Virtual & Augmented Reality
Virtual reality (VR) and augmented reality (AR) could be the next game changers in the consumer electronics industry. By 2017, more than 13 billion U.S. dollars was spent on VR/AR in a variety of segments. Moreover, with tech-giants such as Google, Facebook, and Apple continuously innovating, the market size for VR/AR is expected to reach 209.2 billion U.S. dollars by 2022.
With the development of both VR and AR technologies, there will be many new opportunities and some threats to follow.
The main reason is that there are various applications of VR/AR technologies, including (and not limited to) gaming, engineering, shopping, home set up, and education. The main function of other technologies that support these industries may be replaced by VR/AR.
For instance, imagine if education fully adopts this technology. It may highly impact LCD projector manufacturers since the main function of these products could be replaced by VR/AR. Another example, if the gaming industry continues to adopt VR/AR technology, then computers and televisions may no longer be relevant.
It’s not that the technologies mentioned above will no longer be useful; however, the main value offering and the way to market for these technologies would need to adapt to the new competitive landscape.
We will continue to monitor the development of VR and AR technologies, as well as the opportunity and threats that rise along with it. To find out more, please contact Dam.