Future of Virtual Reality & its Impact on Business

15 Jan

2020 10:52 am

By Rakesh Kumar

VR or Virtual Reality is the simulated experience that is similar yet somewhat different from the real world. It’s vast applications range from entertainment, education, business, IT, medical, and other distinct areas. The gaming sector is carrying out the extensive use of Virtual Reality while bringing its tasteful experience to common man. This technology mainly involves video and auditory feedback. Advanced VR creates a sensory experience for people through touch, smell, hearing and taste.

According to a research, this industry is growing at a rapid pace with the market revenue to reach almost 21.5 billion dollars by the year 2020. This whopping figure states about the inclusion of VR in versatile industries. But, what exactly is the future of VR? Is it going to stay in the race long? Or will it be the champion beyond any other tech? Let us take a sneak peek into its future scope and impact:

Virtual Reality and its Impact on Business

VR developers are hopeful for a wider use of this technology. Apart from gaming, companies are favourable to take it to the next level. The continuous investments in VR are surely giving maximized results. VR’s future looks bright and below are some of the significant pointers to support it:

Wide Use in the Gaming Sector: Virtual Reality is undoubtedly most popular amongst the gaming industry. The Gaming market has seen a sudden boom with accessible introduction of VR headsets. Many companies are revamping existing age old games with a modern twist of VR to help users experience and interact in a new environment.

Growing Technology: VR is an ever expanding technology that is making its waves in many areas. Its use is growing outside the gaming world with:

  • Medical - VR simulated surgery trainings and operating room preps. 
  • Education - From virtual field trips to vocational training, teachers are voting in to introduce VR in their schools and colleges from as low as elementary classes. 
  • Retail - The most realistic application of VR till now has been achieved by some Fashion chains, where users can play dress-up without ever stepping into the changing rooms. Supermarkets and other giants are also not far behind in introducing similar interactive shelves for easier purchase decisions.  
  • Automotive - Instead of on-road, users can test drive their desired vehicles through a headset.
  • Construction - Enabling the customers to take a look at the finished home, office landscape before laying down a single brick. 
  • Tourism - 360 degree travel experiences without emptying your pocket.
  • Hotels - Customers can inspect their rooms and other facilities before booking.

Other Foreseeable Use-Cases - Global seminars, employee trainings, disabled assistance are some of the ways companies are already making use of VR in their in-house curriculums.

Product Design and Development: Most of the design and development companies are using VR technology by creating the ideal environment as an end user. This enables the team to test the product’s usability during the development stage, hence sizably reducing the overall delivery time.

How VR Will Impact the Future of Marketing

Many enterprises as well as startups are investing their time and money on improving the hardware and software for Virtual Reality. The potential buyers are already strategizing and predicting the great value of VR technology in the future. 

Developers are working hard to provide real-world experience to users. This will not only help people overcome their fears but they can experience advanced developments in various sectors. 

How Virtual Reality Content Creation Impact Businesses

To conclude, VR has the potential to rise as a great technology in the coming years. Businesses should start adopting this technology in their future marketing plans, because after all everyone’s watching out for the ease and comfort for their end customer base. Moreover, it gives you the leverage to stand out from your competition. Big giants from Fortune 50 are also participating in this revolution. This will provide personalized and enchanting experience to the users that will assist in improving your brand’s reputation. 

Have you introduced Virtual Reality in your business yet? Want to discuss how that is possible? Reach out to us and we’ll provide you a free consultation. 

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