Virtual reality is far from being ubiquitous and is still seen as a novelty by many, but that isn’t stopping a vast number of people looking towards the industry as a key target for investment.
The reason for VR’s slow start since the release of early headsets like the Oculus Rift and the HTC Vive in 2016 is due to the high price point, but the technology is expected to invade the mainstream as newer generations are released, driving the price down on the older versions. In a few years, VR could be everywhere, and businesses that get in early could reap the rewards down the line.
VR is seen as the future of the gaming industry
Projections for VR revenue suggest that the industry will be worth in excess of €12.5 billion by 2023. For it to reach these heights, VR will need to enjoy mass adoption.
This revolutionary tool will be helped by some of the world’s biggest industries. The gaming industry is expected to be one of the main driving forces behind the rise of VR and will be instrumental in getting the technology into as many homes as possible.
VR has already begun to permeate through the online casino sector, which is known for evolving alongside emerging technology. Some of the leading developers, including Microgaming and NetEnt, have come up with some VR options already, which could take off when more people buy into the technology. One existing offering from the Isle of Man-based developer is VR Roulette, while the Swedish studio has been creating VR slots such as Jack’s World VR.
With live streaming being so popular in the online casino sector, there is a chance that VR and live streaming could combine in the years ahead to create even more immersive playing options. Some games like blackjack at Netti Casino could benefit from this switch to VR. According to the site, it is the most popular table game in the world, and players are constantly looking for new ways to play. The virtual games on offer there are exciting, but it would great to increase the options further.
The console industry will also play a huge part in bringing VR to mass audiences. PlayStation VR on the PS4 was already the most successful headset, and Sony will be looking to improve on that when the PS5 is released in December 2020. Microsoft may feel that it missed a trick by not releasing VR for the Xbox yet, so is expected to follow suit with the Xbox Series X.
VR could mirror the rise of mobile
The figures show that VR is now seen as one of the most lucrative areas for investment. Technology is the fastest-growing sector, with a 25 percent increase in 2019. For this reason, investors are constantly looking at emerging trends when deciding where to put their funds.
People who got in early when smartphones first came into existence found their faith was rewarded massively when mobile boomed. The same thing could happen with VR, and those who didn’t get into the mobile market early enough won’t want to miss out on this.
There are some clear similarities between the early days of smartphones and the initial years of VR.
When Apple first released the iPhone in 2007, sales were slow. The company only sold 1.39 million units in that first year, compared to 231.22 million in 2015. These figures show that consumers can be skeptical about revolutionary technology in the early days but, when they become aware of its capabilities, they want to get on board. The same thing is likely to happen with VR.
VR is becoming the primary focus for a number of industries, with the gaming sector, in particular, seeing it as the future. More people are investing because the projections are promising, and also because they don’t want to miss out on what could be the biggest technological development since the rise of mobile.