Virtual Reality (VR) and Augmented Reality (AR) have really gained some momentum over the past couple of years, mainly due to the commercial introduction heralded by gaming and mobile companies. Despite this success, this technology is still at the very initial stages of the journey to success.

The PlayStation and Samsung headsets for VR technology have really opened up the way for mobile and gaming technology to develop alongside, and the commercial potential and accessibility to follow suit. With the VR and AR technologies at the beginning of their journey, it’s interesting to gain a real insight into how the technology is set to progress…

VR: The next platform for computing?

The main focus for VR technology has been gaming and entertainment, but in a recent interview, Mark Zuckerberg, the creator of Facebook, revealed that VR could in fact be the next platform for computing and business. This will surely surpass any of our existing parameters and conventions, and if successfully incorporated into the business world, could provide the resources for business meetings, interviews and employee training.

Gaining momentum:

As previously mentioned, VR and AR are in the preliminary stages of their technological success journey, as the applications and programmes designed are quite a novelty. According to Zuckerberg, it will take around 5-10 years for the technology to be assimilated and integrated into our mainstream society. In order to gain traction in the market, app developers and companies need to focus on finding useful and interesting ways to assimilate the technology into everyday life.

The company Apadmi has a specialist team of researchers, developers and technicians who assisted with the design and creation of the first smartphone, they are using this knowledge to find the break through programming that will gain momentum in the VR and AR world. This process is in the trial and error stages, and Facebook is currently shutting down up to 500 demo sites that haven’t peaked public interest. This could be a tiresome and meticulous process, but this will be worth the efforts.

New experiences:

There are countless different purposes for VR, one being the notion of exploring far off, interesting destinations. People can immerse themselves in this virtual reality, exploring hostile and uninhabited destinations such as the Amazon Rainforest, or outer space. This can be used for a number of different purposes, either as a form of escapism, help with mental illness and for educational purposes. VR and AR is currently limited to the visual and auditory senses, but as technology progresses, developers will seek to include other senses, reminiscent to the 4D cinematic experience, where touch and smell are incorporated.

Marketing potential:

It has been approximated that the VR market will reach a staggering $22 billion by 2020, determined by both hardware and software sales. Augmented reality is set to make the most headway in the technology, this combined with VR is set to be worth a staggering $121 billion, with the potential for even further future growth.

The slow burning success of this technology is perfect for investment, as it is an ongoing process that is undoubtedly going to increase throughout the years, and because of this particular nature, the opportunity to invest has not yet come to a close. As shown through the failures of Facebook, there are still some uncertainties in the VR and AR market, and finding the peak of consumer interest and assimilation of the technologies into everyday life will certainly prove to be a struggle, but will also come out triumphant.  

As the hardware and software for the technology advances, consumer interest will peak and there will be an influx in purchases, and VR and AR technology will gradually become more mainstream and used in everyday life.