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I’m getting to grips with virtual reality. I am currently enhancing my knowledge in Digital Marketing through a Masters Degree in Digital Marketing where I have been introduced to Virtual Reality (VR).

What is Virtual Reality (VR)?

The definition of ‘virtual’ is ‘near’ and ‘reality’ is what we experience as human beings. So the term ‘virtual reality’ basically means ‘near-reality’, which refers to a specific type of reality emulation. The concepts behind virtual reality are based upon theories about a long held human desire to escape the boundaries of the ‘real world’ by embracing and interacting with cyberspace in a more naturalistic manner.

My VR Experience

I wore a VR visor and was virtually at the top of one of the highest high-rise building in New York City, and on the precipice. It was a fake environment and I knew that but at the same time it felt so real! The sensory information appears so realistic to the brain that it makes you see the virtual as reality.

Adoption of the technology

VR technology now holds huge potential in quite a lot of fields. It is on the edge of changing the way we shop, experience, view, communicate and even conduct business.

In other words, consumer adoption of the technology is still in its early stages but I anticipate that there will be a mainstream-consumer-adoption in 5 to 7 years. As innovations pick up pace, more businesses are identifying ways to use VR.

Facebook acquired Oculus VR back in March 2014 for $2 billion. At the time of the purchase, CEO Mark Zuckerberg stated that this acquisition was in line with Facebook’s mission to make the world more open and connected. So, maybe watch out for the era of VR Social Networks.

Fields that are already using and benefitting from virtual reality:

Automotive, Fashion, Healthcare, Tourism, Architecture, Retail, Aerospace.

Also, according to TrendForce research, VR hardware and software will actually reach a market value of $70 billion by 2020… So, Mr. Zuckerberg is probably onto something.