Currency in AUD
Last close As at 06/02/2023
▲ −0.01 (−8.45%)
Vection Technologies, an Australia-based software company, operates in the field of extended reality (XR), which encompasses immersive technologies such as augmented reality, virtual reality and mixed reality.
Vection Technologies’ prospects are boosted by the two fast-growing markets it operates in. First is the rapidly evolving metaverse that is swiftly adding users and potential customers for Vection Technologies products; Gartner predicts that by 2026, 25% of people will spend at least one hour per day in the metaverse. Second is the XR market, expected by various studies to grow at 46–58% from 2022–27, driven by increased use of virtual reality in education, first-person gaming, the adoption of XR tech in healthcare and the growing use of AI in XR apps.
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Vection Technologies is an Australia-based company that operates in the field of extended reality (XR). Through its immersive solutions suite, IntegratedXR, Vection Technologies provides the foundation that clients need to engage with the metaverse, and focuses on completely integrating client systems, operations and technologies. We see the company building on its recent growth (FY22 revenue up more than 440% over FY21) and growing FY23 sales to A$26.1m, driven by Vection Technologies’ entry into new verticals, geographic expansion and several recent acquisitions. FY23 could mark an inflection point for the company and we will be watching the XR space closely.
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