According to research firms IDC and Trend Force, virtual reality technology promises to completely transform our habits in the near future

Technology firms and experts have weighed in: by 2020, virtual reality will have completely redefined content. With the creation of near lifelike experiences, the ways in which content is created and accessed, the interaction between brands and consumers, the evolution of digital relationships on social media, and the transformation of uploading and sharing user-generated content, will be disrupted by what is being considered one of the grandest innovations on the planet.

Global market intelligence firm IDC, released their annual predictions for technology trends in Latin America and Caribbean and stressed that by 2018, one third of companies who seek a digital transformation for their organisations, will incorporate cognitive design and virtual reality into its applications and core competencies.

Through the webinar entitled, “IDC Futurescape: Latin America IT Industry 2016 Predictions – Leading Digital Transformation to Scale”, the firm also stressed – among other key trends – that in 2016, virtual reality will become a more familiar catchphrase within companies in the region, despite its customary adoption-lagging style, according to a Samsung news release.

Leading the charge are companies such as Samsung Electronics, who in partnership with Oculus, a trailblazer in virtual reality systems, have released the Samsung Gear VR, the release says.

“The functionalities of Gear VR go far beyond the expectations of how mobile technology can be used to consume content and is proof of the magnitude of progression in innovation and of the incredibly immersive experience that is now available to consumers – through the Gear VR series – which has the power to completely transform mobile content,” Jorge Lopez, regional product manager at Samsung Electronics said in the release.

This market phenomenon is not only expected to transform content consumption but it will have an enormous impact on the global economy.

According to the latest estimation by global market research firm TrendForce, the total value of VR market (including hard- and software) will reach US$6.7 billion in 2016 and will proceed to skyrocket to US$70 billion in 2020. It is expected that the ongoing expansion of social networks, independent developers contributing to VR content through applications, wearable devices, video games, and steady consumer adoption, among other factors, will fuel this growth.

As further proof, at the recent 2016 Consumer Electronics Show, the world’s largest consumer electronics tradeshow, experts drove this point home claiming that 2016 will be the year that virtual reality enters our lives by establishing new habits and transforming others.