Virtual Reality and Augmented Reality are two of today’s biggest revolutions, and it’s no secret that this market continues to grow and that it will continue to do unstoppably, according to experts.
For example, for the consulting firm GfK Virtual Reality (VR) and Augmented Reality (AR), mobile payments, wearables, Smart home, and self-driving cars are the top five trends that are transforming people’s lives this year.
Also, according to the GfK study, 31% of the consumers surveyed stated that they found the idea of having a virtual reality device “very attractive”. In fact, a 54% would use it in video viewing and a 52% in different educational tasks.
VR and RA to the mass market
So, according to GfK, this year is the time of Virtual Reality and also of augmented, because, according to the consultancy, they will start to make their mark on distribution, and also in many other industries other than that of video games.
Technology companies began to set their sights on VR and RA following the release of PlayStation VR. Since then, large technology companies such as Facebook, Google and Microsoft have been developing this technology and growing the market.
According to IDC calculations, the Virtual Reality and Augmented Reality market will increase by 100% or more annually over the next four years, so total spending on VR and RA products and services is expected to increase from $11.4 billion in 2017 to nearly $21 $5 billion in 2021, achieving a compound annual growth rate (CAGR) of $113.2% along the way.
Geographically, there will also be changes, as according to IDC this year the United States is the region with the most spending ON VR and RA ($3.2 billion), followed by Asia/Pacific (APeJ) with $3.0 billion, and then Western Europe ($2.0 billion).
However, in 2018 and 2019, APeJ will take the lead. In 2020, the United States will regain the top spot. And in 2021, Western Europe will become second to areplacing APeJ.
On the other hand, according to a study by ABI Research, in 2022 Virtual Reality will have a base of 256 million users worldwide, with revenues of more than $60 billion. According to ABI Research, the consumer market is expected to be the largest revenue.
Michael Inouye, an analyst at ABI Research, said, “We are very interested in certain very promising sectors in this area such as retail, healthcare, automotive, education, real estate and more.”
Obstacles
But even though many companies are attracted to this technology, there are a number of obstacles that prevent it from growing massively. The main obstacle, according to 73% of the surveyofs of the GfK study, is the price of Virtual Reality headsets, followed by the cost of other hardware, with 64%, safety concerns when using RV away from home, with 61 %, the concern of not being able to share the experience with others with the 44% , and the nervousness at the possibility that the VR will consume a lot of attention.
Finally, the study also mentioned that concern about motion sickness was manifested in only 33% respondents, and publicity was only about 26%.
Increasingly accessible technology
According to the GfK study, despite the possible obstacles VR and RA have a lot to offer and, thanks to the investment of large technology brands, they are improving every day making it gradually grow.
For example, this technology is becoming more accessible with the help of PlayStation VR, or with HTC Vive and Oculus Rift. There are also more affordable options that are available for smartphones, such as Google DayDream or Samsung Gear
In addition, more and more industries are looking to maximize the power of Virtual Reality and Augmented Reality, focusing on improving each experience so that the user has something unique, that keeps them connected, and that it is above the “real”.
On the other hand, the study also emphasizes that VR and RA extend beyond games, reaching videos and education, as well as design, communications, tourism, shopping, manufacturing and even the work area.
Paul Simpson, Expert on Virtual Reality and Augmented Reality at GfK said, “To date it has been difficult, perhaps impossible, for consumers to imagine how VR and AR could fit into their lives. We believe something has changed with the release of PlayStation VR last year, at least among a small but influential, user group. For the first time, people have had an exceptional VR experience and many people have heard of it. This has provided an opportunity for brands, companies and other organizations to apply the possibilities of VR. From retail to travel, education to health, design to media and entertainment, the public is ready for a new and renewed approach.”
HP bets on Virtual Reality in companies
An example that Virtual Reality is no longer just focused on video games is the case of HP, which has just announced new solutions for Virtual Reality and aimed at companies that want to reduce production time, improve training procedures and offer better customer experiences.
One of these solutions is the new HP Z VR Backpack, which is marketed as a working PC for all types of business. It is designed to give you high-end performance and allow customers to be able to demonstrate Virtual Reality, for example, from a car or a house they might be interested in.
The HP Z VR Backpack is focused on a professional market. The company sees it as a perfect complement to companies in product design, architecture, healthcare, training, automotive and entertainment. On the one hand, it could have an internal use of employees. But on the other hand, it also offers new ways to show the products to potential customers.
The backpack offers the freedom to move and maintain total immersion with great performance. It is a complete workstation that allows you to squeeze the full potential of VR. This includes a lightweight, cordless design, allowing for a fully immersive experience. In addition, it features an ergonomic design and hot-swappable batteries to provide greater freedom.
In addition to selling the backpack, HP is investing in virtual immersion and augmented reality technologies to give customers and partners excellent tools for professional use of virtual reality.
