The advent of new technologies, combined with hefty investments from IT giants like Facebook and the development of virtual reality (VR) content by major Hollywood studios, seem destined to place the VR market on the fast track in 2016.
New market research from Juniper Research forecasts a virtual/augmented reality market that will hit a $150 billion by 2020. Other analysts, including Juniper Research, are predicting that 2016 will be the watershed year for VR. Since content will play a significant role in the growth of virtual reality, content creators are working overtime to stay ahead of the curve.[subscribe_reminder]
Although the concept of virtual reality (VR) has been around for decades, high quality advanced video technologies like high dynamic range (HDR) are helping the entertainment industry accelerate virtual reality today, according Nicolas Mollet, Principal Scientist at Technicolor R&I in Rennes.
“We are very close to reaching the limit of the TV screen approach,” he said. “Now from a user perspective, there is a demand and opportunity from the consumer. From the device’s point of view, VR in the past was based on costly equipment. Thanks to these new devices, it can now go to the final consumer.”
VR technology is now poised to transform the entertainment industry -- including gaming and video, Juniper Research says. The analysts have identified 2016 as the watershed year for VR headsets, both in terms of product launches and consumer rollouts. Oculus, Sony, and HTC are expected to launch key VR products over the next 12 months.
As a result, Juniper expects significant VR uptake over the next five years as consumers benefit from a combination of improved VR technology allied to immersive applications, as well as reduced prices.