What is Virtual Reality Technology: Top Use Cases and Trends
Do you want to know what virtual reality technology is?
Read on as we explain VR technology in detail.
What is Virtual Reality?
We typically refer to the term Virtual Reality (VR) in two different ways.
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One is a simulated environment, which might have a particular, specific use. The other reference is the computer technology that creates such an artificial environment through virtual objects in the real world.
VR presents this artificial environment to users in a manner that they accept it as the real world as long as they are experiencing it.
The technology uses sights and sounds to create this effect and has various use cases, e.g., training, gaming, etc.
Read more about VR as a technology of the future here.
The global market for VR
The following statistics explain how the market for VR is growing at a healthy rate:
- The retail and marketing VR market clocked $0.805 billion in 2020; however, it is a $1.79 billion market in 2022, according to a Statista report.
- That’s just one segment, and the overall market for VR will likely grow up to $44.7 billion in 2024. Read “$7 Bn virtual reality market - global forecast to 2024” for more information.
- Grand View Research estimates that the global VR market will grow from $59.69 billion in 2022 to an impressive $435.36 billion by 2030, translating to a whopping 27.5% CAGR (from 2023-2030).
Virtual reality use cases
There are several prominent VR use cases, e.g.:
Businesses enable customers to try a product virtually before buying it. Users experience this computer-generated virtual environment using a VR headset.
Lowe’s Home Improvement customers in the US are already experiencing this. You can read about it in “Top 5 virtual reality business use cases”.
We all know that VR is very popular in the gaming industry; however, game developers can also use the technology to make the game easier for new audiences.
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New players often find virtual reality hardware, such as input devices and controllers, hard to use, and VR makes this easier.
Virtual reality applications can help promote tourism by allowing potential travelers to experience their destination virtually through VR headsets and other devices.
Businesses can use virtual reality devices to improve employee productivity by providing better training for hands-on jobs.
Simulation is easier with VR, and many businesses are already using it for their training programs.
Read “Why Walmart and other F500 companies are using virtual reality and human-computer interactions to train the next generation of American workers” to learn more about it.
Businesses can offer additional optional features to their customers, who can try them out using VR. This can help increase sales for businesses.
Mainstream consumer entertainment will benefit significantly from VR and the immersive experiences it offers.
Read “3 big virtual reality trends” for more insights into this.
Final Thoughts
Virtual reality is increasingly popular for delivering immersive experiences across a range of industries, from healthcare to entertainment.
The expanding market for virtual reality technology promises huge returns for businesses investing in this lucrative space. Do you want to be among them?
Keep in mind that VR is a developing technology like augmented reality and artificial intelligence. You will require experienced software engineers with enough knowledge of cutting-edge technology and familiarity with VR tools, etc.
Read our blog for more information on VR development.
If you, as a business CEO or CTO, do not find such talent in your team, DevTeam.Space can help you via its field-expert software developers community.
Write to us your initial project specifications, and one of our account managers will get back to you to discuss in detail how our VR developers can help you.
FAQs
Virtual reality is an artificially created three-dimensional visual or sensory environment. Computer modeling or simulation is used to develop such mixed-reality virtual worlds for end users. Users use a virtual reality headset to experience such a computer-generated environment.
The three types of VR environments are non-immersive, semi-immersive, and fully immersive virtual reality systems.
The four primary elements of a VR environment experienced using VR systems and virtual reality headsets are the virtual world, immersion, sensory feedback, and interactivity.
Alexey Semeney
Founder of DevTeam.Space
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Alexey is the founder of DevTeam.Space. He is award nominee among TOP 26 mentors of FI's 'Global Startup Mentor Awards'.
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