Will the coronavirus be the booster for AR and VR technologies?
Events such as the “black swan” (including the economic downturn and pandemic) change the direction of politics, economics and business, affect the course of history.
The Black Sea in the 1300s destroyed the feudal system in Europe, replacing it with more modern hiring relationships. Only three centuries later, the deep economic crisis caused by the Hundred Years War between England and France led to a new spurt of innovations that radically modernized agriculture.
There are recent examples. SARS SARS pandemic in 2002-2004 sped up the growth of the small company Alibaba, which traded over the Internet. Now it is a retail leader in Asia. This growth was fueled by anxiety and panic of people who tried to avoid contact with each other as much as possible – almost the same as what we see now.
The financial crisis of 2008 also contributed to new technologies. In Western countries, companies like Airbnb and Uber instantly became popular, because in times of crisis people tried to save on everything: organize co-residence and group for trips.
The video game industry has taken the trend and has also dramatically changed course. In 2011, thanks to Nexon in Asia and King in the West, free games with in-game purchases began to develop rapidly.
With the advent of Covid-19, we already see the first signs of how consumer and company behavior is changing. Airline profits are falling due to the refusal of travel, in retail chains, supplies of medicines, cereals and toilet paper are running out, and work at home is becoming the norm.
Some of these changes are a direct but short-term reaction to the crisis. All this will return to normal after defeating the coronavirus.
However, some changes will remain, creating the basis for long-term innovation, and will dictate the business environment for many years to come. Let’s look at three types of innovations that are likely to continue after the victory over the new coronavirus.
Will current situation help new technologies, such as AR and VR to boost and become bigger and more interesting for investors? What do you think?