Facebook Inc. (FB) started shipping its Oculus Rift virtual reality product to customers last week. The official Oculus Rift VR site describes this as a "historic" moment, and even though the source is not exactly unbiased, they're also not exaggerating. The social media giant is leading the commercial development of the VR market, which is estimated to represent an overall value of $30 billion by as soon as 2020, according to the advisory group Digi-Capital. And this new sector, say Wall Street analysts, could represent 10% of Facebook's revenues. This is a significant growth opportunity not only for FB but other companies such as Nvidia Corp. (NVDA) and Electronic Arts (EA). 

The VR ecosystem seems primed. The dark goggles you've seen in ads constitute just one small part of that ecosystem; additionally, Oculus has shipped over 150,000 development kits and developers have uploaded over 250 VR-capable apps to the “OculusShare.com” website for users to download. HTC Corp. (TW:HTC) has partnered with gaming software developer Valve and its Steam gaming distribution engine. And Sony Corp.'s (SNE)  VR product will leverage its installed base of over 30 million PlayStation4 (PS4) users. (Related: "10 Stocks That Stand to Benefit from the rise of VR.")

Early adoption in gaming is just one way in which VR will materially change business processes--and in many industries, not just entertainment. Imagine a physician using VR to inspect an MRI, perhaps traveling virtually through a patient’s arteries to inspect a clogged artery. For example, Doctors Without Borders/Médecins Sans Frontières (MSF) has successfully tested 3-D printing and virtual reality technology to design hospitals that better meet the needs of patients. Or an interior designer who gives clients the opportunity to take a virtual tour of a kitchen remodel and change the layout, colors or cabinets before it is even started. We are already seeing VR being adopted successfully in the movie industry as demonstrated with these award-winning films. 

As for Facebook: Assuming that Oculus can sell 11 million headsets by 2020, and a whole bunch of software and software royalties by then, this could mean $7 billion in new revenue for the company. Human experience as we know it is on the brink of further change. Buckle up!

About the author: David Garrity is Principal of GVA Research, a New York-based consulting firm. He has more than 25 years of experience in the financial services industry. He has served in many senior roles including CFO and Board Director for both publicly-held and private companies, and has extensive experience in several disciplines including advisory, operating and research. David is a thought leader in technology sector developments and their application to the broadening of the financial sector, as well as in the areas of banking and finance, capital markets, and technology innovation. He is a sought-after advisor for technology companies and consults with The World Bank Group on financial inclusion and mobile technology, as well as the development of technology strategy for health initiatives in southern Africa. His paper on mobile money and disaster relief is published in "Technologies for Development: What is Essential?" (Springer Verlag, June 2015). You can find him on LinkedIn here and follow him on Twitter @GVAResearch.

Disclosures: At the time of writing, the author had no positions in any of the companies mentioned in this piece.