ARway (CSE:ARWY) said it has successfully spatially mapped a 400,000-square-foot shopping mall for a pilot project that is underway, showcasing the company's breakthrough augmented reality (AR) indoor wayfinding solution.
If the pilot is successful it’s anticipated that the ARway solution will be rolled out to over a dozen additional malls controlled by this same company.
In a statement, Evan Gappelberg, CEO of ARway, commented: “We anticipate having over 100 pilot programs in play over the coming months which is extremely positive since I expect a conversion of 90%+ into multi-year contracts. Our pilot programs are paid-for programs which can last anywhere from 30-90 days. These pilot programs are starting to happen on a global scale and represent just the beginning of ARway’s wayfinding journey”.
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The pilot announcement relates to a large property group owner looking to elevate the visitor experience at its chain of malls with immersive AR experiences.
After researching the market they selected ARway's solution for the superior Augmented Reality (AR) enhanced wayfinding user experience and simplicity of implementation. The company is running the pilot spread out on over 400,000 square-foot which is just at one of their properties. The mall is a community-oriented shopping, lifestyle and entertainment destination, home to 53 international brands.
The goals of the pilot are to:
- Provide a ‘digital concierge’ to visitors with AR navigation to shops and amenities
- Develop a programmatic AR ad service for brands and tenants.
- Monetize the malls ‘air space’ with AR banners and promotions, exclusive offers and AR gamification.
- Collect analytics data, test visitor behaviour and adoption
- Develop a robust implementation plan across other shopping malls and stores
ARway said it is engaged in a number of substantial pilot project discussions which are expected to be announced shortly. These pilot programs span several countries across the globe and include multiple industries; retail, university campuses, museums, and airports, showcasing ARway’s wide range of applications.
The ARway offering has an unlimited number of use cases for augmenting physical spaces in the metaverse, consisting of indoor navigation with AR activations, which significantly improves visitor experiences in large and complex spaces.
According to research from Technavio, “the global indoor positioning and indoor navigation (IPIN) market size will grow by US$23.03 billion from 2020 to 2025, and the growth momentum of the market will accelerate at a CAGR of 33.21% during the forecast period.”
The market growth will be led by North America, as this region will account for 40% of the market's growth during the forecast period. This represents a substantial revenue opportunity for ARway as it aims on becoming the leading service provider for indoor navigation across all industries, the company said.
Contact the author at jon.hopkins@proactiveinvestors.com