Today, Facebook announced that it would be shelving the in-person component of its virtual reality-focused Oculus Connect 7 conference due to COVID-19

Is VR just a trend or is it something to stay for decades to come?

Since the year 2000, there has been continued growth in VR technology and is arguably the period with the most tremendous innovation since VR’s inception. In 2001, SAS Cube created the first PC based cubic room that then led to the development of Virtools VR pack, a library pack add-on. After its 2007 release of google Street View, in 2010, google introduced stereoscopic 3D mode for Street View. This allowed users to stand on the street and physically look around the 3D image. It was also in 2010 that 18-year-old Palmer Luckey created the first prototype of Oculus Rift, the famous VR headset. It was the first time a 90-degree field of vision was used, and the new oculus rift headset relied on processing power of a computer to render its visuals. This reinvigorated interest in the VR space.

2012 was also a big year for Palmer Luckey, he launched a Kickstarter campaign for Oculus Rift that raised $2.4 million USD in funding. Two years later, in 2014, Facebook bought Oculus VR company for 2 billion USD.

2014 was an exciting year for the VR community. Not only was Oculus VR company purchased by Facebook, but Sony announced their VR headset for the PS4 under the name ‘Project Morpheus’. 2014 was also the year that Samsung announced the Samsung VR gear that would eventually be released in 2016.

In 2016, HTC Vive, Oculus Rift and Playstation VR were all released. It is also the first year, many say, that VR became accessible to consumers in their own homes for gaming and media entertainment. All headsets had accompanying hand-held devices that allowed for movement and use of hands when interfacing with VR. Because of how pricey the VR headsets and handsets were, most of the VR users in 2016 were underwhelmed with the VR’s affordability. It’s also important to note that June 2016 is the birth month of Veer!

2017 was the year that bridged the gap between expectations and reality. In 2016, many were excited about VR potential, but thought that the content was sparse and the price of VR headsets too expensive. In 2017, Sony bundled PS4 consoles with PSVR headsets in order to attract more users. This fact paired with Oculus’ summer sale of hardware spurred the purchasing of VR headsets and gear. 2017 is also the year that Microsoft entered the VR industry.

This past September Oculus hosted the OC5, their annual conference detailing hardware, software and content innovation in VR. At the conference, they announced: The Oculus Quest, available in Spring 2019, which is their first all-in-one headset with positionally tracked controllers; an exclusive Star Wars game that allows the player to take up a lightsaber like a Jedi; and a professional-grade, set ready 3D/360 camera created in partnership with Facebook and RED. At the E3 video game conference, HTC announced an adapter for the Vive to make it wireless which is set to launch this summer.

The global virtual reality market size was valued at USD 960.9 million in 2016 and expected an exponential growth over the forecast period from 2014-2025, said Grand View Research. The projected market potential benefits from diverse and affordable VR devices, and its ability to be incorporated into the widespread application from commercial to medical fields. The considerable market potential attracts many tech companies to share the big pie. Although the VR market is highly dynamic, the competition is also very intense, requiring the tech companies to upgrade their products consistently.

Image retrieved from Statista

Virtual reality is a hot topic in the field of science and technology. It is assumed that the cost of hardware and the complexity of production are the obstructions for the massive adoption of virtual reality. However, the experts from the VR industry have different opinions. Virtual reality is an underestimated field that could bring changes to medical therapy, professional training, and life experiences for both consumers and business beyond videos and games.

AR Technology

According to Lumus By 2025, AR will be big in the video game market, accounting for an estimated $11.6 billion out of what will probably be a trillion-dollar business by that time. (That’s a conservative number for AR gaming.) And there are plenty of other industries where AR (and virtual reality) will contribute to revenue by 2025. Healthcare at $5.1 billion (imagine devices that can find veins faster than a phlebotomist), engineering at $4.7 billion, live events (picture Kanye dancing…with Kanye!) at $4.1 billion, the military at $1.6 billion, and the list goes on. Even at the low end, the education market will make $7 million using AR products.

Looking at some specific industries, the infographic indicates that in real estate and home improvement, for example, $2.6 billion in 2025 will be driven by features such as interactive 3D walkthroughs using VR headsets and using AR to drive by a home and instantly get information on it using your mobile device, no Zillow search required. Ikea is already in on the act: It has an app that scales its items for sale to depict what they’d look like in pictures of your own home.

There are other industries like the Retail industry that AR and VR technology its takin over and have a really big future as well.

This is a great example so you can have a good inside about AR and VR in the retail industry.

Other industries that are using AR and VR technology are Videos games, Real estate, Military, Education, etc.

This is a great infographic that I found that explains a bit more the potential that AR has in the future

Do you like VR videos and immerse yourself in a VR World? Check out VeeR VR, feel free to follow and request me any 360 or/and VR relevant questions! 🙂