Over the past couple of years, the introduction of commercial VR and AR products, such as the Samsung Oculus and the PlayStation headset has seen a huge increase in popularity. Before this, VR has been somewhat enigmatic to the general public. Despite any success that this technology has experienced up to now, experts have stated that this is only the very beginning. The commercialisation of virtual reality and augmented reality have set the precedent for mobile app development and future gaming. With this technology at the very conception of its journey to success, it’s interesting to gain a real insight into how the experts feel that this will go.
Paving the way of the computing platform:
VR and AR have touched base upon the gaming and entertainment platforms, but Mark Zuckerberg, the creator of Facebook, believes that VR could in fact be the new platform for business and computing. This will take years for companies to fully integrate or even warm up to the idea, but could really push the boundaries of business convention that we have all grown accustomed to. This could be a new way to conduct interviews, training seminars and even business meeting.
AR and VR are still taking baby steps in the commercial market, and are used as more of an entertainment novelty rather than for everyday life. According to Zuckerberg’s predictions, it will be as long as a decade before people begin to assimilate VR and AR technology into everyday life and into mainstream society. Mobile app development needs to be developed with purposeful and interesting uses for this technology, in order for it to become more necessary and useful in everyday situations. Tech companies are now integrating specialist teams of researchers, developers and technicians to help to break through the noise and discover the new uses for virtual reality. Everybody is open to making mistakes, and the process is still in the trial and error stage of the journey. Facebook is said to be in the process of shutting down 500 demo sites that haven’t peaked the public’s interest. This process can be long and meticulous, but in the end, technology will prevail.
Experiencing new things:
In addition to gaming, or cinematic experience, virtual reality and augmented reality can also take people to far off or inhabitable destinations. For example, when you immerse yourself in VR technology, you can be taken into the depths of the ocean, or to the heights of space, witnessing new and exciting things, such as a shark swimming above you, or the Earth in orbit. Whether this is to be used as a form of escapism, or for educational purposes, it is opening the world up to new and exciting way of life.
Potential for market:
It has been estimated that the VR market will reach as much as $22 billion by the year 2020, this is estimated by a combination of both software (apps, programmes) and hardware (devices) sales. Augmented reality is set to make the most headway in the technology, this combined with VR is predicted to be worth $121 billion, and this estimate is only the beginning, this could go much much further in years to come.
The investment potential for this technology is still extremely high, as it is only at the conception of the process. The potential for VR and AR is an ongoing and somewhat slow burning process, but it’s because of this, that people are able to ”jump on the band wagon” and invest. As shown through the failures of Facebook, there are still some uncertainties in the VR and AR market, and finding the peak of consumer interest and assimilation of the technologies into everyday life will certainly prove to be a struggle, but will also come out triumphant. As the soft and hardware for virtual reality advances, then the commercial interest will begin to peak and the integration into everyday life will begin to happen. VR and AR technology will gradually become more mainstream and used in everyday life.