Virtual Reality is one of the most exciting and potentially profitable tech developments of the recent five years. As brands and consumers start to explore the limits of this exciting, immersive technology, investments in the sector are growing.
However, just how far will things go? Will worldwide spending on virtual reality double in 2017? With experts estimating the VR boom could be worth a staggering $150 billion, chances are that it could.
The Right Audience
One of the reasons why Virtual Reality has become such a desirable investment is that there is an entire generation of people willing to explore the technology — and it’s not just gamers.
Virtual Reality has been used in everything from tourism to the rehabilitation of criminals, and the technology is still in its infancy.
Unlike developments like new smartphones and computers, VR is an exciting technology that’s not only radically different but also endlessly useful.
This has created an audience of technophiles, gamers, marketers, artists, and visionaries who are all driving the improvement and distribution of the tech — and that means it’s attracting serious investors.
Even the greatest technology must start somewhere, and truly immersive VR has been a long time in the making.
This process has seen massive improvements made, and this year the market will become flooded with affordable VR devices that are accessible to the curious market across the globe.
The fact that companies like Sony are putting VR in peoples’ hands means that they are investing in a quantity business model. They are trying to make more profit by lowering product prices in the hope of increased sales volume.
The result of this increased accessibility is more real-time testing, improved user experience, and a price war that will generate huge sales in 2017.
The fact that Virtual Reality is not entirely new in the eyes of the world will also contribute to greater spending this year.
This is because the percentage of early adopters and digital natives is comparatively low. VR has had to overcome the skepticism and fear that always accompanies new technology — especially from the older generation.
Just like the TV and cell phone before it, early VR developers had to overcome a natural mistrust that seems to limit sales in the early years.
One of the reasons why VR is likely to do so well this year is because there have been several developments to help demystify the world of Virtual Reality.
The first is the wide use of devices mentioned earlier. The fact that they are out there, and that they are being embraced, means that people are less likely to reject the technology.
The second factor to consider is the improved cyber security that comes with every new technology. One of the biggest barriers to embracing new tech is the fear of cybercrime. With so much choice in the world of affordable cyber security, people are more likely to try out exciting tech like VR.
The New Normal
As technology is replaced, its predecessors are phased out. In terms of entertainment, normal movies are being replaced by 3D and 4D experiences. Traditional TV is being replaced by on-demand streaming services, and soon virtual and augmented reality will become the norm.
Technology is changing so quickly that before we know it, VR will become the normal way we enjoy entertainment, learn, travel, game, ecommerce (like this carbonite offer code) and experience our world.
Although it won’t be the only way to see the world, it will be the best — and that means that before we know it, VR will be normal.
Normalization is key to huge spikes in investments, and the array of devices and content designed specifically for VR suggests that this immersive world will soon become common in our homes and lives.
An Exciting Future
Virtual Reality is a new technology and we haven’t even scratched the surface of its capabilities. The long-term prospects of virtual experiences make it attractive to investors and visionaries who will continue to push the boundaries of what is possible.
With so many factors going for Virtual Reality, it’s clear that this booming industry is going to see huge spending, both in 2017 and the near future.
The question for consumers and investors alike is how early they want to delve into the virtual world.