Facebook CEO Mark Zuckerberg said that virtual reality would not grow rapidly, but also remarked that virtual reality is poised to be the next big platform in gaming, business and content creation.
During a conference call for Facebook's third quarter earnings in 2015, the Facebook CEO likened the development of virtual reality to the emergence of smartphones, according to ZDNet.
Zuckerberg considered 2003 as the year when the first smartphones arrived, specifically the Blackberry and Palm Treo devices.
While smartphones got better in terms of utility and design, Zuckerberg pointed out that the time frame appropriately illustrates how the advancements in augmented and virtual reality would not suddenly appear.
Unless several millions of virtual and augmented reality gadgets are acquired in 2016, the Facebook CEO does not think that a market would be captured enough for investors to provide huge financial support.
Likewise, the 31-year-old billionaire acknowledged that the initial primary market for virtual reality would be gaming. Zuckerberg is confident that the nearly 250 million people who either own an Xbox, PlayStation or Wii console would be delighted to have a more immersive experience through augmented reality.
The American entrepreneur also said that virtual reality would enhance even the experience of playing single player games without the need for large and technologically daunting networks.
Once virtual reality gaming becomes mainstream, the Zuckerberg believes that social content would benefit from the upcoming technology. Through social media such as Facebook and Instagram, people can experiment with immersive content, either for recreational or business purposes.
Facebook's Oculus Rift virtual reality technology will be released to a large market through a $99 Samsung headset during the holidays.
Along with the headset utilizing the Oculus Rift for Samsung devices, Microsoft will also be releasing a virtual and augmented reality gadget next year. According to TechRadar, the HoloLens device being marketed to the enterprise sector is worth $3,000.