Location Based Virtual Reality (VR) Market Seeing the Future

  • Virtual Reality (VR) leverages advanced computer technologies to simulate experiences for the user.
  • The potential for VR is untapped and vast.
  • Every industry is feeling the intensity of the potential of VR.

The term ‘virtual reality’ got popular from a 1982 sci-fi novel by Damien Broderick, ‘The Judas Mandala.’ In the last few decades, the term coined by a sci-fi writer has not only entered our reality but also is expected to find application in our day-to-day lives. So, let’s have a look at what actually the technology is about –

Virtual Reality (VR) leverages advanced computer technologies to simulate experiences for the user similar to or entirely different from reality. The technology enables the projection of realistic images, sensations, and sounds using VR equipment such as virtual reality headsets. It facilitates interaction between objects and the user through artificial sensations. The use of haptic technology, which is said to prompt 3D touch, is the one we can depend on for developments in the virtual reality industry.

‘Til now, the gaming industry was thriving on graphics that could depict reality through animations.

Financial Status of the Technology

VR has been attracting massive investments over the years. The potential is untapped and vast. Now is the crucial time to invest in opportunities exhibited by the technology. The rate of penetration of VR technology is quite high which assures the importance of adopting the technology now. It’s the VR way or the highway!

Companies are expanding their reach and resources to capitalize on virtual reality popularity. To illustrate, Facebook has bought Beat Games, a Prague-based VR game studio. So, yes, with all these giants joining the bandwagon, the future is set to be magnificent for the technology.

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Why the Hype?

Well, to understand this, one has to understand the potential of the technology by going through its applications –

Gaming

The gaming industry is turning heads with its rapid pace of development. Gamers are always up for a little more ‘into the gaming reality.’ However, the cherry on the cake is the 3D touch. ‘Til now, the gaming industry was thriving on graphics that could depict reality through animations. Thus, creating a new reality that facilitates interactions was bound to gain quick mileage. Well, it was not hard to foresee the utilization of VR technology in the gaming industry. What has yet to be seen is how far do these two go on supporting each other’s growth!

In the last few decades, the term coined by a sci-fi writer has not only entered our reality but also is expected to find application in our day-to-day lives.

Defense

While the world is relying on the gaming industry to make the most out of the technology, the defense sector is already counting on it for building armies trained for every situation. It has always been difficult to provide hands-on experience to soldiers for the kind of things they might be expected to do. Thus, virtual reality has been welcomed in the sector by veterans.

Recently, one of the largest U.S. defense contractors, Raytheon, introduced its new cutting-edge military training product at the world’s largest simulation, modeling, and training event – I/ITSEC. The product, Synthetic Training Environment Soldier Virtual Trainer, employs virtual reality for training soldiers in different scenarios with both virtual and real weapons.

Do you really think that these are the only two industries that have felt the ripples of the waves of virtual reality? Of course NOT! Consumer electronics, aerospace, healthcare, I repeat, every industry is feeling the intensity of the potential of the technology. Hence, the hype!

Takeaway

The following lines quoted by the founder of Oculus VR says it all: “Why shouldn’t people be able to teleport wherever they want?”

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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