Loop Insights Inc., a provider of contactless solutions and Artificial Intelligence (“AI”) to drive marketing and real-time consumer insights, is pleased to announce the signing of an MOU with ImagineAR an Augmented Reality (“AR”) mobile platform.
The integration of each company’s respective technologies into a singular platform will deliver personalized promotions and targeted engagement, leading to higher conversions and transaction revenue in the professional sports, entertainment, and retail industries.
Both companies are well supported and positioned with Loop recently becoming a member of the Amazon Partner Network and ImagineAR being a Microsoft co-sell Azure partner. ImagineAR clients include NBA Sacramento Kings, AT&T, Mall of America, and the Basketball Hall of Fame.
Loop Insights entering commercialization with Tier-1 customers and North American telecom giants
On July 13, 2020, Loop announced the acceleration of conversations and projects with two of Canada’s largest telecommunications companies, as well as, two of the largest network providers in the United States. Moreover, the Company is in advanced discussions with major organizations in the NFL, NHL, NCAA, and a globally renown Casino company.
Loop Insights CEO Rob Anson stated: “Loop Insights utilization of Artificial Intelligence and IoT technology was already turning heads in retail with our ability to deliver dynamic, personalized promotions in real-time. With ImagineAR’s immersive AR applications, we can create a whole new world of engagement that does not exist today. Together, our innovative solution unlocks engagement strategies that consumers simply have not previously experienced. This is the convergence of AI, IoT, and AR that technology companies have been promising the retail industry for years.”
The Combined Offering and Market Opportunity
ImagineAR allows its clients real-time engagement with their consumer using mobile augmented reality. Loop Insights enhances the AR solution with artificial intelligence to make the customer experience hyper-personalized promotions for the purpose of generating a higher average spend. Loop and ImagineAR will jointly introduce their platform to each other’s global client networks to increase reach and accelerate scalability. Revenues will be driven through onboarding and annual licensing fees, both companies will also benefit from monthly Software as a Service (SaaS) and managed service fees.
ImagineAR CEO Paul Silverrstieen added: “Both of our companies are already focused on the sports, entertainment and retail industries. ImagineAR’s platform solution captures fan and consumer attention with its immersive experiential AR activations. Now with Loop’s integration, we can offer highly personalized, dynamic targeted promotions to increase loyalty and consumer spend, as well as marketing attribution to create detailed fan loyalty profiles, for our shared global clients.”
Together, the companies plan on seizing huge market opportunities in AR and AI. According to Allied Market Research, in 2017, the global augmented and virtual reality market size was $11.35 billion and is now projected to reach $571.42 billion by 2025—growing at a CAGR of 63.3%. The global artificial intelligence market size was estimated at $39.9 billion in 2019 and is expected to reach 62.3 billion by the end of this year (2020) alone. The companies are set on capturing meaningful market share by merging their respective groundbreaking technologies, which are already achieving 3rd party validation.