One of the world’s most influential investment banks has been adding up the figures and breathing on its crystal balls and decided that virtual and augmented reality “the next generation computing platform”.
Goldman Sachs has released a video in which Heather Bellini, Business Unit Leader in Telecommunications, Media and Technology, saying that the company believes to VR and AR market will reach $80 billion by 2025.
This is roughly the size of the current desktop PC market.
“While today virtual reality is primarily thought of as a place for hardcore gamers to spend their spare time, it’s increasingly impacting sectors that people touch every day,” says Bellini. “For example, in real-state: instead of having to go see 50 homes with an agent over the weekend, you might be able to put on a pair of virtual reality glasses or a head mounted display at your realtors office and be able to do a virtual walk-through of what those properties look like and therefore maybe you could eliminate 30 out of 50 on your list and be much more efficient with your time.”
Bellini thinks VR will be disruptive technology which changes the way we do everything else too.
“We think this technology has the potential to transform how we interact with almost every industry today, and we think it will be equally transformative both from a consumer and an enterprise perspective,” she says. “At the end of the day we think VR and AR will be as transformation as the smartphone market.”
Goldman Sachs said that the arguments that VR ‘already failed’ in the ’80s and ’90s were wrong.
“What’s different about virtual reality today versus, say, 10 years ago when people thought this was going to become mainstream, is that the technology has started to catch up,” says Bellini.
“We have processor speeds—things like Moore’s Law have really transformed chip speed—graphics cards have gotten more powerful, so you’re [able] to see the number of frames per second that your eyes need to see so that you don’t feel queasy as you’re starting to use these types of devices,” she said.