According to McKinsey, the world is at
the cusp of a major revolution from mobile to immersive computing. Last year was seen as the dawn of the third wave of devices employing augmented and virtual reality (AR and VR), which define the two spectrums of immersive technology that could replace mobile computing.
Virtual Reality started as a technology for a more immersive gaming experience. All giant companies made games for virtual reality. They were a big hit and VR headsets and items got sold out rapidly.
Following this success of VR technology, technology experts started researching ways to diversify this technology for other businesses.
Other industry giants started investing in the research that started and tested VR experience for their products. By 2022, there are diverse tools and products available for every industry that is based on VR.
Market Size of VR
Virtual reality technology has diversified to almost all fields. It is being used in almost every household and office for official use.
With an increase in demand and use, the market size of this industry has increased manifold.
Especially since it will be increasingly used in Metaverse production. Metaverse is a VR world and its technical aspects will be used to enhance user experience. This is why companies have fast-paced their research to produce products for the Metaverse as well.
The forecasts for the next few years are varying by every expert but overall this industry is going to be somewhere over $80 billion. But there is a sharp upwards trend for the market so there is a possibility that the industry size and market value will increase a lot.
Impacts of Virtual Reality
Virtual reality has found its space in the business world. Today, in this technologically advanced world even businesses are coming up with innovative and advanced products which use VR technology. Some of the VR impacts are listed below:
Product Prototyping
A company can build and test its prototypes using VR. Changes such as design precision, product modifications and functionality testing can be done as many times as necessary before the production starts. The consumers, company directors and other stakeholders can provide feedback before production as well.
Reduced Travel and Meetings at Offices
Virtual reality provides the opportunity of resolving travel time issues. This saves time, cost and is environmentally safe. Teams can be formed in different parts of the world and can easily meet virtually whenever it becomes a necessity.
Candidates Interviews
VR is a goldmine for the HR departments. A candidate can be interviewed on the spot wherever they are currently. In case of traveling issues, VR can be used to take the interview also. Not only this, the HR managers can look at the candidates’ body language and facial responses as well.
Customer Experience
In any business, the customer is the king. So, the customer can reach out to the business for checking out the products available without having to travel long distances. They can check prices and draw comparisons between the competitors’ products as well.
Virtual Tours
Children can visit and explore several museums and monuments using virtual reality. They can enjoy doing school work when they have interactive tools at their fingertips. Apart from this, real estate agents can give house tours virtually which can save time for all involved.
Different Business Applications of Virtual Reality
Every business has its requirements and needs when it comes to using virtual reality. The use is expanding and penetrating several industries. Here are some industries and how they use virtual reality.
Various Training in Industries
Staff training usually disrupts normal business operations of the outlet. So, businesses usually use virtual reality for staff training especially right before the start of sales. This is perfect to provide training as sales are not everyday occurrences especially the famous black Friday sale.
Debate training can be done using virtual reality. A crowd and judges with the proper setting can help time and perfect debates. Apart from this, speakers can get common challenges like the rude audience, experience distractions and receive real-time feedback.
In Medicine, it enables surgeons to practice, operate and perfect a complex procedure before the surgery. Medical students have access to these VR procedures to train their skills. They don’t have to use real patients for their practice.
Retail Industry
Virtual reality uses heat-mapping sensors to get information on what attracts consumers to the shop displays. This information can be used to improve display products, signs and layout to attract more customers.
There have been several virtual reality tours for giving customers experience with products in their homes. Ikea gave a virtual reality kitchen experience in 2006 for customers who wanted to revamp their kitchen with the products by Ikea. This helped customers buy and spend more when they saw the items positioned in their kitchens.
Construction Industry
In the construction industry, VR is used to walk through the plans with the customers before the actual construction begins. This helps make changes or additions to the design, get it approved and then make the construction happen.
VR is used to check the design made by the architect and can bridge the gap between fantasy and reality. Usually, imagination runs wild so the design might not be practical so VR helps show that.
Manufacturing Industry
Manufacturers usually needed to produce a product prototype. This was expensive and time-consuming too. In the past, Boeing and Airbus used to make prototypes for their aircraft. Now they use VR for in-cabin interiors and cabin sizes. The VR helps alter other parts and components of the aircraft too.
Offshoring Virtual Reality
Offshoring virtual reality requirements are cost-effective and save time. Offshore teams are specialized in producing products and applications which can be used with virtual reality. This can overcome the challenge of finding experts for VR.
As VR experts are rarely found, offshoring ensures that they are skilled professionals and properly trained. It is the issue of the vendor if more or fewer members are needed.
The client pays a flat rate to the vendor and the rest is dealt with by the vendor. The vendor hires, fires, maintains and pays the VR team members and provides them with updated skills and training too.
Mashkraft for VR Solutions
Mashkraft has clients across Europe, North America, Asia and Africa. We can help provide VR solutions for products. Please get in touch with our team and get a solution within your budget. To read up more on our success stories visit www.mashkraft.com