VR- A Sneak Peek Into the Future
Virtual reality will have a broad and enduring impact on how we work, study, shop, and live. The evolution of commercial VR technologies is leading the thought process of so many businesses and their future in the digital world.
Gaming is one industry that has been using this disruptive technology for a couple of decades, making it exciting with 3D- near eye displays and pose tracking for an immersive feel in the virtual world. According to an analysis; in terms of revenue, the virtual reality in the Gaming market was valued at around USD 13.4 billion in 2019 and is projected to reach USD 90.7 billion by 2026 i.e., a CAGR of 31.4%. The increase in the revenue is mostly due to the demand and the sales of VR hardware. Many MNCs like Meta, Samsung, HTC, Steam have been pumping cash reserves into VR considering the scope of it. Every other business can also use VR to their advantage; and there is an immense need too, considering the lifestyle post pandemic.
Virtual Reality Marketing opens up new ways to interact with customers and increase brand awareness. Passive bystanders become active participants with Virtual showrooms in retail business, virtual models for real estate, trying out furniture for the houses, trying on goods that require fit; all happen while sitting on your couch, perhaps binge watching. Virtual try-ons have increased online sales of cosmetic companies too. Businesses make potentially less marketing expenditure, thus a healthy marketing to revenue ratio.
Soft skills such as leadership and resilience are trained better while being in a situation rather than depicting one. According to a PWC survey, Employees/ Students are four times more focused in virtual training rather than in e-learning papers; it is four times faster to train students than in a classroom; and the employees are 275% more confident to apply skills learned via VR training.
Teleconferencing in the modern day business has been a necessity. Looking at pixelated faces all day can be turned into virtual meetings where business travel can drop significantly saving time and cost. Facial expressions, eye contact and human interaction will be more realistic in the VR world making our meetings more productive, if the technology advances.
Imagine sitting in your living room, watching your favourite sport Live in VR. Imagine watching an IMAX movie in VR. People will make money rain for that kind of experience. Movies and Media business can multifold with VR interference.
Data is pouring out of every corner of the world and to break down the complexity of this “Big Data”, VR data visualization provides endless possibilities to dive into. With the 360-degree sphere that VR offers, users have an infinite space to display and walk through the real-time data and can work on data analytics from different locations simultaneously.
Using VR for user testing while designing and manufacturing products, makes it cost effective and a consumer driven solution will not be a myth anymore. Entities can get faster feedback, and make quick changes as needed.
Talking about VR and missing the concept of Metaverse?? Won’t it be a sin?
Kidding apart, All these applications and possibilities we talked about; if we collate all of that into one infinite space and create something magnanimous; Now, that’s Metaverse. It will be a tricky task to define what a metaverse means or would look like; partly because companies like Facebook (Meta) and Microsoft are trying to build their own versions of Metaverse. But it’s safe to say that it wouldn’t miss some characteristics like-
- Fully functioning online world with opportunities to create, sell, interact, buy etc.,.
- Concept of time that matches with real world
- Profiles that are Indefinitely active
- Users having individual agencies
In a press release, Meta described Metaverse as “a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. You will be able to hangout with friends, work, play, learn, shop, create and more”.
Even though there is a buzz of VR in every industry, it still hasn’t hit the mainstream yet and is slowly gaining momentum. Virtual reality is among the technologies that has the highest projected potential for growth. Companies will have to adapt VR for their digital transformations ahead to stay relevant. According to Fortune Business Insights, the global VR market could grow to over $80 Billion by 2028. If we are optimistic and consider Metaverse a success, we can even predict the global VR market to reach a rough $ 800 billion by 2025. Numbers aside, VR will surely stamp its mark on our future for the scope it has in the digital world.
Kanerika is a niche consulting firm building efficient enterprises with deployment of automated, integrated and analytics solutions. Kanerika enables efficient enterprises through its unique digital consulting frameworks and AIOps enabled compostable solution architecture. We partner with some of the top vendors to solve some of the critical data and process related challenges. We help some of the top brands across the globe in increasing their speed to respond in evolving market conditions, reducing their cost of operations, empowering them with the right tools and insights for effective decision making.