After years of research and improvements, virtual reality (VR) has now hit the mainstream. Tech giants like Google, Facebook, Samsung, HTC, Huawei, and many others have been introducing VR devices that bring realistic worlds to life. In the 1990s, virtual reality was mostly associated with science fiction movies and games. Virtual reality is increasingly seen as a technological powerhouse in a multitude of industries, including healthcare, education, training, and retail. History of Virtual Reality and its Future Prospects Before delving into the current role of virtual reality and its future prospects, let's take a look back at how it all began. The first virtual reality device, Sensorama, was used by a cinematographer named Morton Heilig in the 1950s. The Sensorama machine featured a built-in seat used for 3D movies and generated vibrations and sounds to make the users feel as though they were a part of the movie. Since then, many pioneering innovators have been motivated to create new gadgets that deliver a high-quality experience, such as the Oculus, PlayStation VR, and others. Virtual reality use cases VR has several business use cases where it is improving processes, safety, and knowledge in many firms. Retail Ikea: A whole new home and retail VR application In 2016, Ikea launched a one-of-a-kind virtual reality kitchen in Australia, allowing customers to explore a virtual kitchen and visualize its features. This immersive experience was set up to influence the way customers shop for IKEA products. Through this feature, customers could choose different types of fabric, wall colors, and lighting depending on their preferences. This way, Ikea inspires confidence and helps in customers' decision-making. Nike: VR experience in Nike stores Some of Nike’s physical stores are equipped with VR tools. Nike offers clients a virtual reality experience that immerses them in various phases of the supply chain. Customers can scan items such as shoes or apparel to access information about the item. They can also enter a virtual reality environment to experience the many processes in Nike's supply chain and walk through Nike’s manufacturing process. Manufacturing Boeing: The use of VR to upgrade the Boeing manufacturing process Boeing is using VR in the manufacturing of the 737 MAX 10. This experience allows engineers to visualize the manufacturing process, the tools, and the technologies displayed so they can predict potential problems. All of that helps engineers gather data, make any necessary changes, and incorporate these changes into the production system. The company also uses VR for wiring airplanes. Using VR, technicians can readily identify where the electrical wire runs by walking around the airplane, examining the wire renderings in full detail, and receiving instructions hands-free. Renault: The Renault Group's Virtual Reality and Immersive Simulation Center The Renault Group uses virtual reality for vehicle-related virtual design. Virtual reality helps the engineers see the vehicle architecture through an immersive 3D experience and upgrade the designs of the trucks. It allows the designers to test the vehicles without having to make a physical prototype, which saves time and costs and helps in decision-making. Training Verizon: VR to enhance employees' self-defense Verizon, which is a wireless network operator, has started using VR for training to guide employees through dangerous scenarios. Verizon is investing heavily in training its employees. The company is offering self-defense training to teach its employees how to act in case of a robbery or any attack on their commercial shops. Verizon gives headsets to their employees and teaches them how to defend themselves in case of a robbery. This is done by displaying all the steps and instructions to be followed. The future of Virtual Reality in business According to Statista, virtual reality is rapidly expanding. The consumer and corporate VR industry is predicted to exceed USD 12 billion in 2024, up from USD 4 billion in 2020. According to the projections, businesses are very interested in this technology and are willing to invest in it as it saves time and money and allows them to keep up with the market's technological advances. [caption id="attachment_8295" align="aligncenter" width="543"] Consumer and Enterprise virtual reality market revenue wordwide from 2019 to 2024[/caption] VR headset unit sales are expected to increase significantly from 5 million headsets in 2020 to 14 million headsets in 2024. Analysts are also expecting an upgrade to more fashionable, accessible, and small devices. Otherwise, interest is significantly turning to VR in business, which will automatically increase sales of devices and foster competition between the biggest producers to innovate and discover more features that will make the experience more enjoyable. [caption id="attachment_8317" align="aligncenter" width="568"] Virtual reality unit sales worldwide according to Statista[/caption] In conclusion, the transformative impact of augmented virtual reality is unmistakable as it