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Businesses are leaving reality behind. Surprisingly, 88 percent of the 500 US mid-market executives survey by Deloitte Growth Enterprise Services said that they are already using some form of virtual or augmented reality (VR & AR) in their business.
What’s the difference between the two. VR is fully immersive. With VR you enter a new world and distractions from the real world are removed. AR adds things to your current reality, letting you hear and see virtual objects that have been added to your world.
Stephen Keathley, deputy chief information officer at Deloitte Services, said that “the evolution of cloud computing has laid the groundwork for this accelerated wave of emerging technology adoption. As a result, more mid-sized companies are embracing the ingenuity of virtual and augmented reality and IoT to track business processes, anticipate customer behavior and maximize growth.”
A report by Digi-Capital in April estimated that the VR & AR sector would hit $150 billion in revenues by 2020. Virtual Reality is about $30 billion of that sector.
Digi-Capital commented on investments in the the AR and VR spaces, saying that “From the perspective of current giants, there are pluses and minuses. Facebook placed an early bet on Oculus, which might win VR but not address the larger AR market. Google learned from Glass, and had the foresight to invest in Magic Leap. HoloLens could allow Microsoft to regain the glory it lost to Apple in the last decade. And Apple? We would love to see an augmented ‘One more thing…'”.