Tech giants invest – Big money is pouring into the virtual world

What seemed like science fiction a few years ago, tech companies are now making huge investments for it: virtual reality (VR). What is meant is the representation of a reality, which one usually enters with the aid of glasses. Everyone who enters has to see everything as if they were part of it – the big difference from video games and movies. There is a lot of potential in the technology: by 2025, global sales are expected to double to $22 billion. Glasses headsets should be part of everyday life in the future.

$120 Billion for the Metaverse
Facebook founder Mark Zuckerberg wants to be a part of this megatrend. The fact that he renamed his company Meta shows his ambitions: “The Metaverse connects the most diverse virtual locations and elements in one big virtual space. The technologies have been around for a long time. Virtual reality does not have to be the only technology, it is just good for it,” says expert Johanna Pirker (TU Graz).

This year, $120 billion has already been invested in the Metaverse, more than twice as much as in all of 2021. Zuckerberg is investing $10 billion and Oculus glasses are commercially available. Curious: they have now become 100 euros more expensive, without any change.

Microsoft, Apple, Google invest
But Zuckerberg isn’t the only tech boss to recognize the trend: Microsoft boss Satya Nadella does too — he relies mostly on “augmented reality,” just like Google. With augmented reality, something is virtually projected into a real world (for example, a new facility in a room). Apple will also launch glasses in 2023.

To implement virtual reality in a way that is fit for the masses, chip makers like NVidia have jumped on the VR train, as has HP. Chinese giant Tencent has also become involved. Sony has been releasing VR sets and software for a long time. Because VR is also a big topic in the gaming sector (world turnover 160 billion dollars per year).

But not only there: virtual meetings should make everyday life easier in times of home office and bring employees of international companies together. In Austria, Konrad Gil is active as an entrepreneur and head of ViARsys. “The sector is growing strongly. Almost every major company is dealing with it now,” says Gil. But he also develops solutions for small and medium-sized businesses.

ÖBB relies on many virtual applications
Among the local companies, the ÖBB are pioneers: Virtual reality is used in the training there: students practice the inspection and maintenance of switches, rails and overhead lines without having to go to the track. VR is also suitable for training. In addition, visualisations of tunnels, bridges and train stations that have not yet been built are used. For the financially strong infrastructure and mobility industry, VR is generally an opportunity: car manufacturers and construction companies also use it to bring buildings or vehicles to the office. Stores are also going virtual: Nike has “opened” one.

Fighting phobias with modern technology
But the technology is also used for smaller applications. “Virtual theater performances to combat phobias – a lot is possible,” says Olivier Schaffer of Vrei VR. Psychiatrists can treat patients in this way. Anyone who suffers from vertigo is virtually standing on a cliff, while those who are afraid of spiders can “feel” them.

Dangers and fear of monopolization
The investments of the tech giants are fueling fears of monopolization. Konrad Gill: “It is important that some metaverses remain decentralized and that not everything is controlled by corporations. We are creating the infrastructure today for the freedom of tomorrow.” Pirker adds, “I don’t think there is anything to be afraid of.” On the contrary, the Metaverse can provide opportunities and make our society even more inclusive, because everyone can participate easily. .