What is the Future of Virtual Reality?
The term ‘virtual reality’ got popular from a 1982 sci-fi novel by Damien Broderick, ‘The Judas Mandala.’ In the last few decades, the term coined by a sci-fi writer has not only entered our reality but also is expected to find application in our day-to-day lives. So, let’s have a look at what actually the technology is about –
Virtual reality leverages advanced computer technologies to simulate experiences for the user similar to or entirely different from reality. The technology enables the projection of realistic images, sensations, and sounds using the VR equipment such as virtual reality headsets. It facilitates the interaction between objects and the user through artificial sensations. The use of haptic technology, which is said to prompt 3D touch, is the one we can depend on for the developments in the virtual reality industry.
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Financial Status of the Technology
VR has been attracting massive investments over the years. The potential is untapped and vast. The industry leaders already did their research about the returns on investments. In fact, it can rightly be said that now is the crucial time to invest in the opportunities exhibited by the technology. The rate of penetration of VR technology is quite high which assures that it is important that the adoption of the technology is done now. It’s the VR way or the highway!
The companies are expanding their reach and resources to capitalize on virtual reality popularity. To illustrate, Facebook has bought Beat Games, a Prague-based VR game studio. So, yes, with all these giants joining the bandwagon, the future is set to be magnificent for the technology.
Why the Hype?
Well, to understand this, one has to understand the potential of the technology by going through its applications –
Well, the gaming industry is turning heads with its rapid pace of development. The gamers are always up for a little more ‘into the gaming reality.’ However, the cherry on the cake is the 3D touch. Till now, gaming industry was thriving on graphics that could depict reality through animations. Thus, creating a new reality that facilitates interactions was bound to gain quick mileage. Well, it was not hard to foresee the utilization of VR technology in the gaming industry. What is yet to be seen is how far do these two go on supporting each other’s growth!
When the world is relying on the gaming industry to make the most out of the technology, the defense sector is already vouching on it for building armies trained for every situation. It has always been a difficulty to provide hands-on experience to soldiers for the kind of things they might be expected to do. Thus, virtual reality has been welcomed in the sector by veterans.
Recently, one of the largest U.S. defense contractors, Raytheon, has introduced its new cutting-edge military training product at the world’s largest simulation, modeling, and training event – I/ITSEC. The product, Synthetic Training Environment Soldier Virtual Trainer, employs virtual reality for training soldiers in different scenarios with both virtual and real weapons.
Do you really think that these are the only two industries that have felt the ripples of the waves of virtual reality? Of course NOT! Consumer electronics, aerospace, healthcare, I repeat, every industry is feeling the intensity of the potential of the technology. Hence, the hype!
The following lines quoted by the founder of Oculus VR says it all!
“Why shouldn’t people be able to teleport wherever they want?”
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LIST OF TABLES
TABLE 1 GLOBAL VIRTUAL REALITY MARKET BY COMPONENT, 2017-2027 (USD BILLION)
TABLE 2 GLOBAL VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2017-2027 (USD BILLION)
TABLE 3 GLOBAL VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2017-2027 (USD BILLION)
TABLE 4 GLOBAL VIRTUAL REALITY MARKET, BY VERTICAL 2017-2027 (USD BILLION)
TABLE 5 GLOBAL VIRTUAL REALITY MARKET, BY REGION, 2017-2027 (USD BILLION)
LIST OF TABLES
FIGURE 1 GLOBAL VIRTUAL REALITY MARKET: DRIVERS CHALLENGES & OPPORTUINITIES
FIGURE 2 GLOBAL VIRTUAL REALITY MARKET: SUPPLY CHAIN ANALYSIS
FIGURE 3 GLOBAL VIRTUAL REALITY MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 4 GLOBAL VIRTUAL REALITY MARKET BY COMPONENT, 2017-2027 (USD BILLION)
FIGURE 5 GLOBAL VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2017-2027 (USD BILLION)
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