360° Coverage : Facebook, Oculus, And Businesses' Thirst For Virtual Reality

10 Updates
Facebook, Oculus, And Businesses' Thirst For Virtual Reality
Photo Credit: Forbes Business

Facebook, Oculus, And Businesses' Thirst For Virtual Reality

Mar 30 2014, 6:14am CDT | by

Facebook’s $2 billion acquisition of Oculus VR is just one sign of the growing business thirst for using virtual reality technology to change ways of working and improve customer experiences....

Filed under: news

 
 
 

17 weeks ago

Facebook, Oculus, And Businesses' Thirst For Virtual Reality

Mar 30 2014, 6:14am CDT | by

Facebook’s $2 billion acquisition of Oculus VR is just one sign of the growing business thirst for using virtual reality technology to change ways of working and improve customer experiences.

The acquisition – which was made this week and swiftly followed by polarized reactions from Oculus’ Kickstarter backers and the stock markets – brings Facebook a brand new way to enable people to communicate and share experiences. Experts note that it also demonstrates the growing opportunity for revenue gain through the technology in other industries.

The potential of virtual reality, an interactive digital 3D image or environment which can be experienced through special helmets or glasses, has clearly not been overlooked by Facebook.

Mark Zuckerberg, the social media network’s founder and chief executive, said this week that while mobile is the key platform of today, virtual reality will be one of the major platforms of tomorrow.

It can “change the way we work, play and communicate”, he explained, with potentially strong applications in communications, media, entertainment, and education, among other sectors. “Imagine enjoying a courtside seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face, just by putting on goggles in your home.”

Virtual reality has been around for decades as a gaming technology, and there has been mixed success with its adoption in business, notes Mark Little, principal analyst at Ovum. But he says that as the technology advances and businesses seek new opportunities, there is plenty of potential for it to benefit niche areas.

It is already being used in the medical world, for example, with Conquer Mobile and VRcade partnering to introduce immersive medical simulation. “High-tech manufacturers of spacecraft, aeroplanes, and cars have also used VR to simulate and test product design and assembly for many years”, he says – and in retail, U.K. fashion chain Topshop has experimented with VR, letting shoppers see the runway show of its latest clothing lines.

Todd Thibodeaux, president and chief executive officer of non-profit IT industry association CompTIA, says that while broad adoption of virtual reality technology is “still years away”, some of the most aggressive early adopters have seen successful application in sectors such as the military for pilot training and battlefield readiness, and in medicine for teaching surgical skills.

The evolution of Oculus as a business “could create the critical mass necessary for more standard multifunctional hardware that could be used in many different situations”, he says. If Facebook can retain the technical talents and pour more research and development money into the company, it could advance the platform further.

“Virtual reality is a holy grail technology, because no matter how many false starts we’ve had, the possibilities are still there in medicine, engineering, telework and manufacturing.”

The future of the technology offers many potential outcomes, says Little at Ovum. “Who knows, picture ‘Microsoft Office DataVisor’ (fictional, naturally!), a heads up display as you work on your computer screen giving you enhanced data visualization, augmented cross-referencing of information, and the face of your colleague calling on Skype who can see everything you can.”

One key factor in the technology’s  success could be if the ability is developed to properly “bring together the real and virtual worlds, interactively, overlaying the virtual on the real”, he explains. The two would need to be fully integrated, rather than running alongside each other.

“This could well be part of the deep vision that Facebook has for its Oculus VR purchase,” Little notes. “Imagine a Google Glass Pro for Enterprise with far more virtual real estate to play with.”

Like this story? Follow me for more breaking news and in-depth analysis, affecting CIOs and business decision makers. Please do share your thoughts on the topic below.

Source: Forbes Business

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told toda ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by rob ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Rakyat tod ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Ser ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern sta ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

8 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 m ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

8 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Mustapa Moham ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 million. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

8 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) to ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

WTO fails to reach trade facilitation agreement
Geneva, Aug 2 (IANS) Negotiations at the World Trade Organisation(WTO) has failed to agree on the implementation of the trade facilitation agreement as the deadline of July 31 passed.
 
 
Liberia reports new Ebola cases
Lagos, Aug 1 (IANS) The Liberian government has reported new Ebola cases as of July 28.
 
 
Japanese men's life expectancy over 80 years for first time
Tokyo, Aug 1 (IANS/EFE) The life expectancy of Japanese men stood at 80.21 years in 2013, the first time that men have gone past the 80-year mark in the Asian country, according to the country's ministry of health, labour and welfare.
 
 
Methane created mysterious Siberian crater: Study
London, Aug 1 (IANS) The mysterious crater spotted in the frozen Yamal peninsula in Siberia earlier this month was probably caused by methane released as permafrost thawed, Russian researchers say.
 
 
 

Latest from the Network

Apple Launches Content Delivery Network
Apple is responsible for delivering a great deal of data to consumers, although they have traditionally relied on third party groups to handle the process. According to Frost & Sullivan, Apple has already worked out...
Read more on Apple Balla
 
Dunga denies Brazil blacklist
Rio de Janeiro, Aug 2 (IANS) Brazil coach Dunga has denied suggestions that striker Fred and goalkeeper Julio Cesar have been placed on a blacklist after the team's ignominious World Cup exit last month. Speaking...
Read more on Sport Balla
 
Lampard set for Manchester City loan
Washington, Aug 2 (IANS) Former Premier League side Chelsea star Frank Lampard will play for Manchester City under a loan deal from his new Major League Soccer Team New York City FC, media reports said. Lampard, who...
Read more on Sport Balla
 
Sarah Hyland to co-host Teen Choice Awards
Sarah Hyland will co-host the Teen Choice Awards later this month. The 'Modern Family' actress, 23, will present the ceremony with 'Teen Wolf' heartthrob Tyler Posey in Los Angeles on August 10. The 22-year-old actor,...
Read more on Celebrity Balla
 
Mandy Moore's home is a zoo
Mandy Moore says her home is turning into a ''little zoo.'' The 30-year-old actress, who is married to musician Ryan Adams, is a huge animal lover and can't stop adopting new pets. The 'Tangled' star told UsMagazine.com...
Read more on Celebrity Balla
 
Brazilian striker Hernane joins Al Nassr
Rio de Janeiro, Aug 2 (IANS) Brazilian forward Hernane has signed a three-year deal with Al Nassr for a reported $7 million. The Saudi Arabian club beat off interest from a number of rival suitors for the Flamengo...
Read more on Sport Balla
 
Emma Watson stands up for Turkish women
Los Angeles, Aug 2 (IANS) "Harry Potter" star Emma Watson has joined a campaign by Turkish women to rebel against a politician who recently branded females "indecent" for laughing in public. Watson is an ambassador...
Read more on Celebrity Balla
 
Tom Cruise surprises at derby event
London, Aug 2 (IANS) Hollywood star Tom Cruise, who is filming the fifth instalment of the "Mission: Impossible" franchise here, surprised revellers at a horse racing event here. He showed up at the event at the...
Read more on Celebrity Balla
 
Sahana finishes eighth in women's high jump
Glasgow, Aug 2 (IANS) Indian athlete Sahana Nagaraj came out with a disappointing performance to finish eighth in the women's high jump final at the Commonwealth Games here Friday. The gold went to Australia's Eleanor...
Read more on Sport Balla
 
Boxers Sarita, Devendro enter final, Pinki wins bronze (Third Lead)
Glasgow, Aug 2 (IANS) Former world champion L. Sarita Devi and her state-mate L. Devendro Singh came out with stupendous performances in their respective bouts to enter the Commonwealth Games boxing finals after Pinki...
Read more on Sport Balla