Matterport, Inc. (NASDAQ: MTTR) shares rose nearly 5% to $4 in June 14 trade. The market capitalization was $1.21 billion. The reason for this was Matterport’s announcement of a new contract for the delivery of augmented reality (AR) technology.
MTTR has announced a technological collaboration with CGS, a global provider of employee training tools and services, as well as remote and mobile workforce assistance. The firms will collaborate to integrate Matterport’s AR technology with the CGS TeamworkAR digital platform.
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As a consequence, an integrated solution will be developed that will allow instructors and more experienced staff to consult on-site repair teams, maintenance professionals, inspectors, and so on through mobile devices.
Matterport is banking on the AR platform’s economic viability. It makes it feasible, for example, to decrease the expense of professional visits to the workplace or to conduct training for many groups of trainees remotely – by a single specialist teacher.
A recent IDC study is encouraging for MTTR. Companies who use AR tools claim that they are beneficial, particularly in training and enhancing worker safety.
Many companies, not only those in the sector, are now utilizing augmented reality technologies. The Red Cross, for example, employs augmented reality for educational purposes.
Matterport, Inc. (MTTR)’s agreement with CGS provides a chance to considerably extend its addressable market. CGS is a Fortune 500 company that provides staff training tools and services to dozens of Fortune 500 firms, including McDonald’s, Microsoft, Comcast, Toshiba, Medtronic, and Maersk.
CGS also participates in Meta Platforms Inc.’s (FB) Meta Quest for Business program, which involves the usage of the Quest VR glasses ecosystem for business requirements.
Matterport Inc. (MTTR) stock is down -19.00% over the week and -19.96% over the past month. Its price is -80.38% year-to-date and -72.09% over the past year.