Future of Virtual Reality - Market Trends And Challenges With BX
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Future of Virtual Reality – Market Trends And Challenges With BX

Virtual Reality. Who’s not heard of it? Although technology around VR (Virtual Reality) has been around since the 1960s, its meteoric comeback in our ultra-connected lives is at an all-time high and is only predicted to continue.

With large companies such as Google, Microsoft, Apple, Facebook and plenty more all investing heavily into VR, the time has come for grassroots businesses to embrace this ever-growing medium of technology. But what use does VR play in my little Retail Store? In my Manufacturing Business? In my Coaching Classes?

VR’s reach and use is far closer than most of us may imagine.VR has been pitted to help the likes of E-Commerce and Retail Industries, Gaming, Real Estate, Tourism, Education, Healthcare, Communication, Marketing, Manufacturing, Automotive, Sports, etc. So with VR’s vast flexibility and ever-growing reach, it’s no wonder you’d be hard-pressed to find a business that can not utilize one of these opportunities to aid in its growth.

Engagement, Loyalty, and Inspiration are at the forefront of any VR-based application to help drive more business to your company in the long run. Here are the top 5 industries that could benefit from VR through the different opportunities offered by this brilliant technology.

VR opportunities in Retail

Alongside Augmented Reality (AR), VR is poised to redefine personal shopping and conquer the void felt by most customers when shopping online. The concept of Try-Before-You-Buy has always held both businesses and customers at a stalemate, with uncertainty and lack of confidence filling a customer’s head whether a new shoe will fit, or what that new car will look like from another angle, will that lipstick compliment my skin tone, how do I know if that desk will fit in my study?

VR aims to bridge the gap of doubt in customers and the number of returns for businesses by conquering the Try-Before-You-Buy dilemma. Many large brands have poked their way into these VR retail markets to provide solutions that help contribute to the overall feeling and interactive experience of online shopping. 

VR opportunities in Training

Training is one of the most alluring factors of VR. The opportunity of Virtual Reality apps to facilitate learning and relationship building is immense and noteworthy for any size business. Whether its training off-site due to hazardous or job roles, or simply to optimize a repetitive process in manufacturing industries, to even having your entire HR department operate remotely but still provide the sense of safety and individual interactivity to each employee, VR’s training purposes further eliminate geographical borders to every business and industry. VR Assisted solutions not only reduce costs but also further boost training retention and performance. 

VR opportunities in Construction

VR being used in Architectural, Engineering and Interior Design will help advance the flow of feedback and actual interaction with 1:1 models before they are being built. Gone are the days when unreadable blueprints were the only point of reference for architectural design.

VR helps bridge the gap between the real world and an Architect or Engineer’s Vision. VR showcasing of properties ensures great exposure and can reach a far greater audience, international for example, along with data gathering to further help realtors understand where they are going right or wrong. Whilst AR can give a great overview of an overall outer structure, VR’s life-like realism and graphics can allow for individuals to truly walk through an unbuilt rendering of their dream project. 

VR opportunities in Manufacturing

Manufacturing and VR will move forward as one of the most integral additions of technology to this industry, due to the vast amount of prototyping and design process involved in manufacturing. The need for full scale, accurate and sound prototypes cost, can vastly be cut down due to VR’s presence in the current industry and its growing usage. Important safety features, ease of use and more can easily be validated and comprehensive and interactive changes can be made.

With the use of AR technology in factories, acceleration of many key processes can be achieved. This alongside VR training for skilled and dangerous jobs work hand in hand to create an optimized and efficient workflow. Use in Automotive, Aviation and even Mining Industries has set a precedent for more Businesses to follow suit. 

VR opportunities in Connectivity

Visualization is of essence to many industries. Without the correct visual data, be it in form of tables, graphs, e.t.c. for statistics and for human interaction, retention levels are drastically reduced. VR can take virtual meet-ups and common rooms pan geographic boundaries and make interacting with teams from all over the world a much more intuitive process. VR enables people to attend shows or conferences which would otherwise not be possible, further enhancing the connected world we live in, whilst also having everyone present at the same time allows for clear and concise communication. While the technology keeps growing and allows for a more human and natural experience with the addition of eye gazes and expressions, it may also reduce travel and commute costs whilst enhancing the overall productivity and reducing bystander participation on a whole. 

With all this being said, the benefits that a certain business can reap from the use of VR is far beyond our imagination. And with technologies evolving every single day, VR can work wonders for your business when coupled with another befitting tech like AR or AI. Want to find out how Virtual Reality can help your business transform? Reach out to our experts and book your consultation. We are all ears!

Author avatar
Leon Lawrence
The writer, straddles marketing, advertising, and content, with a love for crafting brand narratives, agnostic of media or platform. With nearly a decade of experience in leading the marketing function at Seynse Tech - a Fintech startup & Synapse Communications, Leon is a seasoned marketer/tech nerd, having created communication for diverse industry verticals; from Fintech, BFSI, Tech Startups, and pretty much everything in between. When not working, he shares a glass a bourbon or two, couched on a bean bag playing FPS video games or watching the latest episode of Better Call Saul with family.
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