The Future of VR and How Businesses Should Prepare

When most people think of VR (virtual reality) and AR (augmented reality), they probably think of gaming and not how markets can potentially harness this technology. Virtual reality is a computer-generated simulation in 3D where the participant can interact in a seemingly physical way. I remember when I was at the Space Needle last year, they had a VR headset that you could put on after your trip up and down that would give you the experience of bungee jumping off the top. Even though the graphics were nowhere near realistic, it still managed to make my stomach turn and give me a feeling of falling. When looking at modern VR available right now, it is evident to me that the current tech is much more advanced than what was offered at the space needle one year ago. This really shows how fast the technology and the industry as a whole is moving, while giving us an insight of what it could look like moving forward. From David Baladan's blog on smatercx, he highlights how the industry is on track to hit $215 billion by 2021. Due to this massive market valuation, it is clear that the money made from VR isn't going to come from gaming exclusively, but will be used to assist professionals worldwide.

This video from Microsoft, "Envisioning the future with windows mixed reality." shows us a window into VR's future and how it could assist an interior designer. It's honestly shocking the first time you watch it. It shows how an interior designer shows her designs to potential clients in real-time, even though they are not together. It also highlights how people can work on a project together while being in entirely different locations. For businesses, this could be huge. The amount of money a company spends sending employees/clients across the globe to conduct their business could reduce significantly with VR. It could allow many employees to also work from home much more efficiently, which at a time like now would be very important. In the future, I wonder how vital office space will be or if it will be needed at all. The more this technology advances, the fewer people must be physically present somewhere to get the full experience. I believe this technology could disrupt a lot of industries, some for good and others not so. I'm excited about VR's future and am excited to see how realistic it will eventually get. Ultimately, VR increases the consumer's engagement and allows them to fully immerse themselves in the product no matter where they are in the world. They only problem I think VR will face is changing the environments that people are in, which seems impossible in my 2020 mind. This is the ability to give users the sensation of different settings such as weather, water, sand, etc.. But I'm sure in 30 years ill look back and laugh at myself for being so foolish. If I'm honest, who knows how far VR will go, but I'm sure it'll be an exciting ride.

Augmented reality is being able to put computer images over real-life footage. Think about how Pokemon are displayed on Pokemon go. You see the grass field's image through your phone, and a pokemon will be there in the natural environment. Many businesses are already using it, such as clothing stores, furniture, and real estate companies. It enables the consumer to see how much product would look in their home or how clothes look on them. It gives the consumer the chance to have the idea placed in their head of how it would look if they owned the product. If the product is right, it can help nudge them towards a purchase.

I believe the future is in VR but augmented reality is an excellent way to get consumers/businesses used to this newer technology. Consumers don't all have VR headsets, which are quite expensive right now for the average consumer. If this is to become truly mainstream, the price for these products would have to drop significantly. If the technology is useful as promised, I wouldn't be surprised if Amazon offers it for cheap to get their product in your life as they did with Alexa. If VR is genuinely life-changing, then I believe that Amazon would do something like that. Ultimately, only time will tell, but I'm more than excited for the Future of VR.