Is Virtual Reality the most promising technology of 2017?

In this blog, we will explore emerging technologies that will dominate in 2017 and will achieve mainstream adoption in the next 5-10 years. Here are the trending technologies: i) Virtual Reality (VR) ii) Machine Learning iii) Blockchain iv) Autonomous cars v) Internet-of-Things (IOT)/Smart home. These technologies are chosen solely based on the potential to disrupt existing industries on a mass scale. For ex: autonomous cars are going to disrupt several industries not just limited to Auto industry but also other complementary industries such as Insurance services.

Based on the Gartner Hype Cycle, Virtual Reality is on a slope of enlightenment path.  This means that the Technology is widely understood and how this technology can benefit enterprise is crystallizing. Machine learning, Blockchain, Smart homes, and Autonomous cars are at the peak of inflated expectations. What this means is that these technologies are receiving early publicity with scores of success stories.

One way to understand the popularity of these technologies is to take a data-driven approach instead of relying on reports. Google Trends is a perfect tool for this purpose. An interesting trend emerges from this chart below:

Virtual Reality has zoomed past any other technologies under consideration in the previous two years. Why is that? Virtual Reality is pushed by big companies such as Facebook (through the acquisition of Oculus for $2Billion), Google, Sony, and HTC. Use cases of VR span across several industries not just limited to gaming. Industries such as Education, Real Estate, and Retail can benefit from VR and serve customers like never before. For ex: With Google cardboard at a purchase price of ten dollars, Realtors are giving out cardboards to potential buyers to check out homes in 3D. Prospective students can take VR tour of possible universities without even visiting them. Given the potential to disrupt multiple industries, Goldman Sachs puts the total addressable market for VR in 2025 as $80 billion. This includes both software and hardware. More on VR at Learnopy – Virtual Reality.

Now that we know the potential of VR, we remove VR keyword from the trending chart to see clearly the trend for other technologies.

It seems like the next technology after VR that is trending is Internet-of-Things. Similar to VR, IOT has potential use cases in multiple industries. Both large and small scale companies are developing solutions addressing home, office, and industry use cases. Google and Amazon lead the pack with solutions such as Nest and Echo. It is estimated that Amazon Echo sales were 9x in 2016 compared to 2015. More on IOT at Learnopy– IOT.

Blockchain is another technology that is garnering lots of attention. Though Bitcoin is the only application of Blockchain technology at the moment, the underlying ability of the technology to store multiple transactions in a decentralized digital ledger is attracting various industries to explore. Banks are the biggest explorers of the technology. It is estimated that this technology can help large investment banks save $8 to $12 Billion a year by 2025 as it obviates the need for reconciliation and auditing. The potential for Blockchain is so huge that even central banks such as Bank of England are considering using the technology. More on Blockchain at Learnopy – Blockchain.

Machine learning has been in existence for a while but lately has received interest because of an explosion of data. Applications of machine learning are umpteen in numerous industries such as healthcare, retail, and services. Cloud computing companies such as Amazon have made sophisticated machine learning algorithms readily available instead of having to spend hours configuring servers. The potential of the technology is so significant that Google is trying to understand human brain using these techniques through its DeepMind program. More on Machine Learning at Learnopy – Machine Learning

The next technology is autonomous cars. Autonomous cars are not a myth anymore and have become a reality. Uber has launched a fleet of self-driving cars recently in San Francisco and Pittsburg. Consumer confidence on autonomous vehicles is also increasing regarding safety. Regulators have taken notice of this trend and have eased up regulations – not stifling innovation. This trend is picking up traction not just in the U.S. but also in other countries across the world. VCs are flowing money into this space. BCG in one of its reports estimated the total addressable market of $42 Billion by 2025. More on Autonomous cars at Learnopy – Autonomous cars.

In summary, technology is disrupting every industry in some form or the other. Based on Google Trends, Virtual Reality is garnering lots of interest compared to other technologies.