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Virtual reality has been one of the coolest technologies available for over a decade. Today’s applications make it an exciting piece of tech for individuals; and you’ve seen that market expand (especially during the pandemic) with Facebook, Sony, HTC, and HP coming to market with a VR offering. The question we wanted to look at is how VR could be used at a business like yours.
For those of you who think that this technology is nothing better than a gimmick, you may be surprised to find out that not only is there serious application development happening in the VR space, some of that software may actually be of huge value to your business. Virtual reality is technology that allows an individual to simulate an interactive, three-dimensional virtual world and the use of those virtual worlds is slowly growing.
In 2018 the virtual reality market was a mere $829 million. As a result of growth, much being spurred on by the worldwide COVID-19 pandemic, VR in business is projected to top $4.2 billion by 2023. That growth is due to the advancement of better hardware, better software, and more exposure to the technology. The software is notoriously difficult to develop so growth figures that look like that are impressive.
On the surface, VR doesn’t seem to be the most practical technology. The price has dropped as to not be prohibitive for businesses who want to use it for the following two reasons:
As a technology, virtual reality may be best suited for a training facility for businesses. By immersing employees into a lifelike environment you can better train them for situational awareness. Imagine not having to have business back up every time you had to train a new employee? With VR, employees can face complex situations, and learn how to best react when those situations come to fruition.
One way that virtual reality could grow to be an extremely important technology for business is in the retail sector where you can already see it moving online. VR development, then will have to be a line item on a retail store’s to-do list. With VR, customers can enjoy a shopping experience that is customized for them and they won’t have to worry about the crowds or the lack of product in stores. Even in brick and mortar stores, VR is being used to heat map traffic to coordinate where to put certain products.
With production costs higher than ever, one use-case for VR might be found for manufacturing and realty industries. Product designers can build products in VR for board members and buyers to sample and demo, before producing a physical product. Architects and interior designers can create virtual environments of living spaces, offices, convention centers, and more, and help convey their ideas and vision to their clients.
Virtual reality may not be the answer to all of your operational problems, but it is a fast-emerging technology that will be normalized before too long. What are your thoughts on virtual reality? Do you think it’s a gimmick or do you think there is room for it to be a positive force for your business down the road? Leave your thoughts in the comments below and check back soon for more great technology information.