Virtual reality picked up pace from 2015 and investors have since, given their all on the VR products, amounting to more than $700 million. As the year comes to a close, the figures point at $1 billion and is predicted to cross this mark by next year.
At a point where VR product sales are at its highest ebb, the future seems to be pretty much mapped out. Improvements like virtual experience, apps, hardware and much more are being implemented and virtual reality is here to stay and rake in the moolah. Oculus Rift is a classic example for wearable VR device that is in trend right now.
Going down to the brass tacks, virtual reality technology however faces many hurdles that drag the prospective progress pegged for the technology.
1. Heavy on the wallet: VR products are made big and sold bigger. Investing a lot on the development and manufacturing processes, the products are priced accordingly. Though the market is filled with well endowed customers in abundance, acceptance of the product in mass market is a roadblock. A solution to the paradigm is Google’s Cardboard device, which provides nearly equal experience as Oculus or HTC but has failed to emulate their experience.
2. Limited Purpose Build: VR products were built keeping a single sector of audience in mind, that being gamers. With majority of sales pitched to this sector, it however, narrows down its own popularity and potential to cater to other smart device users apart from gamers and developers.
How easy is Augmented Reality?
Augmented reality has been claiming its rightful place in a passive manner.
1. Easily available: With Pokemon Go, being the most downloaded and played app, although not as popular as VR devices, it has its share of crazy downloads and rave reviews.
One thing that everyone notices with AR is that it is easily available for access. And in this case, in the form of an app! It does not however, lessen the complexity of the technology in any way.
2. Cost Effective: Another major redeeming factor is that it is either sold free in the online market or sold at nominal rates that everyone can afford. This catches the attention of the mass market and hence lays its foundation to bring out more instant experience for the users.
3. Potential technology for development: Some interesting developments in AR technology are the introduction of 3D mails, photos and text messages. Augmented reality is being used more and more in mobile devices that everyone has which breaks the boundary of target audience and encompasses every user.
For the future, wise investment would be augmented reality as an obvious choice for reasons pertaining to sustainability and a proper development strategy and potential.
Collaborator: Shruti Balakrishnan