What’s happening with virtual reality? There has been a lot of news regarding this technology so we’ve put together a brief overview that helps to explain the most recent advancements so that you can understand how best to utilize it within your business.
RECENT REVOLUTION IN VR (Part 1)
Until recently, the costs associated not only with the hardware and software required to develop and distribute a VR experience but also to create Virtual Environments was too costly for the Commercial Real Estate Market. In addition, the technology was not readily available “off-the-shelf”.
However that has now changed due to three key factors:
Gaming Engines used to cost almost $1M to license on a per project basis are now available on a monthly subscription of just $75/month per developer.
The increasing processing power due to Moore’s Law 11 (doubling of processing power every 18 months) has made the hardware smaller and more affordable.
The Graphics Processing Units 12 (GPUs) are now providing higher levels of realism at a 4X increase in performance every 3 years.
Let’s look at each of these factors individually. First, some of you may consider “Game” a four-letter word, which was definitely the case in the military just 10 years ago. Now the US Military spends Billions of dollars every year advancing the use of game-based technologies for Visualization of “Big-Data”, as well as Simulation and Training of its personnel on virtual ships, nuclear submarines, aircraft, as well as many of its weapons and communication systems. Some people refer to these applications as “Serious Games” – since if this training fails, and you make a mistake in the field real lives are on the line.
In parallel the gaming market has grown exponentially over the years, supplying an ever growing source of revenue to the game engine companies. For example, 20 years ago the annual revenue generated by the gaming industry surpassed the movie industry. As clear proof that the trend has continued:
John Cameron’s movie Avatar 14 (2009) grossed $77M on its opening weekend.
Star Wars VIII (2015) grossed just under $250M on its opening weekend.
However, in 2013 the game Call of Duty: Ghosts racked up over $1 billion in sales in its first day in stores.
The CRE industry is now able to take advantage of the billions of dollars already funded for this technology, enabling us to create photo-realistic simulations of real estate. This has simultaneously decreased the cost to develop VR based applications and increased the level of realism and functionality within the user experience for the CRE industry.
The PIX team has 20 years of experience in applying game based technologies for countless business applications and creates innovative applications for CRE. Using our expertise, we are able to quickly leverage these new developments in VR to help you increase your business sales and marketing capabilities. We are focused on developing customized VR experiences that deliver tangible results for you and your clients.
We look forward to working with you as your VR experts to ensure that you are able to take full advantage of these new capabilities.