When the tech market crashed in 2000 after years of unabated growth and mind-boggling expansion, Wall Street naysayers said it was over. The reality is, it was just the beginning. One of the most respected technology analysts on Wall Street feels that, 15 years from now, technology’s newest mega-theme will be an accepted mainstream application.

Piper Jaffray’s Gene Munster is, without question, one of Wall Street most respected technology analysts. He and his team believe that virtual reality (VR), and in time augmented reality (AR), will be the next tech mega-theme. Between now and 2030, they see this as the defining trend in the technology industry. For now, Munster likens the current virtual reality technology to cellphones in 2000. To put that in perspective remember, that the iPhone wasn’t even introduced until 2007.

This is far more than playing a 3D video game. This is attending an NFL and NBA game with a 50 yard line or center court seat. It is a front row seat at the biggest concerts on tour, or literally sitting in a room and visiting a dear friend or relative that is halfway around the world. Kids in classrooms will be able to tour the greatest sites and antiquities in the world, like the Egyptian pyramids or the Coliseum in Rome. College students can attend a lecture at a university across the country. The possibilities are endless.

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What is the catalyst for all of this optimism? Plain and simple, the consumers’ unquenchable appetite for the next big thing. The iPhone 6 was really just a refinement and an enlargement of the existing device, yet the consumer demand was overwhelming. Sure it had new capabilities, and a larger screen, but it was not earthshaking new technology. The introduction of the iPhone in 2007 was. What the iPhone 6 did was continue to deliver sales of a ubiquitous product and helped drive earnings at Apple to record levels.

The team at Piper Jaffray makes it very clear that the whole virtual reality theme is just stepping out of the gate, literally is like a baby taking its first steps. They acknowledge that there are literally hundreds of companies already competing in the space, with the great bulk of them privately held, and many in their own state of infancy.

Three of the public companies that will be winners in the game are also three of the top heavyweights in the technology world.

Apple Inc. (NASDAQ: AAPL) should come as absolutely no surprise as a potential winner in a new and exciting technology. The Piper Jaffray team feels that, based on information gleaned from industry contacts, the technology giant is pursuing both VR and AR, although they point out the the AR component is 10 years away from a widely used consumer platform. While it is hard to ascertain the overall opportunity for the company, Apple’s early entrance indicates it is preparing for next generation computing. The analysts also cite Apple’s fashion advantage as a help to developing products consumers will want. Apple shares closed Wednesday at $132.04.

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Facebook Inc. (NASDAQ: FB) would seem like a natural to be in the VR and AR arena, with the company’s huge social media franchise and reach. The actual participation for Facebook is via the company’s 2014 purchase of Oculus Rift for a stiff $2.3 billion. Facebook has said the hardware gear, which will include headsets, will become available early next year. Oculus Story Studio was announced in January as a company that will create content for Oculus. In about five years, the Piper team expect Facebook to charge a toll or fee for third party hardware manufacturers and developers to access the platform to sell games, experiences and other products. Facebook closed trading on Wednesday at $80.55.

Google Inc. (NASDAQ: GOOGL) remains the 800-pound technology gorilla, and with a consumer platform like YouTube already huge in popularity, it seems a perfect entrant to the arena as well. The Piper Jaffray analysts think that Google can be a big winner in AR in both the hardware and services categories. With Google Glass and the big investment in Magic Leap for hardware, and VA and AR apps again powering the computing of the future, Google’s massive trove of data will be key to enabling both. The shares ended trading Wednesday at $554.25.

Other publicly traded companies that are already also sticking the proverbial toe in the VR and AR waters include GoPro Inc. (NASDAQ: GPRO), NVIDIA Corp. (NASDAQ: NVDA) and Intel Corp. (NASDAQ: INTC).

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Gene Munster has been at Piper Jaffray for 20 years now, and if there is anybody over the past 20 years who has had the pulse of technology and an instinctive grasp of what the future holds, it is him. While he is certainly not the lone voice in this look into the future, he probably has put the deepest dive to date on the industry together. Aggressive growth investors would be well advised to keep an eye on what will be an incredible technology for years to come

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