
- WORLD EDITIONAustraliaNorth AmericaWorld
February 19, 2024
xReality Group Limited (ASX:XRG) is pleased to announce that it has formalised a partnership with a key technology partner in Mexico for the distribution of Operator XR’s VR technology for Law Enforcement and Military markets.
Tecnología en Sistemas de Apoyo SA (TSA) are a trusted provider to State Police and Judicial agencies across Mexico, having successfully designed, built and implemented the standard judicial recording system used across the majority of Mexican states. Founded in 1999, TSA is a skilled technology services company, trusted by Mexico state agencies, and offers Operator XR access into key Law Enforcement Agencies across Mexico.
Mexico Law Enforcement consists of 2 Federal, 31 State and over 1800 Municipal Agencies, that also encompass Military units performing a Law Enforcement function, including the Mexican National Guard. In total there are approximately 500,000 police officers across the country. Operator XR and TSA have together identified a business development pipeline in 2024, giving rise to the formalisation of this partnership.
Operator XR’s Law Enforcement Training Simulators allow Police and Law Enforcement agencies to train operational tactics and procedures using a highly portable, easy to use and incredibly realistic Virtual Reality system that does not require internet, is highly secure and easily configurable.
Virtual Reality based training with Operator XR technology offers a low cost, and lower risk alternative to traditional training approaches, reducing demand on staffing resources. The technology increases trainee throughput and allows higher levels of training repeatability, with simpler and easier access to training at any time, in any location.
Wayne Jones, CEO, XRG, said “Following significant interest in Operator XR from numerous Mexican law enforcement agencies and military, we are excited to announce the growth of our distribution network through local market leader TSA, enabling the supply and support of Operator XR on the ground in Mexico.”
Click here for the full Press Release
This article includes content from Xreality Group Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
XRG:AU
The Conversation (0)
03 July 2024
XReality Group
Investor Insights
Serving the lucrative law enforcement market in the US, xReality Group’s Operator XR offers a unique value proposition that leverages a $3.37 billion global addressable market. If xReality Group’s impressive sales performance in the US to date is any indication, the company is definitely one to watch for investors.
Overview
xReality Group Limited (ASX:XRG) specializes in virtual reality (VR), augmented reality (AR) and physical simulation for the enterprise, defense and consumer markets. The company’s primary focus is to provide physical and digital simulations for military and law enforcement applications. XR stands for extended reality and is a catch-all term for VR, AR, and mixed reality (MR).
The company was co-founded by two Australian military veterans to build physical skydiving simulators for both military training and the tourist market. The company has since expanded its simulation portfolio from indoor skydiving to include out-of-home virtual reality entertainment, defense XR training, and XR software development. xReality targets both the entertainment and the enterprise markets, which include defense, law enforcement, and other government agencies.
The company was listed on the ASX on January 18, 2013, as Indoor Skydive Australia Group (ASX:IDZ) and was rebranded to xReality Group on December 8, 2021.
It operates four major brands, and the group’s portfolio companies include XR production company Red Cartel, Operator XR, two Australian indoor skydiving facilities, and FREAK Virtual Reality venues.
The global total addressable market for the Operator XR business in the law enforcement and military markets is valued at about $3.37 billion in annual recurring revenue (ARR). Of this, the United States accounts for $1.3 billion, or 40 percent of the total, while the rest of the world is $2 billion. xReality has rightly been focusing on increasing its presence in the US given its relatively high share in the global context.
The global military market is significantly higher than the law enforcement market. Overall, the military market is valued at $2.68 billion, and the law enforcement market is valued at $682.6 million. Here again, the US is a significant player accounting for the largest share of the global pie in both military and law enforcement.
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