Internet of Things (IOT) is a network of devices that can communicate and sense with smart embedded technology. It consists of a well-designed electronic circuit, which is embedded along with sensor for measuring multiple parameters. Internet connection enables collection and exchange of data. These physical and virtual objects are linked by IoT, which is the seamless global network infrastructure. It promotes efficient interoperability, data capture, event transfer, and network connectivity. Major factors responsible for the enormous growth of IoT as a technology are:
- Affordability of the resources
- Availability of necessary infrastructure and resources
- Instant accessibility of the IoT devices
IoT is a common term but it is also often used with another term Virtual Reality (VR). VR is computer generated simulation, which creates an artificial 3D environment. VR witnessed a substantial growth in 2016 with many tech-giants launching their first VR systems. In March 2016, Oculus released Oculus Rift and later released its touch controllers along with Sony’s PlayStation VR and HTC Vive. Google also attempted VR systems with Daydream View. It offered apps and games like Home Run Derby, Hulu, and YouTube to run on VR on its core software. The year 2016 also saw a release of number of VR games. For instance, Minecraft, Super Hot VR, House of the Dying Sun, Arizona Sunshine, etc. Non-interactive VR short films, desktop apps, and 3D painting app were also launched in the same year.
IoT industry is expected to witness a huge growth and VR is likely to catch up. VR also finds applications in educational environments since VR experts claim that the technology can be used for on-field learning and classroom training across all domains. While innovative VR hardware will obviously come along, analysts also foresee interesting growth in VR software. With better graphics, VR is expected to become more mainstream.
IoT and VR share the same basic idea as both merge physical and digital realms to create a new experience for consumers. While IoT manipulates real-world objects digitally, VR makes the digital world seem realistic. While IoT has a larger market than VR, VR is still in a nascent stage and winning itself a lot of investors. Before concluding the verdict, it would be safe to say that IoT and VR may converge over various aspects. Since both technologies share a basic vision, they can integrate for many useful purposes.
Convergence of Virtual Reality and IoT Analytics
The convergence of virtual reality and IOT is a revolution and aims at merging digital and physical world. In a way it gives digital objects physical characteristics and interacts with them in the same way people interact in physical world. This provides an opportunity with multiple advantages for organizations to venture into this area. Advent of IoT has resulted in exponential decrease in product ideation and delivery time. The integration of virtual reality and IoT along with augmented reality lays the framework for Mixed Reality (MR), a new concept which has resulted in creation of new possibilities. This has increasingly paved the way for enterprises inclined toward further technological innovation.
IoT and virtual reality are key technologies that can improve productivity and efficiency of several sectors and have a potential to revamp digital infrastructure. With implementation and merging of these technologies, the future will determine and change the digital world of the present.
According to a study conducted by Grand View Research, Inc., the global virtual reality gaming market accounted for USD 4.29 billion in 2015. Growing demand for latest technologies and popularity of virtual games are responsible for the growth of the market. Development of innovative accessories, wearables, and software by crowdfunding by start-ups entering VR space is the recent trend of the electronic games industry.
How IoT is Empowering Virtual Reality
Digital world is changing how we use the internet so it becomes a meaningful enabler of personalized solutions to improve people’s lives. Our cloud-enabled IoT devices not only serve people’s needs but react to them, empowering people to control their lives in ways that were once impossible. This is the reality of the 21st century – smart products must constantly evolve according to the desires of our consumers and we must be agile to satisfy them and create value.
For instance, in cities around the world, air quality is crucial to healthy living, especially with allergies and respiratory problems on the rise. According to consumer insights, people in megacities like Shanghai and Berlin want to understand and control air quality in their home from wherever they are. This led to an introduction of Philips Smart Air Purifier, which provides families with a real-time overview and control of indoor air quality via their smartphone.
Integration of VR and IoT can make a vast difference in healthcare technology. For example, Telepresence, a virtual meeting solution that includes Empathy VR and the OdenVR Telepresence Robot that combines VR technology with IoT. It enables the users to look and move freely within real-world creating a strong illusion of reality.
