The Nearmap Ltd (ASX: NEA) share price could fly today after announcing two new innovations for its offering.
Nearmap is a leader of aerial imagery technology and location data, providing frequently-updated, high-resolution aerial imagery. One of the main benefits of the technology is so that people can easily remotely inspect a worksite from anywhere. It currently operates in Australia, New Zealand and the United States. It’s one of the ten largest aerial survey companies in the world by annual data collection volume.
Nearmap’s 3D Update
Nearmap announced this morning its new product, Nearmap 3D. It will give customers the ability to stream and export 3D imagery on demand at ‘massive scale’ through the MapBrowser web application.
The 3D offering will allow customers to visualise cities in 3D from any direction, measure distances and export custom areas in a variety of 3D formats.
Nearmap boasted this will fundamentally change how industries such as urban planning, architecture, construction, governments and councils view and shape cities across Australia and the US.
Nearmap Artificial Intelligence
Nearmap said it is launching its beta version of an artificial intelligence product.
What Nearmap has done is turn millions of aerial images, captured multiple times a year over a decade, and turned that into a dataset. The datasets can supposedly be used to accurately and efficiently measure change and quantify attributes such as solar panels, pools, roofs and construction sites.
Nearmap CEO Dr Rob Newman said: “Product innovation is in our DNA. Everything we do has the customer at the core…We need to keep innovating to continue to give our customers a competitive advantage through technology breakthroughs such as those we are launching today.
“The ability to measure in 3D space, size up an area and then export Nearmap 3D for use in other platforms will transform the aerial imagery market.”
Is Nearmap A Buy?
Nearmap seems to have turned a corner as it now generates operating cash inflows rather than outflows.
I think Nearmap is an exciting company to follow, but I’m unsure how the industry will continue to unfold and I don’t know what a good price would be for Nearmap in this era of low interest rates.
CommSec says that the share price is expected to open up more than 4%.
The growth shares in the free report below could be a better idea for an investment.
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.