Introduction to Virtual and Augmented Reality
Virtual reality (VR) and augmented reality (AR) have gotten increasingly popular, with VR kiosks in shopping malls and the hit AR game Pokémon Go. However, these technologies will not be only for entertainment; they’re getting used in various industries and applications.
The Emerging Market
A study by Yeti LLC, a design and development studio, found that 85% of product developers within the US have VR projects underway or plan to start out one inside the following two years. The majority of respondents have already got at the very least one VR-capable developer on staff, but recognize that they need more staff to handle their larger VR-related ambitions.
Industries that Will be Impacted
The study found that the first industries that shall be impacted by VR in the following two years are:
- Entertainment (84%)
- Education (74%)
- Media (63%)
- Medical and healthcare (60%)
- High tech (56%)
- Travel (54%)
- Arts (52%)
- Real estate (51%)
Other industries that shall be impacted include recreation, consumer goods, manufacturing, construction, service industry, and transportation.
The Future of AR and VR
Worldwide revenues for the AR and VR market are expected to achieve $162 billion in 2020, up from $5.2 billion in 2016. This represents a compound annual growth rate of 181% over the 2015-2020 forecast period. The growth of those technologies shall be driven by the event of recent, less expensive hardware and the creation of recent experiences and applications.
Challenges and Opportunities
Despite the keenness for VR, there are challenges to its adoption. 40% of respondents cited budget challenges as a significant obstacle, and 40% admitted to having only a mean or below average understanding of the VR development process. However, the expansion of those technologies may also create latest opportunities for developers, firms, and individuals.
Conclusion
Virtual and augmented reality are quickly becoming an element of our lives, with applications in entertainment, education, healthcare, and plenty of other industries. While there are challenges to their adoption, the potential advantages and opportunities are significant. As the technology continues to evolve and improve, we are able to expect to see much more progressive uses of VR and AR in the long run.
