Virtual reality is an artificial environment that is created with the help of software and is presented in such a way that it tends to be real. Virtual reality has a wider application in gaming, entertainment, marketing, education, fashion, arts, and others. Factors such as increased popularity of virtual reality in industry, cost-effective, technology-based solutions and increase in the gaming population are driving the Virtual Reality market.
In addition to the gaming, virtual reality is also gaining popularity in various applications including medical, defense, tourism, social, healthcare, engineering, real estate, education, retail, and others.
360-degree virtual reality videos engagement was higher than the regular content in 2017, and the quality of videos is increasing each year. Brands like NASA and Honda have used 360-degree videos for brand recognition.
In January 2017, YouTube has started to offer 360 heat maps and viewing statistics. It has a dedicated channel for the VR market. According to the report of OmniVirt, 360-degree video and virtual reality performance have the following factors:
• 360-degree videos have received higher engagement as compared to regular videos, which can be measured by the number of video completions, clicks, and overall engagement rate.
• Across all vertical’s brands are using 360-degree are spread. In upcoming years the content quality has dramatically improved in years. The critical part to determine is only the distribution.
• Different metrics and key performance indicators are needed to be measured for the different distribution channel. They have found a way to measure the metrics across all channels. For advertisement, you can leverage existing 3rd party advertisement validation to verify the performance.
Oculus and HTC ate two leaders in virtual reality products. They have cut their prices in order to be price competitive. As products will become more mainstream and available to people, the price of the product will likely to decrease. Additionally, Sony has become the market leader for high-end virtual reality due to a low price and ability to connect with the already popular PS4 console. Sony has experimented with sending the prospective customers a VR Headset to try at home, giving them two weeks to test it before they decided to buy. On October 2017, Sony released the updated version of its PlayStation VR headsets with minor improvements.