VR is a see it and try it to believe it kind of product. Some people will say it’s dying or dead. But that’s not true. It’s growing. VR’s many applications aren’t just a passing trend, they’re telling of what we pour our money and ideas into as citizens of the world. This is where true growth stems from.
Let’s talk about money. This month, FinancialNewsMedia.com reported that VR and AR are valued “… at around USD $26.7 billion in 2018 and is expected to reach approximately USD $814.7 billion by 2025, at a CAGR of 63.01% between 2019 and 2025.” from analysis done by Zion Market Research.
What’s firing up the growth of the VR industry?
The following areas are working to build momentum for the virtual reality industry to keep its upward trajectory.
There’s now a variety of VR headsets that are being manufactured for in-home entertainment and those that are for business and development use. HTC has the Vive and Vive Pro while Oculus has the Rift, the standalone Go, and soon to be released Oculus Quest (2019).
With action-packed games like Superhot and Beat Saber, players spend more time adventuring than binge-watching TV shows on the couch or sitting for hours staring at a phone.
HTC just announced the
Entertainment and Gaming
Movies, art, games, music, esports – VR’s got them all. We can rock out and hit pinballs in games like METAL MULTIBALL and stand awe-struck at life-changing art galleries from Shepard Fairey from home. We can dance to music videos in 360-degrees or get transported to another world with films at Sundance.
VR is immersive tech that’s keeping the industry fresh with content. Kids who are hospital bound are indeed using headsets to distract them during painful medical procedures and to bring light into their lives.
Even esports, a realm that was once stuck in 2D pancake gameplay and rapid mouse clicking, is now stepping into virtual worlds for VR athletes to compete against each other. Virtuix Omni, an omnidirectional treadmill company is getting involved in esports with their platforms that let players walk and run in real life to move in the game.
Health and Education
Health and well-being is a major part of our lives. Who’s leading training and education with immersive tech? VR is. Hospitals are devoting whole rooms to educating their patients and training brain surgeons for procedures.
Basketball and football teams at the professional to student-athlete level are using VR powered concussion training and assessments. There are even ways to view the heart and cancer cells, plus ways to use VR to do 3D modeling of cells for pharmaceutical and laboratory use.
VR Growth Depends on Innovation
Regardless of how much money VR makes in the coming years, there are two things that are a guarantee – it’s helping drive innovation and it’s helping people. The companies, the people behind them, and the use cases above are what’s elevating VR and everyone involved into a new realm of possibilities for growth. Rome wasn’t built in a day, the same goes for VR.