What is Virtual Reality Technology?

Do you want to know what is virtual reality technology?

Read on as we explain VR technology in detail.

What is Virtual Reality?

We typically refer to the term Virtual Reality (VR) in two different ways.

One is a simulated environment, which might have particular specific use. The other reference is the computer technology that creates such an artificial environment through virtual objects in the real world.

VR presents this artificial environment to users in a manner that they accept it as the real world as long as they are experiencing it.

The technology uses sights and sounds to create this effect and has various use cases, e.g., training, gaming, etc.

Read more about VR as a technology of the future here.

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The global market for VR

The following statistics explain how the market for VR is growing at a healthy rate:

The retail and marketing VR market clocked $0.805 billion in 2020, however, it is a $1.79 billion market in 2022, according to a Statista report.

That’s just one segment, and the overall market for VR will likely grow up to $44.7 billion in 2024. Read “$7 Bn virtual reality market – global forecast to 2024” for more information.

MarketsandMarkets estimates that the global VR market will grow from $7.9 billion in 2018 to an impressive $53.6 billion in 2025, which translates to a whopping 37.6% CAGR!

Virtual reality use cases

There are several prominent VR use cases e.g.:

Businesses enable their customers to try a product virtually before they buy it. Users experince this computer-generated virtual environment using a VR headset.

Lowe’s Home Improvement customers are already experiencing this in the US. You can read about it in “Top 5 virtual reality business use cases”.

We all know that VR is very popular in the gaming industry, however, game developers can also use the technology to make the game easier for new audiences.

New players often find virtual reality hardware like input devices and controllers hard to use, and VR makes this easier.

Virtual reality applications can help promote tourism since potential travelers can virtually experience their destination beforehand through VR headsets and VR devices.

Businesses can use virtual reality devices to improve their employee productivity by imparting better training for jobs that require hands-on training.

Simulation is easier with VR, and many businesses are already using it for their training programs.

Read “Why Walmart and other F500 companies are using virtual reality and human-computer interactions to train the next generation of American workers” to learn more about it.

Businesses can show additional optional features to their customers, who can try them on with the help of VR. This can help increase sales for businesses.

Mainstream consumer entertainment will benefit significantly from VR and the immersive experience the technology offers.

Read “3 big virtual reality trends” for more insights into this.

Final Thoughts

Virtual reality is increasingly becoming popular to give immersive experiences in a range of industries from healthcare to entertainment.

The expanding market for virtual reality technology promises huge returns for businesses investing in lucrative market opportunities. Do you want to be among them?

Keep in mind that VR is a developing technology like augmented reality and artificial intelligence, You will require experienced software engineers with enough knowledge of cutting-edge technology and familiarity with VR tools, etc.

Read our blog for more information on VR development.

If you, as a business CEO or CTO, do not find such talent in your team, DevTeam.Space can help you via its field-expert software developers community.

Write to us your initial project specifications, and one of our account managers will get back to you to discuss in detail how our VR developers can help you.

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