The current virtual reality (VR) or augmented reality (AR) market has a net worth of about three billion dollars. Recently, a number of advancements have fueled the growth of this market. Emerging technologies in this field may soon come to the consumer at an affordable price.

The current worth of the VR/AR market is projected to increase in size from three billion to about $120 billion by 2020. The AR segment of the industry is set to outpace the VR segment in 2020 by about $100 million. This is largely being driven by investments made by large corporations in smaller specialized companies. For example, Google has already invested $542 million in Magic Leap. Facebook bought out tech startup company Oculus for $2 billion last year. Oculus has now produced the Oculus Rift, a VR headset. And other companies such as Razer, Microsoft, and Sony are developing their own VR technologies, internally.

One of the most striking AR developments is being made by tech startup company Magic Leap. Magic Leap is currently developing a type of augmented reality that is nearly indiscernible from reality. Reports on their page are rather vague, but videos depict a girl holding a tiny yet lifelike elephant. The secret behind the almost magical technology is described like this:

“We call it a Dynamic Digitized Lightfield Signal™ (you can call it a Digital Lightfield™). It is biomimetic, meaning it respects how we function naturally as humans (we are humans after all, not machines.)”

The technology is rumored to be in the form of eyewear. However, nothing past this has been revealed. The technology is rumored to use 3D projectors to track eye movements and create an image based on the position of the eye.

CEO Rony Abovitz stated: "Magic Leap is going beyond the current perception of mobile computing, augmented reality, and virtual reality. We are transcending all three, and will revolutionize the way people communicate, purchase, learn, share, and play.”

Perhaps an even more revolutionary concept in the realm of VR/AR comes not from the realm of visual technology but from nanotechnology. Utility Fog, a concept by Dr. J. Storrs Hall, may bring promise to the world of AR. Utility fog is, in essence, a fog of tiny nanobots. His proposition is the use of billions of these nanobots, each no bigger than a dust particle, to form a structure. Each nanobot interlocks with up to twelve others via twelve arms and interlocking “fingers.” The arms allow the nanobot to be able to form a light structure by only comprising about 3% of the volume they encompass. In addition, each bot would be able to change the color of its surface.

With this technology, objects would be able to seemingly materialize out of air, deeming this option a plausible candidate for an augmented reality system.

Considering the possibilities provided by upcoming technologies, it is very likely that the VR/AR market will explode in the near future. Effective VR/AR technologies may well reach the consumer within the next decade.

Sources:

- Merel, Tim. “Augmented and Virtual Reality to Hit $150 Billion, Disrupting Mobile by 2020.” Tech Crunch. AOL Inc., 6 Apr. 2015. Web. 23 Aug. 2015. <http://techcrunch.com/2015/04/06/augmented-and-virtual-reality-to-hit-150-billion-by-2020/#.citvw5:lc6k>.

- “Elephant in Your Room: Google Takes Magic Leap Into Virtual Reality.” RT.com. TV-Novosti, 22 Oct. 2014. Web. 23 Aug. 2015. <http://www.rt.com/news/198256-magic-leap-google-virtual/>.

- Magic Leap. Magic Leap, Inc., n.d. Web. 23 Aug. 2015. <http://www.magicleap.com/#/company>.

- Hall, J Storrs. “Utility Fog: The Stuff That Dreams Are Made Of.” Kurzweil. KurzweilAINetwork, 5 July 2001. Web. 23 Aug. 2015. <http://www.kurzweilai.net/utility-fog-the-stuff-that-dreams-are-made-of>.