New opportunities for business

Katarzyna Kucharczyk, "Rzeczpospolita", 18 October 2017

Technology | The value of virtual and augmented reality market is growing at an impressive pace. Global and domestic companies are making hay while the sun shines.

The value of the VR market will exceed $ 2 billion this year and in eight years it will increase to $ 35 billion – according to Goldman Sachs forecast. Approximately $ 90 billion have been invested in this market since 2012. According to forecasts, in 2025 nearly one third of the VR market will be represented by video games, and the next spot will belong to live events sector – various events, fairs and mass events.

A market with potential
The AR market is also growing dynamically. This is recognized by international giants including Apple which has introduced augmented reality in their latest iOS 11 system. Facebook, on the other hand, has already bought Oculus VR three years ago. Goggles, accessories and applications market, which was worth a little above $ 100 million, is growing by 140% a year. It is worth noting that VR and AR can be applied not only in entertainment and services, but also in science and medicine. It is estimated that the market of VR and AR for medicine grows by over 29% a year. According to Grand View Research, this market will be worth $ 5 billion by 2025. The innovative applications are perfectly fit for surgery and diagnostics.

VR market

Popularity of virtual and augmented reality also brought the attention of Cisco, which forecasts that until 2021 internet traffic related to these technologies will increase twenty times and will reach one percent share in the global traffic of entertainment-related data. The dynamics is impressive, taking into account that the usual traffic in the IP networks in Central-Eastern Europe will increase “only” three times between 2016 and 2021.

Time for Investments
Domestic companies also want to be the beneficiaries of the high dynamics in the virtual reality area. This is the area where Gremi group (the publisher of “Rzeczpospolita” and “Parkiet”) will expand its business. Gremi has recently bought a complex of futuristic buildings in Nieporaz nearby Kraków. It is a space that was used for film production. Today, Gremi Park has found a new purpose for this extraordinary building: the plan is to create a science theme park there that will use the technologies of virtual and augmented reality.

“Development of VR and AR market is impressive. Application of these technologies is becoming widespread. In a few years it will be common to see workshops and trainings lead using VR or AR. In order to see the product we will not have to go to a store: it will be enough to put on goggles which will allows us to see the product from every angle in detail,” says Mikołaj Tocki, managing director at Gremi Events and Multimedia. “We meet new trends. The interest in productions is big,” he adds “We gained new possibilities of organizing grand events. Futuristic space, spectacular multimedia luminaire, unique visual effects – we are starting with a wide and competitive range of services” highlights Tocki.

You have to stand out
Application of VR is becoming more and more common – concerts, trade fairs, integration events, presentations, special events or education projects. In the era of growing competition, the competitive edge belongs to these entities that can stand out and attract clients. Virtual and augmented reality related offer is undoubtedly an asset.

Currently, there is no data relating to Poland that would estimate this market and its potential. Experts, however, agree that it will be characterized by high dynamics –correlated with the growth of popularity of VR devices and greater uniformity of technological solutions, so that various applications could be easily displayed by different VR devices. ©℗