Virtual Reality Is The New Reality

VR has finally broken the jinx and is changing all norms in the tech space. It is likely to grow exponentially as it promises a whole new dimension to customer experience.

- Onkar Sharma

Excitement around Virtual Reality (VR) has triggered a new revolution in the global market. Interestingly, India is at the forefront of exploiting virtual reality to its best for various industries. Deloitte had predicted in the beginning of 2016 that virtual reality would “have its first billion dollar year in 2016 with $700mn in hardware sales, and the remainder from content.” Exact figures are yet not with Dataquest about the global VR headset and content revenues. But it is believed that VR market would be closer to what Deloitte had initially presumed. Statista and Superdata report endorses this claim with relatively larger figure. According to Statista and Superdata report, the VR market is pegged between $3bn and $5bn currently and expected to grow to approximately $40bn by 2020.

The scope for VR is horizontal and widespread as VR promises consumer and enterprise applications in the long run. It is much like the craze for smartphones which began with games and culminated to a whole of industries and professional activities. But VR is a technology that is set to become far more important to the societal landscape than just gaming. In a mix with augmented reality, virtual reality is believed to transform a number of sectors offering users incredible experience of miles-away locations from their boardroom or drawing room. VR has found its way into the marketing arena as a heavyweight implementation tool. Several use cases surfaced during NVIDIA’s GTC conference in San Jose in 2016 where the company had set up a whole VR Village to manifest people how VR can transform industries and human life.