Virtual reality is a computer generated environment in which humans can interact with the help of various devices. When we hear the term VR, what might run through our minds would be head mounted screens or gloves with sensors which help us interact in a VR environment.
It would be hard to believe that VR has been around since the 1960s, taking various forms since then. The current form has been around only over the past 3 or 4 years though. A technology that’s been around for years, a technology that various leaders of different industries have already their hands on. Can we, based on these facts, arrive at the conclusion that VR is here to stay and will be the technology of the future?
From what we’ve seen so far, a lot of technologies gained considerable attention but lost all their glamour over a period of time. But in the case of VR, the facts tell otherwise, not only because it has managed to sustain over the years but also because of its ever-increasing, wide range of applications.
The global value of VR market was estimated to be around USD 960.9 million in 2016 and it is projected to reach USD 22.4 billion by 2020, given the new industrial possibilities of the technology. And when we speak about VR market, it includes the VR software sector as well along with the hardware industry. The above stats clearly show us that the VR software components are going to boom in the coming days. Credits go to the growing trend of adopting VR software platforms and applications, majorly the consumer grade VR applications that come under gaming and entertainment industries.
Currently only a few giants in the VR market are well known, major ones being Samsung, Google, Oculus etc. But a lot of others such as Facebook and Intel are already conducting R&D to have devices developed for themselves. To point out a few examples on the demand and consumption of VR, the very first VR cinema was launched in Amsterdam last year, HTC launched a VR for Netflix and the Walmart owned online shopping platform allows its candidates to experience its office culture by leveraging VR. All these are clear indicators of a bright future for VR.
But all these are minor hiccups in the path of growth of VR and will definitely be sorted out. Thus, considering all the facts on-board, Virtual Reality proves to be an inveterate, deep rooted technology which is going to be around in the foreseeable future.