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The Future of Virtual Reality

First it was social media, then it was live video, and now virtual reality and augmented reality are the wave of the future for online video. With the usage of online video rising at a rapid rate, video creators are looking to stand out from the crowd by utilizing virtual reality in their content creation.

Spending Increase

According to an article in CNet, “Last year, spending on VR and AR amounted to $6.1 billion.” According to Tom Mainelli, IDC’s Vice President of devices and AR/Vr, said “On the virtual reality side, producers are quickly moving beyond games to create new content mainstream audiences will embrace.” Mainelli continued, “On the augmented reality side of the fence we’re seeing commercial entities begin to more seriously evaluate the technology.”

According to ZDNet, the research firm IDC says, “the AR and VR market will reach $13.9 billion in 2017, an increase of 130.5 percent over the $6.1 billion spent in 2016. What’s more, AR and VR spending is expected to accelerate to a compound annual growth rate (CAGR) of 198.0 percent over the 2015-2020 forecast period, reaching $143.3 billion in 2020.”

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Emerging Technology

With the video world changing at a rapid pace, It’s important for video creators to stay on top of emerging technology. According to Alfred Ng’s article featured in CNet, “Among the recent developments, HTC says it’s creating a mobile VR device after the success of its Vive headsets. This week at the big Mobile World Congress show in Barcelona, Spain, Samsung is showing off a new Gear VR headset. VR also had some moments in the spotlight at the Sundance Film Festival earlier this year.”

Early Adopters

According to ZDNet, early adopters are “expected to contribute $6.2 billion on hardware, software and services sales in 2017.”

To stay on top of video trends, Concepts Video creates Virtual Reality video in its own in-house state-of-the-art studio. Stay on top of video trends by utilizing virtual reality in your next video campaign.

Sources:
Gagliordi, Natalie. “Virtual and augmented reality spending to reach $13.9 billion in 2017: IDC.” ZDNet. 27 February 2017. http://www.zdnet.com/article/virtual-and-augmented-reality-spending-to-reach-13-9-billion-in-2017-idc/ 
Ng, Alfred. “Really hot stuff: AR and VR spending to double in 2017.”CNet. 27 February 2017. https://www.cnet.com/news/augmented-virtual-reality-earning-13-billion-2017-pokemon-go-htc-samsung-gear-daydream/
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