Cemtrex Inc. (NASDAQ:CETX, CETXP, CETXW))), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, has received a $400,000 new customer order for the development of a Virtual Reality application for a Nevada-based pain management and relief institution.
The Virtual Reality application will be implemented as part of the customer’s state-of-the art VR pain relief program.
“This new customer order reaffirms that Cemtrex’s VR technology is at the forefront of innovation and ever-increasing applications,” said Saagar Govil, Chairman and CEO of Cemtrex. “The market for virtual reality applications continues gaining momentum with double-digit compound annual growth rates into the foreseeable future and global VR spending to surpass $120 annually by 2026 according to some reports. Our expanding presence in the AR & VR space positions us to take advantage of that demand across multiple industries now and in the future. VR training solutions will be key focus area of growth for our Company.”
“The medical industry, in particular, is primed for disruption amid increasing pressure to become more efficient on an economic basis with applications ranging from training healthcare professionals to telemedicine and remote surgery expected to reach over $4 billion in value in the North American market alone in just the next four years,” continued Mr. Govil.
The new order will be executed this quarter. The details of the customer were not provided due to confidentiality agreements in place.