Future of Virtual Reality Market Trends and Challenges
The commercial, entertainment, healthcare, and education sectors have embraced virtual reality technology. Statistics show there are around 171 million VR users globally. The figures will increase as more people understand the importance and application of VR for entertainment or learning.
In this article, we discuss the future of virtual reality, the market trends, and the challenges associated with this technology.
Let’s get started.
What Is Virtual Reality?
Virtual reality (VR) is a technology that allows users to interact with a simulated or designed environment for a particular purpose. For example, a student pilot uses VR to learn how to fly a plane and navigate real-life challenges. The good thing is that it does not threaten the user or other people.
Virtual Reality improves user experience using 3D technology, VR headsets, or specialized computers. The devices create a fictional surrounding by utilizing motion trackers, sensors, and displays. Thus, VR is exciting for people who like gaming and problem-solving. Challenges in Technology
Although VR is an invaluable technological invention, it has limitations that reduce its utilization and effectiveness. In this section, we discuss some challenges facing VR technology.
Health Concerns Among VR Consumers
Health is among the biggest worries for people interacting with VR technology. Some VR users complain they experience health problems when immersed in the fictional world. The mutual issues people cite include:
1. Nausea.
2. Dizziness.
3. Motion sickness.
4. Disorientation.
5. And eye strain.
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High Prices
Most people claim the cost of VR technology discourages them from owning VR software. As an emerging technology, the cost of VR app development is high because of economies of scale. For example, the price of VR app development can be as high as $250, depending on your needs. Thus, average or low-income individuals cannot afford to purchase VR hardware or software.
Nevertheless, there is hope VR technology will be cheaper as more people embrace it. High demand for VR apps will reduce production costs because of economies of scale.
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Latency Problems
The VR technology has delays when it comes to sending and receiving signals between the VR software and VR hardware. You never want to play a 3D game with latency problems because you may not enjoy the experience. The good news is that VR engineers are using mobile edge computing technology to solve the problem.
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Cybersecurity and Data Privacy
The world struggles with cyber insecurity and data protection since hackers have learned new ways to exploit technology consumers. Online VR applications such as gaming and business meeting are exposed to cyber insecurity and data compromises. The solution is for VR developers to use the latest cybersecurity measures to protect consumers from hackers.
Read More: How to Increase Website Conversions to Get More Sales
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The Worldwide Revenue
The global demand for this technology has increased the income generated by the industry. According to statistics, the worldwide VR market size was estimated to be $28.41 billion in 2022. The revenue is projected to grow in the coming years as more people embrace VR for work, entertainment, and education.
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VR Analytics as A Potential Market
People have divided opinions about whether the VR market is strong enough to last. However, statistics and future predictions place VR as a potential market. The analytics associated with VR as a prospective market include:
1. The global revenues generated from VR applications have risen from $8.43 billion in 2017 to$31.12 billion in 2023.
2. 80% of VR consumers say their experience is positive.
3. About 171 million individuals are utilizing VR Technology globally. The number will rise in the future as more people learn about VR.
Who Are the Top Players in The VR Market?
Most notable technology firms have ventured into VR development after realizing the industry’s potential. Here are some of the top companies in the VR market:
1 .Unity Technologies: The company has developed VR technology like SpeedTree for supporting each step of the game development cycle.
2. Oculus: Oculus is a subsidiary of Facebook that has developed the Oculus Quest 2 headset to provide VR users with a seamless gaming experience.
3. HTC: HTC is known for phone manufacturing, but it has ventured into VR by developing HTC Vive headsets, Pro 2 headsets, and Vive Pro eye. The technologies offer VR consumers comfort while gaming.
4. Microsoft Corporation: Apart from offering personal computers and software services, Microsoft has ventured into the VR market. The company produces VR technologies such as HP Reverb G2 VR Headset, Vive Cosmo Elite, and HoloLens.
5. NVIDIA: It is an American multinational firm that has developed NVIDIA VR Works Audio to enhance the audio quality of the VR environment.
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Customer Engagement and User Experience
An emotional connection between clients and your products, services, and brand is necessary for business prosperity. Customer engagement determines whether a company can retain and satisfy its clients. VR is invaluable for increasing customer engagement through real-time solutions, information, and interactions. For example, a company can arrange a video conference training between technocrats and customers.
More so, VR provides business owners and customers with a seamless experience. For instance, a client can try a product in a virtual showroom to understand how it feels in real life before purchasing it. The feature eliminates the possibility of someone making a mistake by buying something that cannot serve their needs.
Also Read: How to Use AR and VR to Improve Your Business in 2023
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VR in Education as A Market to Watch
The VR technology has gained popularity in the education sector recently. Many factors, like the Covid-19 pandemic, online classes, and universities trying to reach international students, have contributed to VR applications in education. The education sector players say VR reduces distraction, which enhances students’ retention capability.
The predictions of the technology show more people will embrace the technology. Projections by Mordor Intelligence suggest that the VR market in education will rise by 42.5% by 2028. Such predictions are proof the education sector will be among the biggest consumers of VR technology in the future.
Virtual Reality Is the Next Big Thing
VR will be a significant technology in the few years to come since businesses, educational institutions, and healthcare providers will embrace it. The Business Wire says the worldwide virtual reality market will reach $87 billion by 2030. The statistics show the VR market will be among the key markets soon.
Wrapping It Up:
Virtual reality technology is promising because the market is increasing steadily. Although VR has challenges, you should incorporate it into your business to reap its benefits. The technology can improve customer loyalty, client retention, and advocacy. Thus, investing in VR technology for your firm will bring the desired returns on investment.