The Next Chapter for Virtual Reality Business

The Next Chapter for Virtual Reality Business

As you can see, virtual reality is here and is only going to grow. The immersive experience is a hot topic these days and the gaming industry was the first to pick up on this. However, virtual environments have grown a lot since then, and customer service has branched out quite a bit from just walking into a store and buying something off the shelf.

The simulated environment is now the foundation for a whole new economy that is perfect for new virtual reality businesses to grow in. At the moment the customer experience was thought to be at its peak, people see what they want, and they buy it. But with the entrance of virtual reality technology, the game changed completely.

Let’s have a look and see what the next chapter for virtual reality business has in store.

VR is The New Economy

The idea is simple, you put on a virtual reality headset, like an oculus rift, and in real-time you are transported to a virtual world where almost anything goes. At first, it was just video games, but now content creators and virtual reality companies see the potential. First a platform for gaming, the virtual world is now a place for social interaction and innovation.

Business leaders were the first to pick up on the opportunities, since the problem of COVID caused a lot of us to be stuck at home. The regular office setting of a cubicle changed to a laptop and an internet connection. However, business leaders saw that if people could still interact and work together in a simulated environment without making physical contact, productivity would go up.

After all, we are human and we do need that sense of community from time to time.

Virtual Reality Technology, The New Standard

VR has additional applications in business other than gaming. Virtual reality, for example, might be used in staff training for experts in industries such as real estate or construction. VR could be used by real estate, architectural, and construction companies to display how a finished area will look. According to a report published by Syracuse University, they could also be placed in real-world circumstances and have higher memory recall as a result of these immersive encounters.

Enter Augmented Reality

Augmented reality enhances the existing real-world environment. There are various alternative AR patterns, and the user is effectively placing a layer of data in front of their eyes that may or may not be transparent.

Just like Tony Stark’s Iron Man helmet and the screen that was shown in front of his eyes. He could read the augmented data and still see what was beyond it (reality). Jon Favreau really knocked it out of the park with that one.

Welders, plumbers, mechanics, oil workers, and others who need to be hands-free and with their heads up can use AR headsets like Daqri. Sensors in AR headsets detect things like pressure buildup in pipes or mistakes in intricate electrical networks. Holograms, like physical items, can be grabbed and moved by augmented reality users.

Combining The Two

Mixed reality is a hybrid of virtual and augmented reality. It enables the user to view 3D models as if they were physically present. MR is a considerably newer concept that, unlike VR and AR, is not widely available today.

Microsoft’s HoloLens 2 is attempting to change that by providing mixed reality technology to the masses at a reasonable $3,500 price point. This device aimed at the enterprise sector improves on its initial augmented reality headset by providing a broader field of view as well as eye and hand tracking.

Mixed reality will have many practical applications in the future, from gaming to city planning to educating doctors and patients.

Mixed Reality can be utilized in education to improve students’ ability to learn and process information. By providing students with virtual items that they can manipulate, they can study and learn in a more immersive environment.

Companies such as Renault Trucks are incorporating MR to assist staff in identifying faults during the quality control stage and guiding them through the most difficult control tasks.

The Digital Experience Isn’t Just a Magic Leap

While the incorporation of virtual reality, augmented reality, and mixed reality into our daily lives may seem far off, Heather Bellini of Goldman Sachs Research predicts that virtual and augmented reality will be a $80 billion market by 2025. That is around the current size of the desktop PC market. Others foresee much larger numbers for corporate use of virtual reality.

As the rate of growth increases and technologies become more inexpensive, more and more organizations will include them in their digital plans. It looks like the artificial environment is only bettering the world, and current customers are making the most of it. Who knows how much better things will get in the future?

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