving buy-in from your teams, and then ultimately from customers as well.\u201d<\/p>\n \u00a0<\/p>\n While extended, augmented and virtual reality technologies have implications across a wide range of verticals, Orgnoni believes there are two industries where they\u2019ll have an especially sizeable impact.<\/p>\n \u201cI think healthcare is going to be a strong contender, especially in Europe where you\u2019ve got major government intervention to make hospitals more technologically advanced,\u201d he said.<\/p>\n \u201cThe other one is virtual space exploration \u2013 allowing people to experience what space is like from the comfort of their homes.\u201d<\/p>\n Even so, the Vection director doesn\u2019t believe that any one industry will be a catalyst for growth; instead, he believes the uptake will remain strong across the full gamut of sectors.<\/p>\n Such burgeoning interest is reflected in Vection\u2019s balance sheet. Since 2019, when the company reported $1m in revenue, Vection has grown its annual revenue figures to circa $26m.<\/p>\n And at the end of FY23, Vection recorded a 40% increase in its revenue<\/a> year-over-year \u2013 momentum Orgnoni wants to see continue well into the new financial year.<\/p>\n \u201cFor us, it\u2019s all about growth at the moment, so we are establishing global operations to meet increasing customer need,\u201d he said.<\/p>\n As AR, XR and VR continue to gain traction, Orgnoni is pleasantly surprised by how quickly some businesses embrace the transformation.<\/p>\n \u201cOne thing we\u2019ve seen is there are people who get the technology just like that,\u201d he laughed.<\/p>\n With momentum building for Vection\u2019s IntegratedXR product suite, new acquisitions under its belt, and a growing global appetite for tech-led operations, the company has one key message to impart: watch this space.<\/p>\n \u00a0<\/p>\n\n \ufeff<\/span>\u00a0<\/p>\n This article was developed in collaboration with Vection Technologies, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n \u00a0<\/p>\n This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n <\/span><\/p>\n The post Beyond Reality: Vection Technologies is bridging the physical and digital realms with B2B tech solutions<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Extended reality: a hybrid model with limitless potential<\/strong><\/h2>\n
The Vection way<\/strong><\/h2>\n
Building momentum <\/strong><\/h2>\n