Since the invention of Sensorama in 1957, VR has transitioned into a worldwide industry worth billions of dollars. Even though VR grew at a reasonably fast rate over the decades, it can be said that the sector has taken a galloping pace in the past few years. In 2016, the global virtual reality market was worth $5.2 billion and the value is expected to be in the range of $160 billion by 2020. The tough competition between big players such as HTC, Oculus, Barco, and Alphabet has made the sector all the more vibrant with new designs and applications.

The growth of VR industry

There is no doubt that VR has grown to become a major component in almost every other industry today. In video game industry, VR is currently a major component. The technology is used in medicine, architecture, business and even manufacturing. Potential home buyers can now virtually see a home first-hand without going to the construction site. As for video games, players are having a more realistic experience.

The VR technology is advancing at a very fast rate. New chips are being designed and manufactured which allow for positional tracking, depth perception, and even 3D object recognition. The modern chips are being designed such that they can allow for powering programs supporting VR.

VR in gambling

Virtual reality is a technology which many gambling companies hold in high regard because it has the potential to change the whole casino business. According to the leading gambling site website, VR reality casinos are now becoming mainstream. In 2017, the value of bets placed through VR was less than £50 million. This is expected to grow exponentially to surpass £420 million in 2021. Given that online gambling has become a driving industry in many economies and that many casinos are embracing VR technology, it is easy to see why the expectations for the growth of VR are so high. If we were to use the UK as an example, £3 billion is generated annually through online gambling. The figure is bound to rise higher because mobile gambling apps and online casinos are increasing by the day and are becoming more sophisticated.

Global online gaming industry is poised to surpass $94.4 billion by 2024

What are the most promising niches?

  1. Automotive industry – Virtual reality has become a major manufacturing component in the automotive industry. The technology has been used to change safety, design and even purchasing processes. Engineers are able to replicate outside environment virtually and this allows them to do extensive safety trials on a car.
  2. Healthcare – Medical professionals are using virtual models of human anatomy to gain insight into what they will experience when they will actually be doing the real surgery. With such entities as USC, this technology has been adopted to teach medical students but hospitals and labs are using it to expand medical frontiers.
  3. Gambling – Developers of the VR in this industry are working to give players a real-life experience no matter where they are. A player will enjoy any game of their choice while exploring the casino just as they would if they had visited a brick and mortar casino.

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