Virtual Reality (VR) has been around for quite some time. VR is a computer technology that makes the user feel the virtual reality using the software or hardware. In other words, VR artificially creates a sensory experience that can include hearing, smell, touch & sight as well.
VR is already gaining momentum with leading brands like Audi, Jaguar & Volvo releasing their VR ads. Not to be left behind, brands from other segments including Coca-Cola, Nike etc also entered the fray to cash in on VR through their VR ads.
VR, though more lucrative for the marketers to promote their products, is still experiencing teething problems. Some of the problems and the solutions are discussed below:
1) VR is mostly an individual’s private experience and hence cannot be shared.As a solution to this issue, brands should ‘create a corresponding 360-degree video & launch on social media’.
2) The required handy hardware (VR headset) is not available for every potential customer. Google is offering cardboard headset that can hold the smartphone running apps specifically designed to evoke VR.
In view of the huge potential that VR is offering, many startups are working on technologies to ensure maximum VR experience to the users. One of the technologies is eye tracking technology. Eye-tracking is considered as an immediate update in the VR headsets. This technology is likely to come to use minimum one year down the line.
• VR hardware market size by 2020 ($2 billion).
• VR software market size by 2020 ($24 billion).
• VR head-mounted display shipments during 2016 (1.43 million)
• Samsung Gear VR device unit sales in 2016 (5 million).
Above are some of the projects/statistics about VR that will confirm that VR is going to be the next big thing.