Virtual reality was once the domain of science fiction however, it has come a long way and still has a long way to go. There are many predictions surrounding it particularly with regards to its future as an industry: according to Statista, 44% of individuals between the ages of 19 and 49 claimed to be “very interested” in what is coming to be known as VR while 26% were “quite interested”. It shows a lot of promise.
When most people think of virtual reality, their minds often turn to gaming. However, it is believed that there will be a wide number of applications. VR technology has already paved the way for new online security standards. Many successful start-ups like Fully-Verified have been inspired by VR and the idea of digitalizing mundane everyday activities. The concept itself is already considerably successful in this field. However, it is believed by some that virtual reality could indeed be the next computing platform, a radically different application than that of gaming, films and entertainment. This is according to Mark Zuckerberg, who believes that it will in fact be the main form of communication technology in the future.
This of course means that virtual reality may very well impact the world of work: there are already many firms that hire people on a global or “remote” scale, communicating and working on projects via text and video chat based platforms. Virtual reality could take this to the next level, capturing the real feel and touch of a person and allowing for greater collaboration across vast distances.
Several data sources reveal a few interesting points of information which predict a huge opportunity for VR as an industry. By 2020, Managing Director of Digi Capital Tim Merel stated that he believed the AR (augmented reality) and VR industry will turn out $150 billion dollars in revenue.
As an industry, VR is predicted to generate a large amount of sales. For the most part, it is estimated that many of these sales will come from the gaming sector. According to data from Statista, by 2020 revenues generated from the gaming industry will reach around $22.9 billion. This is a huge leap, especially considering the $660 million that it already generated in 2015.
Eventually, by 2025, Goldman Sachs predicted that the industry will be worth $80 billion. The estimation stands that $45 billion will come from hardware and $35 billion from software.
There are estimations as to how long it could take for VR and AR to gain real traction, surpassing the gaming and entertainment industry and being used in a number of other ways. This is especially true since VR does have the potential to impact all of the senses. Most people tend to think of holograms (sight and sound), however other senses like touch and smell could also be influenced and therefore create a very real experience.
In this regard, it may take a good while before virtual reality becomes this advanced. There are already people holding out for this and hoping that it can indeed create a future market which could influence and change many different aspects of life. Right now, Virtual Reality has turned the corner and is as viable of a business as ever. The VR Junkies Franchise seems to have it cornered with a strong operating system, proprietary technology and a brand that is positioned for leadership in this new and innovative market segment.