Virtual reality (VR) technology is at the forefront and center of Mark Zuckerberg’s Metaverse plans. His CEO of Facebook owner Meta has revealed that the next phase of the internet revolution will require more digital escapism than ever before.
But Zuck isn’t the only one advocating for the arrival of the VR paradigm shift. In fact, the technofan has been preaching the arrival of his new VR era for decades. VR has a long history, dating back to 1956. At this time, one of his early VR systems, Sensorama, was created.
The term VR was popularized in the 1980s, and since then the Tech Brothers have been eager to introduce a techscape like what was envisioned for Ready Player One.
Despite these endorsements, large-scale adaptations have so far eluded the VR industry. This may be about to change.
GlobalData predicts that the global VR market will be worth $51 billion by 2030, up significantly from the estimated $5 billion in 2020. A research firm predicts that the VR market will expand at a compound annual growth rate of 27% through 2030.
What’s behind this sharp rise? Where is the growth happening? By the way, what is VR?
If you find yourself asking these questions, you’re not alone. we have you covered.
How does virtual reality work?
So let’s start with the basics. What is VR? Simply put, it’s shorthand for how to access the digital realm. The long answer on what VR is is a little more complicated.
“[VR is a technology that] is a realistic 3D environment that simulates a user’s physical presence in a virtual or fictional 3D environment, using specialized equipment such as headsets and gloves fitted with sensors, possibly in combination with physical environments and props. It produces images, sounds and other sensations,” said analyst Rupantar Guha. say in GlobalData verdict.
A VR headset is required to access these digital realms. The headset has built-in screens that cover each eye to eliminate all real-world interactions.
Visuals are rendered on these screens by connecting directly to other devices such as PCs. For unconstrained devices, visuals are rendered by the embedded computer system.
A project is underway to develop a solution that stimulates the tactile sensation of virtual objects.
Microsoft has developed one such project and named it Claw. It’s a handheld haptic controller that allows users to grab, touch, and trigger objects in the virtual world.
What are the biggest business opportunities in virtual reality?
VR is cited as one of the most important technologies in Zuckerberg’s metaverse push. Whether the Facebook founder would have been as enthusiastic about the technology had he not acquired the Oculus Rift in 2014 is yet to be said.
What we can say is that Meta CEO is not alone in highlighting VR as a key technology. Several industries are already using VR technology. VR is already being used in retail, aerospace, airlines, oil and gas, education, healthcare, training, collaboration, innovation and work.
When it comes to end users, GlobalData believes the consumer VR market has the most opportunities. The market accounted for 71% of total VR revenue in 2020. Consumer VR markets include gaming and retail.
GlobalData predicts that the enterprise segment will eventually overtake the consumer segment of the VR market. The research firm predicts that the enterprise VR market will account for 62% of his total VR revenue by 2030.
Guha believes gaming is “the most fertile ground for VR” in the consumer market. The technology is also gaining momentum in social media and live streaming.
“Consumer-centric VR companies are aiming for semi-mythical killer apps to make VR a mainstream hit,” says Guha. “In the meantime, VR companies are increasingly looking for growth among companies.”
Why should businesses care about these opportunities?
The pandemic and the surge in remote work have accelerated the innovation and use of VR. Analysts believe more people will start using VR in the next few years.
“VR-based collaboration and training will be a key use case for the emerging enterprise-grade metaverse in the next few years,” says Guha. As a result, large companies (such as Accenture) are adopting VR for task-specific uses such as employee onboarding, virtual events, and collaboration. As the technology matures, more VR-based use cases will emerge. “
Over the next few years, VR will impact the metaverse. The virtual reality industry is set to grow further, leaving companies with the opportunity to use this opportunity to adapt to, build on, and contribute to the future of the Metaverse.
“Even though it is still in the early stages of development, technology companies are expanding the VR ecosystem and positioning it as the next-generation computing platform,” Guha said. “VR is also a key enabler of the Metaverse, an emerging mega-theme that could revolutionize digital media.”
GlobalData is the parent company of Verdict and its sister publications.
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