I understand there are some interesting applications of VR/AR that may catch on, such as teaching medical students or engineers about complex systems, but the broad commercial appeal of VR seems to have been vastly overhyped. Have industry players accepted this or would they disagree?
We seem to be at a local minimum in the hype cycle; I believe the vendors will try to push their wares with less vigour, but hopefully more functional. https://en.wikipedia.org/wiki/Hype_cycle
As someone living in an industry hub ( Perth, Western Australia ) I can assure you VR is white hot in the minds of major companies with significant costs around on site training. To those companies VR technology is a potential force multiplier the likes of which has never before existed, allowing then to bring together simultaneous training & practice exercises across deeply multidisciplinary sections of their businesses in a way that would previously have cost them two orders of magnitude more to achieve!
They are extremely eager to see consolidated VR training solutions emerge to the point where it makes economic sense to inject seed capital themselves.
VR is far from a failure, it's merely undergoing a phase of "what is this commercially viable for?" Which is going to be crucial for it's long term survival.
