Virtual Reality has taken the world by storm since its introduction, with the gaming industry no longer the only major beneficiary of its services. An analysis conducted by Grand View Research valued the global VR market at over $10 billion, with the value expected to grow over the coming years.
The simulated environments provided in VR platforms are continually finding new roles in different markets and industries around the world. After the difficulties experienced in 2020, VR is expected to experience a resurgence in 2021 as the global market recovers from the COVID 19 pandemic.
Virtual Reality – A quick Introduction
In simple terms, Virtual Reality operates by hijacking one’s senses (usually vision and hearing) to elicit a particular experience. The technology immerses a user into an augmented reality that gives them a three-dimensional experience via a computer interface.
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Virtual reality currently plays a major role in the entertainment industry, with video games and multi-dimensional theatres representing the major applications of Augmented Reality (AR). VR is also slowly seeping into other sectors, with areas like training and education benefiting greatly from its features.
For instance, flight simulations offer pilots in training the opportunity to experience realistic conditions without having to fly an actual plane.
There are a number of reasons why VR stocks will bounce back from the financial setbacks experienced by industries across the globe in 2020. They include:
Wide scope of application
As mentioned earlier, virtual reality is quickly becoming a useful tool in many industries in the business world. Traditional VR systems hijack the sight and hearing senses of the user, but modern alternatives are set to influence even more faculties, including touch and smell.
The expansion of VR’s capabilities also widens its scope of influence in the business world. Nowadays, VR can be implemented in multiple tasks, including training, presentation, education, entertainment and social interaction.
Cost-effectiveness
As VR applications continue to develop, related programs and services are becoming more affordable to produce. Replacing certain activities with virtual reality will soon become a cost-effective solution for many industries.
For instance, driving schools can use VR platforms to offer practical lessons to their students instead of having to buy multiple cars to train new drivers. Medical students can also use VR programs to practice certain procedures without having to implement the actual tools or reconstruct an operation room.
The involvement of major corporations
Various global companies have made significant investments in the VR sector, further encouraging its growth and influence in multiple industries. For instance, Facebook took over the Oculus headset as a means of engaging in the virtual reality market.
Sony has also heavily invested in VR gaming alternatives, with its most recent contribution being the PlayStation VR. Google has offered a variety of VR headsets designed to integrate with users’ smartphones.
The evolution of a digital world
The digital revolution has taken over almost every business, especially in the retail sector over the years. More and more services are being transferred to a virtual realm.
Traditional mail has been replaced by emails and physical meetings have been replaced by virtual conferences. Some real estate industries now offer virtual tours of their property to potential buyers. Virtual reality is here to stay and is set to take over numerous sectors of the global market.