I saw a press announcement on Monday in which GlobalData provided an estimate of a $51billion market for VR by 2030. Rupantar Guha, Associate Project Manager for the Thematic Team at GlobalData, commented in the announcement: “VR has been around for over six decades, in one form or another, but it is still not a mainstream technology. Both VR hardware and software have evolved significantly in recent years, but issues such as latency, high prices, privacy concerns and a dearth of compelling content have been preventing widespread adoption. While technologies such as 5G, cloud services and motion tracking are used to address latency issues, improving content and developing effective data privacy practices will be paramount for VR’s success. Consumer-focused VR companies are striving for that semi-mythical ‘killer app’ that would make VR a mainstream hit in the consumer market, but many companies – for example VR headset makers – are increasingly exploring the enterprise space. We expect enterprise to become the key market for VR over the next three years, outpacing the consumer segment. VR is already in use across the retail, defence, airlines, oil and gas, and healthcare industries – primarily for training purposes. However, the COVID-19 pandemic triggered… continue reading
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