Opportunities in Virtual Reality
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What is Virtual Reality?
On the cusp of becoming part of mainstream culture and with the greatest accessibility in its history, virtual reality looks to become the next new frontier experience since the invention of the internet. With its developmental history dating back to the 1950s, emerging advancement in technology has turned the concept of virtual reality for all, a near reality. Using computer generated technology to immerse the user in a fictional or real environment, virtual reality excels by catering to the human senses. Primarily focused on affecting vision and auditory senses, virtual reality looks to make the user feel as though they are experiencing and witnessing the projected situation. The key to effective virtual reality is immersing the user into this world created by computer technology. |
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Where is it commonly used?
Virtual reality has long been an element used in the multibillion dollar gaming industry but is regularly used in many industries. The advancement in technology has resulted in virtual reality becoming more accessible to the general populace, creating new market for entry for many businesses. Many industries presently use virtual reality to varying degrees and they include (Applications of Virtual Reality, 2016):
Educational Usage/Pedagogy
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LECTURE VR
This tool allows you to immerse yourself in history or to recapture any lectures you may have missed. Platform: Occulus Rift & HTC VIVE |
JAUNT PLAYER
This app allows you to experience 360 degree storytelling as though you were experiencing film. Platform: iOS & Android |
Why companies are buying in?
Investors are eager to be part of the virtual reality industry. In the past, revenue from virtual reality segments focused on the video gaming industry but the software development of virtual reality is expected to exceed the gaming industry by 2019. In fact, investment will reach $2.2 Billion in the industry this year. Investors are looking to have a market established and in order to do so, development and infrastructure must meet expectations to create a sustainable demand. They will want to secure the early adopters first in the market to segue that into an early and late market majority.
Virtual reality has the potential to drastically change the world, economy and way people live their lives. Imagine attending virtual classrooms, heading to virtual malls to try on new clothing or drastically reducing carbon emissions because people do not need to leave their homes for the same purposes they had to before. Socialize, work and attend school classrooms virtually. On the cusp of a transformational shift like the creation of internet, the realities of virtual reality are only beginning.
Investors are eager to be part of the virtual reality industry. In the past, revenue from virtual reality segments focused on the video gaming industry but the software development of virtual reality is expected to exceed the gaming industry by 2019. In fact, investment will reach $2.2 Billion in the industry this year. Investors are looking to have a market established and in order to do so, development and infrastructure must meet expectations to create a sustainable demand. They will want to secure the early adopters first in the market to segue that into an early and late market majority.
Virtual reality has the potential to drastically change the world, economy and way people live their lives. Imagine attending virtual classrooms, heading to virtual malls to try on new clothing or drastically reducing carbon emissions because people do not need to leave their homes for the same purposes they had to before. Socialize, work and attend school classrooms virtually. On the cusp of a transformational shift like the creation of internet, the realities of virtual reality are only beginning.