Virtual reality is growing at an exponential rate and forecasts on VR are optimistic. A study said it would be a $30 billion market by end of this decade, however these statistics do seem a bit unrealistic as many area of concerns are yet to be addressed.
When will we get to see 10 million VR units? When will an inflection point be witnessed? When will VR or related technology start monetising data flowing from VR usage? With no analyst team focused on VR, Clifton Dawson decided to venture into this spectrum two years ago with his company, Greenlight VR.
Greenlight VR, founder and CEO, Clifton Dawson says, “Due to the fragmented nature of the industry, people are still trying to crack the market and are not aware of the various business models for the market. Having said that, I believe that the year 2017 would be the year of survival for the industry because the time horizon for this robust industry to place its foot firmly is much longer due to the few missing pieces which will eventually unfold with time.”
With the most comprehensive research on the virtual and augmented reality industry, Greenlight Insights provides market intelligence to innovative companies through syndicated research, services, and events. Having headquarters in San Francisco and a small set-up in Beijing, Greenlight VR has employee strength of 20.
Will 2020 be the year of inflection? Dawson clearly rubbishes this thought as he mentions that the focus on 2020 is short-sighted. He believes that 2025 is strategically a better year. So far we have seen various companies launch / expected to launch VR devices like Oculus Rift, HTC Vive, PlayStation VR, Samsung Gear VR.
Dawson comments, “Currently the VR headsets are of the first generation. By third or the fourth generation, the various issues would be resolved like audio or display. Undoubtedly the state of headset is good right now, but we are looking for better ones in future and I truly believe that these headsets would look nothing like the current ones.”
As the industry and technology progresses, virtual reality is not just restricted to the gaming world as it’s been used by brands for promoting their products, medical college students are being taught with the help of VR, housing agents use it and the list goes on and on. The real question which lies here is which market will it truly flourish in? Will it be gaming, commercial, educational or some other? To which Dawson replies, “It’s all about timing as it’s the only thing in question. For now, certain genres of gaming (not casual) would work. As for brand advertisement, it is not there yet. VR mechanism leads to behavioural changes and one needs to crack on to how to reimburse it.”
Will the blend of augmented reality and virtual reality that is mixed reality be future? Dismissing this idea immediately, Dawson explains, “MR is totally a different ball game. It’s an entirely different technology and requires separate business model and ecosystem.”
Dawson advises people that to succeed in the virtual reality field, one needs to have a 10 year view and not be short-sighted as the returns won’t come so easily. Be patient: is his final suggestion to players and the industry in general.