Wednesday, May 11, 2016

Growing Market for Virtual Reality (VR) and Augmented Reality (AR) Solutions

In my day, we didn't have virtual reality. If a one-eyed razorback barbarian warrior was chasing you with an ax, you just had to hope you could outrun him.” – Anonymous

Virtual reality (VR) is a multi-disciplinary field of computing technology, that emerged from research on three-dimensional interactive graphics and vehicle simulations in the 1960's and 1970's. Back then, VR helmets were too heavy and cumbersome, computers were too slow, and touch/feedback systems were still in their infancy. However, technology has changed dramatically over the past 40 years. Computers are thousands of times faster and today's virtual reality (VR) and augmented reality (AR) systems deliver a greater sense of feedback and immersion to their users. Researchers better understand crucial human factors and the development and use of VR and AR systems have really taken off.

Definitions

Augmented Reality - A live direct or indirect view of a physical, real-world environment whose elements are augmented by computer-generated technology and sensory input devices. See https://en.wikipedia.org/wiki/Augmented_reality

Virtual Reality (VR) - A three dimensional (3-D) technology which allows a user to navigate around and interact with a computer-simulated environment. See http://en.wikipedia.org/wiki/Virtual_reality

Virtual & Augmented Reality in Healthcare


Healthcare is one of the biggest adopters of virtual and augmented reality which encompasses surgery simulation, robotic surgery, skills training, mental health, phobia treatments, therapy, and much more. One of the advantages of this technology is that it allows healthcare professionals to learn new skills as well as refreshing existing ones in a safe environment. According to research and consulting firm IndustryARC, virtual and augmented reality in healthcare is predicted to generate $2.54 billion globally by 2020. Read 10 Specific Ways Virtual Reality (VR) is Revolutionizing Medicine and Healthcare.

Virtual & Augmented Reality in Business


The next five to ten years, the use of virtual reality (VR) and augmented reality (AR) in business is going to be huge. VR & AR is starting to take root with a growing number of companies that are using the technology to help customers understand a product, visualize an idea or project, provide complex immersive training, and to explore homes, tourist destinations, and even outer space. For many more examples, read Virtual Reality Will Change Business as We Know It

Virtual & Augmented Reality in Education & Training


The education and training industry appears to be poised to finally take advantage of the latest innovations provided by VR and AR technologies. The military and healthcare industries have already been using this type of for some time in training pilots and surgeons. This new technology now appears to be moving into many other industries for use in a wide range of professional development training programs. It is also slowly becoming a proven medium to help students at all levels to learn faster, be more motivated, and expand the boundaries of what is possible. For more detail, read Real Applications of Virtual Reality in Education.

Virtual & Augmented Reality - Market Predictions


Digi-Capital issued a report in 2015 forecasting that the augmented reality (AR) and virtual reality (VR) market could hit $150 billion in revenue by 2020 - with AR taking the lion’s share around $120 billion with VR at $30 billion. A Goldman Sachs report estimates the combined VR and AR markets could grow into an $80 billion industry by 2025. All the big technology companies are now moving quickly into this new space, e.g. Google, Facebook, Microsoft. It's time to get serious about exploring how your organization could use VR and AR technology for your own purposes.

Selected Links to AR &VR Resources

VR Organizations
AugmentedReality.Org

Open Source VR
ARToolKit
* List of VR and AR Conferences & Events

Are you or your organization using Virtual Reality (VR) solutions for education and training - or in your daily business operations? Tell us about your experience with this new technology.

Image result for oculus rift

1 comment:

  1. Another significant benefit of using virtual reality in training is that it reduces the need to develop end variety of prototypes. Only one strategically defined model, which is suitable for training purpose, is enough for use in a range of inter-aligned applications; over and over again.

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