"The new era of virtual reality” through startups
27th, December 2017 - Tech Startup
As a kid, we all have dreamt of a world of our own, be it inspired by the cartoons we watched or the games we played. In such a world we were superheroes and beat down the villain and achieved our goal but as we grew up we realized that virtual reality is something that can’t be easily realized but guess hey!! This era is different, the ambitions are stronger than ever and youngster believes that “what they want is what they can get!”
What do we mean by virtual reality (VR)?
The definition of virtual reality comes, naturally, from the definitions of both ‘virtual’ and ‘reality’. The definition of ‘virtual’ is near and reality is what we experience as human beings.
Virtual Reality in a way transfers our 5 senses to a virtual world created by us and we get to feel every bit of that world just like we do in our world, at least that’s what the ‘idea’ is. But achieving this result an enormous task in itself which from the last year we have seen many youngsters have starting to take up.
Statistical growth of ‘virtual reality startups’
Global virtual reality revenues will reach $7.17 billion by the end of this year, according to a new report by Greenlight Insights, which is also predicting that global VR revenues will total close to $75 billion by 2021. More than 65 percent of all VR revenues will come from headset sales this year, according to Greenlight.
According to AngelList, tracking startups, at the moment there are 1449 virtual reality startups, with an average of $ 5 million valuations each. But now the question arises, why now only? It’s not like nobody tried. One could say that technology could be one of the reason but the main reason for the current boom in the field of virtual reality is greater awareness about uses of VR in daily life as compared to the belief of it been mainly related to games and entertainment.
Nielsen statistics show that for today 51% of respondents know what a VR or AR-headset is. A year earlier heard about these devices, only 28% of respondents. Thus, in just one year, people’s awareness of the technology of virtual and augmented reality has almost doubled. Among gamers, awareness of VR-headsets and games increased from 37% to 63%.
The technology itself has a variety of market avenues from medicine, business, architecture, and manufacturing. Medical professionals are using VR to heighten traditional therapy methods and find effective solutions for treatments of PTSD, anxiety, and social disorders. VR is also able to train students in surgery, treat patients’ pain, and even help paraplegics regain body function. Within business, potential home buyers can virtually see a home first-hand, games are becoming more realistic than ever before, and travellers can test out their trip before booking. Taking into consideration all these benefits, it is pretty sure that this sector needs more digging in.
Few successful startups
Let us look at few successful startups which have given great heights to the concept of virtual reality.
Founded: 15 April 2012
Improbable, a U.K. startup allows third parties to build massive virtual worlds through cloud-based technology. These large-scale simulations have so far been used mainly for gaming, but have the potential to break into e-commerce, too.
In a press release, Improbable's chief executive Herman Narula said, "We believe that the next major phase in computing will be the emergence of large-scale virtual worlds which enrich human experience and change how we understand the real world."
This world-building technology has huge potential to create an immersive buying experience for consumers. Given VR's capability to be so detailed, virtual reality is feeling more like reality than ever.
NextVR is a company we’ve written about before in an article titled “NextVR – Virtual Reality Concerts and Sports“. Virtual reality investors clearly see live events as an unexplored frontier and potential hotbed for growth. NextVR aims to give users the ability to attend live events in virtual reality from the comfort of their own home. NextVR’s $80 million funding round, the third largest of any VR company in 2016, was driven by the company’s lucrative partnerships in the live events industry.
Founded: November 1, 2010
What if technology did away with buttons, mouse clicks and typing altogether? That's the kind of world Leap Motion imagines, with its hand-tracking technology. CEO and founder Michael Buckwald, thinks it’s possible. He told Arkenea, "In much the same way as the touchscreen sparked the mobile revolution; Leap Motion is playing a transformative role in the development of human interface technology for VR/AR (augmented reality). As a result, the industry as a whole is on the verge of a similar moment of exponential growth."
According to the Walker Sands retail report, 35 percent of consumers surveyed said they would shop more online if they were able to try on products virtually. Avametric has set out to solve this problem with its clothing-fit technology.
The San Francisco-based startup's technology allows companies to build virtual dressing rooms and let customers try on clothing within the platform. As Ari Bloom, CEO of Avametric, told Business of Fashion, "The obvious first step in the apparel industry is designing and development tools and we are working with a lot of brands, and a lot of supply chain companies behind the scene on this."
Now coming to a questions that most of us have in mind, “why can’t I find a virtual reality set in my nearby game shop and even if I find one why would I even buy if it cost around same as my Smartphone?” well we all even know the answer to this question is that we have to wait a little longer as every new technology is expensive and yet a lot improvement is required to be made in this technology. It is not easy to make and a lot of research is going on this topic as we speak.
Now for those who know about “Swords Art Online”, the answer ‘NO’, NerveGear is yet far from our reach but who knows with the tremendous growth in this field, we could one day be meeting in “Aincrad”.
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