The LG Economic Research Institute (LGERI) released a report called “The Door to Avatar World is Opening” on June 3, pointing out, “Display, computer power, and gesture recognition technologies are rapidly evolving, but Korean companies lag behind in these fields.”
Virtual reality can be used in 3D games, theme park experiences, military flights, synthetic flight training, and the assembly or production of various mechanical components. It is also likely to be utilized for medical purposes such as panic disorders and trauma treatments, or surgeries. On top of that, it is expected to create lifelike experiences, economic activities, or leisure activities.
Overseas companies are making various kinds of investment through M&A deals and patent purchases to dominate the virtual reality market.
Facebook acquired virtual reality headset maker Oculus VR for US$2.3 billion (2.5 trillion won) in March. Sony, Apple, Microsoft, and Intel have already filed patents related to virtual reality or have been purchasing those patents. They are also actively seeking to make technical investments. Google is working on the construction of the virtual reality world based on its Internet infrastructure, while Amazon is aiming to dominate this field through content and distribution networks.
A senior researcher at LGERI remarked, “It is difficult to predict whether or not virtual reality will provide a momentum within five or ten years for the change similar to a shock that the Internet brought about. It is also uncertain whether or not virtual reality will remain a platform limited to the gaming market. But it has great potential.” The researcher added, “Global enterprises are aggressively seeking to dominate the field, but Korean companies do not seem to be actively involved in this business.”