In another instance, Eye Create Worlds, a company with expertise in interactive simulation and entertainment has sketched out a process to monitor the performance of a rail transportation network using IoT sensors and a virtual world operator. IoT and VR can integrate with harmony as IoT can provide the support to facilitate the future of virtual reality.
Ways to Approach Both the Technologies
Individually, AR, VR, and IoT each represent distinct solutions, domains, and potential applications. However, if companies pursue these technologies as separate functions, they’ll never realize their full potential. The goal should be building more intuitive, immersive, and empowering experiences that augment and amplify individual user’s experience.
Application of Virtual Reality along with IoT
On the basis of application, the market is segmented into automotive & aerospace, medical, entertainment, e-commerce & retail, and others. The automotive and aerospace segment was the leading industry segment in 2015. In April 2016, BMW Group (Germany) introduced a mixed reality system into the automobile design, developed from the computer gaming industry. After immense R&D, BMW integrated the HTC Vive VR headsets and mixed reality technology into its new vehicle models.
Remote Operations Management
Together with IoT, it’s likely to make semi or fully autonomous machine-driven procedures. In distant places where human contact isn’t feasible, such as, by way of instance, in unfavorable climatic conditions or even external space.
This remote control of critical operations could be much more interactive by incorporating augmented reality into the small setup atmosphere. The precise sequence of activities and events occurring on the remote site could be envisioned in the control channel utilizing AR.
While real-time visualization may be employed to organize and coordinate new tasks in real-time. IoT enabled systems will ensure that all applicable environmental variables are assessed and assessed to the feasibility of new companies that could be initiated.
Customer Experience Management
Today, companies have various stations to identify, socialize, and convert potential client leads to favorable business prices.
Together with IoT, the customization rates of lead nurturing proceed 1 step beyond. This is accomplished by allowing insight and data creation from connected devices across the client’s physical whereabouts, such as smart wearable, home supporters, and many more.
By bringing AR to the image, it opens a new route for manufacturers to make precious experiences for clients from insights derived by using their linked devices.
It may be best described in a retail situation.
Clients can now use AR. Also, IoT allowed devices to direct them across big shops. Clients can locate their preferred merchandise in the shortest period and interactive research catalogs. Perhaps even attempt products utilizing IoT allowed bright mirrors & guided eyesight, which can be triggered using gesture-controlled interaction using offerings, products, and a whole lot more.
With AR-enabled apparatus getting more affordable across the planet, brands will need to invest in allowing the mandatory IoT infrastructure to make brighter and more interactive experiences for clients.
Among the most crucial regions where IoT finds functional program significance is preventative maintenance routines such as the hardware gear. These vary from factories, energy & utility manufacturing websites, electricity grids, and smart home devices.
Intelligent sensors can communicate information to encourage engineers concerning the wellness of the apparatus. Additionally, enable simple and easy monitoring of maintenance tasks across big server deployments.
Having an incorporated AR expertise, technicians and service staff could be directed to exact component locations and offered interactive operational process demonstrations.
These innovations allow them to perform maintenance tasks immediately. And with no constraints confronted by groups that collaborate with specialists remotely through only video or audio communication stations.When maintenance tasks are completed quicker, and with professional advice, it becomes a lot easier for companies to control operational costs in the long term. Otherwise, improper care programs and ineffective maintenance processes are finished without specialists. They can cause powerful tools from the accounts books.
This increased interaction would possibly lead to new levels of customer intimacy and might reshape how people think and feel about technology. If the technologies are further explored and developed, along with merging and integration among each other, they could provide great scope in revolutionizing engagements across various fields and industries.
This article has been contributed by the team of Grand View Research, Inc., a U.S. based market research and consulting company. The company provides syndicated research reports, customized research reports, and consulting services. To help in making informed business decisions on virtual reality market, the team offers market intelligence studies ensuring relevant and fact-based research.