Computing power is expanding far beyond our smartphones and computers.
Wearable technologies are enabling humans to interact with computers and each other in new ways.
The most notable wearable technologies are smartwatches, which saw 85 million shipments globally in 2020.
But smartwatches are old news. The future of wearable technology lies in virtual reality (VR) glasses.
Virtual reality is a computer-generated environment that simulates an experience as if it is real life.
VR technology has historically been related to video gaming. But the video game use case is just the tip of the iceberg.
Virtual Reality Isn’t Just for Video Games Anymore
Facebook CEO Mark Zuckerberg recently made a bold statement: The company’s VR glasses would allow users to “teleport” to areas around the world.
As crazy as this sounds, there may be some value here.
People have been flocking out of cities at an alarming rate, and remote work is becoming a staple of the New American Economy.
Integrating VR into remote work meetings could make the experience more human while furthering society’s shift to working from anywhere.
Granted, the workplace idea may be a little early. But the use of VR in other areas is already coming to fruition.
For example, VR has become a critical part of training for military, law enforcement and medical professionals.
Integrating VR into training can build muscle memory and confidence while exposing users to real-life, high-pressure scenarios.
Because VR is computer generated, many scenarios can be created to diversify user training. So, VR is bridging the gap between the classroom and reality in a big way.
Marketing is another industry that is embracing VR.
Businesses are looking beyond traditional pop-up and autoplay advertising to methods that will better engage the consumer.
VR enables businesses to transform an advertisement into an immersive experience, which may make an ad more memorable for consumers.
A Key Technology of the New American Economy
The potential of VR is massive, and the market is growing fast.
The International Data Corporation (IDC) forecasts that global spending on VR and its cousin, augmented reality (AR), is expected to grow over 500%, from $12 billion in 2020 to $73 billion in 2024.
(Source: International Data Corporation)
VR is quickly emerging as a key technology of the New American Economy, and its potential is becoming hard to ignore.
But the adoption of VR is in its early stages, meaning there is still time for investors to get in on the ground floor.
Research Analyst, Strategic Fortunes