A Look At How Virtual Reality Is Revitalizing The Economy

A Look At How Virtual Reality Is Revitalizing The Economy

by May 20, 2020
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Virtual reality (VR) is one of the industries that has seen a boost and will continue to do well. Pundits say virtual reality and augmented reality will cause a significant boost to global economic growth over the next decade. The professional services conglomerate believes VR could add as much as $1.5 trillion, or 1.8% GDP, to the global economy by 2030.

This is all very well, but it’s not that straight-forward and, despite all of the positive assessments from analysts, the market is still in a precarious position after a number of setbacks in recent months. In October, the BBC confirmed that it is closing its VR Hub which produced and commissioned content for the VR market. Lack of backing from Google is omnipresent when the giant of industry turns their back on you: it’s nearly always downhill from there.

What happened? According to social media insiders, in the case of VR companies struggled to convince people to pay hundreds of dollars for hardware. Developers took a look at those cumbersome headset sales and shortsightedly refused to devote the resources to build better-looking software. A vicious cycle was unleashed; Google eventually shuttered its VR dreams, and Facebook CEO Mark Zuckerberg is no longer aggressively promoted his VR baby, Oculus in the same way




It’s not all doom and gloom though –

Benefits of modern-day teaching and learning through the use of VR

Flight-Simulation

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With thousands of children and young adults unlikely to return to school or university anytime soon, lessons are being taught online. VR based teaching a game-changer. Immersive VR means that pupils can engage with learning in a way they already understand, using the extensive knowledge of social media and ICT which they already have. In the workplace, VR brings a new meaning to on-the-job training and development, which as a by-product, saves thousands of pounds in personnel training and development costs.

Online teaching aids have been available for a while. They combine the use of VR for visual learners and associated training aids to reinforce the lesson with access to vital on the spot factual information. Pupils can experience first hand what it was like to be a serf in ancient Rome or a soldier in World War One.

Technology gets bigger and, eventually, the headsets will get smaller! The gateway through 5G for VR

5g-And-Virtual-Reality

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VR has always struggled with the necessity for cumbersome headsets or awkward display units which are needed for the powerful processing hardware. Apple, among others, is working on headsets that are “untethered”. Meaning no need for a direct connection to your PC but in the form of a self-contained unit. A mobile headset fitted with extremely powerful processors allowing freedom of movement in both the real and virtual worlds.

All of this is only possible with the latest superfast mobile 5G networks. 5G arrived in the Global area in May 2019. Previously predicted to cover the first-world markets by May 2020, it’s now predicted that the virus has set plans back to the end of 2020. Nevertheless, great gains are predicted in line with these dates in the delivery of data transfer. Combining this technology with the cloud-based interface means streaming in real-time, and not relying on home WIFI to deliver experiences.

Predictions for the growth of VR are understandably hesitant. However, fintechnews.hk predicted that investors will get back on board and invest in better less bulky headsets. Just look at Apple and the possible introduction of the ‘Smart Glasses’. Commentators say Apple has been exploring virtual reality and augmented reality technologies for more than 10 years based on patent filings. And that’s exactly what needs to happen to get the excitement back into the market and make VR’s future bright. If anyone can make something cool, Apple can watch this space!

 

Featured image credit: Royalty-free stock photo ID: 1322960996

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