Innovation in technology moves in waves, and VR entertainment is no exception. If you catch the wave too late, you’ll drown. Too early, and you’ll put in lots of effort, usually for nothing. The ride of your life is guaranteed if you catch it at the right time! It’s always a new platform that causes the biggest waves, changing the way we work, play, and live.
It is estimated that the VR industry will reach $120 billion by next year. Goldman Sachs reports that total VR revenues will reach $182 billion by 2025, with TV becoming a smaller market than VR hardware.
The success of the major VR platforms – Sony Playstation VR, HTC Vive, and Oculus Rift – is only the beginning. It is only their prices that hinder their mass adoption. We have reason to believe that it will be possible to reduce prices to reach a wider audience. Smartphones were costly at first as well. Now, everyone can afford one. Smartphones were a wave of innovation, now VR is a wave of innovation. The price drop won’t come at the expense of quality – these platforms will still deliver epic experiences with immersive sensations, rich graphics, intuitive controls, and positional tracking.
Samsung has already started the cutthroat competition with its quite affordable headset Gear VR, which uses a Galaxy smartphone for a screen. On an even lower end, Google is offering its Cardboard with 360-degree views of music events and sporting events among others.
Games, education, filmed entertainment, and health care are all areas, in which VR has lots of potential. Augmented Reality, its next-of-kin, will be no less disruptive. In fact, a lot of experts find that AR will bring about even bigger and better opportunities. A gadget you can wear all the time letting you see digital imagery and the natural world, like a pair of sunglasses, could become the most organic and intuitive interface we’ve ever known. Google stands behind AR development and has invested a fortune in gadgets like Magic Leap. Microsoft is no less serious about entering the market if we are to judge by its HoloLens. We also believe an Apple VR headset may be coming soon, even though there are no clear indications of that. After all, they’re the only ones who haven’t jumped the bandwagon.
VR still sits murky waters like any early industry. There is no dominant platform, no clear purpose of use, and no fixed business models (except for games and hardware sales). Now is the best time to ride the wave.