The virtual reality market is hypothetically massive; its applications are greatly increasing, and attracting money at a high rate.
According to research data by Statista, both hardware as well as software in the space will rake in approximately $2.3 billion in revenue returns for the year 2015 globally, against $90 million last year 2014. Come 2018, the form projects sales of virtual reality to hit about $5.2 billion.
That is not a surprise, then, that establishments such as Google, Intel and Facebook are investing. Facebook did acquire the developer of VR headset, Oculus in 2014. The Oculus Rift headset will be launching by the first quarter of next year. Google is now selling its Cardboard VR viewer, which is compatible with Smartphone, and it goes with its developed apps.
Intel has come up with virtual reality tech for the Razer cameras used as gaming controllers. Razer is expected to launch them by early 2016. Again, that early next year, Sony is set to unveil its virtual reality undersea gaming experience known as ‘The Deep’ together with the launch of its Project Morpheus headset.
Technology firms are not the only ones capitalizing in virtual reality (VR). The New York Times recently launched a 3-Dimentional viewer. At least a junior firm has seen some early success in virtual reality gaming. Crowd-funded VR Game Star Citizen, developed by Roberts Space Industries has raised more than $100 million just in funds.
Neville Spiteri, the co-founder and CEO of Wevr said, “Virtual reality is a whole new medium, as a result, there’s a whole new wave of creators, storytellers, writers, directors, game designers that are really intrigued by the new medium and are developing content for it.”
Oculus has worked with the former Pixar employee already on virtual reality entertainment that will be available to the users of Oculus Rift by the time that headset goes on sale. Certainly, there are more concrete applications for virtual reality beyond just entertainment.
Air Force pilots are currently undergoing training on Lockheed Martin aircraft that uses virtual reality, and at Collaborative Human Immersive Laboratory, an aeroscope and defense firm, virtual reality is used to stimulate operation as well as missile launches of spacecraft.
Experts say that the hardware and software of virtual reality could possibly change the way the health care industry runs.
According to Dr. Aaron Bair, a medical director at Center for Health and Technology & Center for Virtual Care at University of California, virtual reality is currently being useful in teaching students ways to perform ultrasounds and endoscopies as well as how to place cardiac catheters in patients who suffer from heart problems.
Bair through an email said, “If there was even a small fraction of the investment in health care VR as there has been in gaming console content, it would potentially be revolutionary for teaching.”
Nevertheless, as virtual reality content firms continue to boom, some will definitely produce the ‘bad content.’ We are set to witness a lot of bad virtual reality though. The virtual reality content is still a massive experiment to go. But, that is not a bad thing because some of the finest content will be surfaced from those experiments.