Tech
Virtual reality – sideshow or main attraction?
CMW INVESTIGATES HOW THE MARKET FOR VIRTUAL REALITY HAS EVOLVED,
AND WHETHER VIRTUAL CONFERENCING HAS A FUTURE
he virtual reality market has
proven a volatile one over
the last handful of years,
having burst onto the scene
as the Next Big Thing in the event tech
industry.
The initial wave of hype and
excitement surrounding the technology
has been tempered somewhat by high
costs and work-in-progress headsets,
which have caused consumers to be
slower than predicted in their uptake of
VR. Regardless, virtual reality headsets
have been a mainstay at conferences and
trade shows for some time now.
Global tech advisory firm ABI
Research recently released some new
statistics, forecasting the future of the VR
market. It predicted an ‘inflection point’
within the next two years – an upward
turn driven by incremental advances in
technology and gradually lowering
prices.
The VR market, says ABI, will be
worth nearly US$22bn by 2024. This still
represents, however, an industry “outside
the collective mainstream”, and with
plenty of room for growth.
Michael Inouye, Principal Analyst at
ABI Research, comments: “The VR
market has been a veritable roller coaster
ride, with early excitement building like
the climb toward the ride’s apex, waiting
for the exhilarating rush that would
transform the world.
“But the climb ended well short of this
vision, and the ensuing ups and downs
have caused some to view VR as more of a
sideshow than the main attraction.
Ultimately, VR will go through a similar
maturation process as many previous
technologies – we didn’t all start off
carrying around iPhone and Android
smartphones when mobile devices first
launched.”
“
Virtway
provides
a connected,
virtual 3D
space in
which to stage
conferences,
allowing
delegates to
pick an avatar
and wander
round at their
leisure.”
Below: A virtual
conference
inside Virtway
€ 4m funding for Virtway
Whether VR can regain its upward
trajectory is a question in which many in
the conference industry have a vested
interest. In other parts of the events
industry, it seems to be working: it was
recently reported by Forbes that more
people watched the UK’s Wireless Festival
through live music VR app MelodyVR
than in person.
One company exploring the possibility
of virtual conferencing is Virtway, a
Spain-based platform which recently
secured €4m for expansion into a UK office.
Virtway provides a connected, virtual
3D space in which to stage conferences,
allowing delegates to pick an avatar and
wander round at their leisure. It does not
make use of virtual reality, but is available
across Windows, Mac, tablet and mobile,
using real-time voice communication to
allow speakers to present to virtual crowds.
Virtway was founded in 2014 by Spanish
ISSUE 102
entrepreneur Jose Antonio Tejedor. Of the
new funding, Teledor says: “This
investment will be a great boost to what we
hope will be a successful expansion in the
UK, following increased demand from
English-speaking countries. It’s a really
exciting time with a huge amount of
interest in the product from companies and
universities.
“We have an exciting and unparalleled
product and are constantly working to
improve the UX. There is no other
platform that is offering the level of
connectivity and experience that Virtway is
currently bringing to the marketplace.”
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CONFERENCE & MEETINGS WORLD
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