shapes the future, undergoing significant evolution in just a few short years. Leading technology giants like Google, Microsoft, and Sony are at the forefront, investing substantially to innovate and adapt to the rapidly expanding market, exemplified by their investments in augmented VR devices. Succeeding in today's dynamic landscape hinges more on embracing new technologies than mastering traditional processes and value chains. In the fiercely competitive market, companies recognize the pivotal role of technologies in driving success augmented VR not only impacts market size and applications but serves as a catalyst, enhancing sales, building confidence, and facilitating informed decision-making. Explore the vast potential of augmented virtual reality. Sources: Statista Researchgate Usdigitalpartners TechTarget Retailsee Forbes Foundry4 Business.panasonic Demodern
Augmented reality (AR) and Virtual reality (VR) are two emerging technologies, with the first prototypes developed in the 1960s, they are evolving now at an increasingly fast pace to become a daily used technology. In recent years, over 75% of Forbes’ “World’s Most Valuable Brands” have been involved in some form of virtual or augmented reality experience for customers or employees or are themselves innovating and developing these technologies. The investment is expected to increase rapidly in the coming few years, after the Covid-19 pandemic, where AR & VR proved to be useful in many areas such as medical diagnoses and remote learning, among others. [caption id="attachment_5481" align="aligncenter" width="328"] ‘Telesphere Mask’ The first VR headset patented in 1960[/caption] Augmented reality (AR) is an interactive, reality-based display environment that takes the capabilities of the computer-generated display, sound, text, and effects to enhance the user's real-world experience such as in the mobile game Pokémon Go and Snapchat’s filters. Whereas Virtual Reality (VR) uses computer technology to create a wholly simulated environment. VR places the user inside an experience with the help of a headset in contrast to AR which maps holograms over real, physical space through the help of eyeglasses. While AR/VR technologies have been around for a while, their use was hampered by the lack of supporting technologies such as fast internet, HD display, and content to display. The increase in penetration of smartphones, connected devices, and the 5G network, opens a new horizon for commercial and scientific applications. [caption id="attachment_5484" align="aligncenter" width="473"] AR Prototype eyeglasses under development[/caption] The technology was patented in the 1960s, and the first real VR headsets were first introduced by video game companies in the 1990s and took a huge leap in the 2010s with the introduction of HTC (Vive), Sony (PlayStation VR), and Oculus (Rift) – a Facebook company, marking the start of the technology’s commercial use. While VR still holds the larger market share over AR, a survey by Perkins Coie in 2019 on 200 technology leaders showed that 70% of the participants anticipate that the AR market will surpass the VR market in revenues, within 3 – 5 years. Augmented Virtual Reality Market size Together VR and AR had a global market value of $10 bn in 2018, $19 bn in 2020, and forecasted to reach $31 bn by 2023. [caption id="attachment_5485" align="aligncenter" width="638"] market size in billion of dollars[/caption] The United States has 60% of the total AR/VR businesses in the global market, however, this will soon change. For example, China has been acquiring majority shares in emerging AR/VR companies since 2019. North America’s market share is followed by Western Europe then APAC Regions. The APAC region is set to witness the highest growth forecast. The growth of the VR/AR market is still dependent on the development of complementary technologies such as 5G and hardware required to make AR/VR glasses. Virtual technologies in Main sectors and Covid-19 effect Integration of different technologies like the Tely360's Ambulance 3rd Eye module, used with the Vuzix Blade, aids in the communication between healthcare personnel working in isolation rooms and physicians outside the room or even in remote places. This system allows the physicians to see and hear what is going on with the patient in the isolation room in real-time. As such, physicians can provide appropriate and timely directions. The sectors [caption id="attachment_5486" align="alignright" width="375"] Anatomy professor using AR to teach her class during the Covid-19 outbreak[/caption] currently investing the most in the AR/VR technologies are Healthcare, Military, Retail, Industrial products, Technology, Logistics, Media & Telecomm, and Gaming. Healthcare is one of the most prominent sectors to benefit from AR, with many applications already on hand and new opportunities are rising because of the Covid-19 situation. Chinese startup “Rokid” is already commercially selling its Glass T1 Thermal glasses, equipped with an infrared sensor and a camera, the glasses allow the wearer to “see” several peoples’ temperatures simultaneously in different colors, such as green (non-alert) and orange (alert). Another example is Vuzix Blade® Smart Glasses a pair of AR glasses developed in Thailand for telehealth, specifically in the care of COVID-19 patients. Furthermore, AR is also used to assist medical professionals by providing highly efficient and interactive training methods that can streamline the process of learning. Innovations from Microsoft’s HoloLens and the HoloAnatomy augmented reality software at Case Western Reserve University are used to help 185 medical students learn from home. Another key capability of AR is the ability to overlay a digital virtual user interface on a physical surface. The user can, select actions by tapping on the virtual screen, use hand gestures or verbal commands to interact with the equipment. The provision of such distant interactions is key to reducing the amount of touching required by physical objects that may be used by numerous people. Most museums and other cultural institutions have made virtual tours of their exhibitions available which allows members of the public to experience them from the safety of their homes. Other sectors investing in AR include Logistics where big players are integrating AR into their process to optimize the logistics planning, process execution, and transportation. DHL has recently tested AR smart glasses with its client Ricoh and reported a 25% increase in performance. [caption id="attachment_5487" align="alignright" width="369"] the consumer able to see how clothes look on them without physically trying them[/caption] In Retail, AR/VR is being developed more to be part of daily life. AR/VR can be used to make the consumer able to see how clothes look on them without physically trying them. More examples of how AR/VR are changing the retail sector is the Microsoft and Volvo partnership, where consumers can configure cars at a dealership using HoloLens and Ikea’s new technology which allows customers to see how furniture will fit into their houses without physically trying them. With a new interest in home entertainment of all kinds, it is a great opportunity for creators of AR/VR systems to promote their products and they are not missing the chance to do so. The gaming industry has been the pioneer in [caption id="attachment_5489" align="alignright" width="320"] Pokémon Go was the first mainstream game to offer an Augmented Reality experience.[/caption] developing AR/VR, video games were the first to introduce commercial VR headsets in the 1990s and Pokémon Go was the first mainstream game to offer an AR experience, marking the real start of AR’s commercial use where more than 20 million people per day used the Pokémon GO app in 2016. Key market players include giants like Apple, Microsoft, Sony, Samsung and Google are expected to introduce some of the big breakthroughs in AR in 2021-2023. Emerging startups such as Immersion, Magic leap, and Daqri are gaining more market share through new technologies and applications they produce Investment Opportunities: Corporate Giants Boost AR/VR Dominance with Strategic Investments [caption id="attachment_5490" align="alignright" width="310"] Survey of companies investing in augmented/virtual reality by industry conducted by PWC[/caption] Major corporations are now attempting to acquire companies that operate in the AR and VR industry. Such acquisitions strengthen their R&D capabilities and market positioning. Recently the biggest investment in AR/VR encompassed the investment of $280 million in “Magic Leap” in April 2019 by “NTT DoCoMo” Japan’s biggest cellphone service provider; raising Magic Leap total raised investment to $2.3 billion total. Apple invested $200 million in Corning International in September 2019, also Niantic's $245 million funding round, tech company Vayyar closing a $109 million Series D round and RealWear’s $80 million investment round. Example of the Virtual and Augmented reality activities by big names Brand VR/AR Sample Activity Apple Won a patent for a VR headset and continuing to develop for commercial use Microsoft Created HoloLens, an augmented reality headset Google Created Google Cardboard, an inexpensive viewer that turns a mobile phone into a VR experience Coca-Cola Created a VR experience for the 2014 World Cup IBM Obtained patents on virtual universes and augmented realities Samsung Created Samsung Gear VR headset Toyota Implemented distracted driver simulation in VR at the New York International Auto Show Facebook Created Oculus VR Headset Disney Investing in Jaunt VR Amazon.com Obtained patents for an AR headset BMW Developing VR goggles to help drivers park by helping them see through the car Intel Created a VR camera Wal-Mart Obtained a patent for virtual reality shopping system Verizon Created a NFL VR experience Honda Created a “Dream Drive” VR simulation SAP Created a VR conferencing event Pepsi Implemented a VR ad campaign at bus stops in London More use cases on virtual reality changing business. 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