The VR technology is advancing rapidly and everyday sees a new application and improvement. The hype around VR, AR and MR is one that will sustain us into the future.
And, the numbers definitely prove it
The AR VR global markets are expected to register a growth of 54% to reach $72.8 billion by 2024 as compared to $12 billion in 2020 (IDC, 2020).
Evidently, VR is redefining our futures.
As any Virtual Reality company will tell you, VR is not science fiction.
Nor is it limited to games and entertainment. It is our reality. Undoubtedly, a reality that is intricately interwoven into our lives.
Factors that are leading to the Growth of Virtual Reality
VR offers a wholly immersive user experience. It’s something that cannot be described, but experienced. Not only does it cause a shift in perception but also opens up new possibilities. These possibilities take place at an individual level as well as at corporate levels to benefit organisations.
As consumer interest rises in the immersive, technology, businesses seek faster VR enterprise integration. Furthermore, it allows companies can offer novel ways for customers to interact with their products and services.
VR software services and hardware quality is improving rapidly. Developers are now able to develop solutions for multiple platforms.
Moreover, VR is finding new and innovative ways to make big differences in the lives of people. From better education opportunities to even addressing many healthcare concerns, its enterprise application is proliferating day by day.
Another key factor that will drive VR is the Metaverse. AR and VR are the pillars of the Metaverse. The Metaverse will create new realms and realities for us. Companies around the world are working on creating their own Metaverse in all sectors.
The Metaverse market could well probably hit $1.5 trillion by 2029.
Let’s now take a look at some of the Innovative Applications and Uses of Enterprise VR
Where and How is Virtual Reality making a difference?
A better quality of life
Evidently, one of the reasons that has augmented AR and VR popularity is because they are able to offer immersive and simulative experiences. It gives users the bandwidth and freedom to explore indefinitely or repeat tasks repeatedly. Moreover, they can do so without any inhibitions.
For instance, the case use of VR in treating mental health problems like depression and anxiety is generating positive results. Moreover, learning and knowledge sharing has boosted with VR. Learners need not be constrained to pursue education from anywhere in the world. This culture leads to an abundance of creativity and innovation.
It allows one to see directly through one’s eyes, situations that one may normally not face directly in real life. For example, a user can revisit any war or drought scenario. The experience changes one’s perception radically. Hence, we can say that it raises the spirit of kindness, consideration and empathy. The more people we have in the world who can understand another’s pain, the better the quality of life for all would be.
Also Read: Education Metaverse
AR and VR possess an innate capacity to foster sustainable practices. Obviously, adhering to sustainable practices would help reduce carbon footprints.
The UN has estimated that the planet’s population could reach 9.7 billion people by 2050.
Since 1950, the global plastic waste has touched 8. 3 billion metric tonnes.
Evidently, this is a disaster waiting to happen.
But, how can AR and VR help here?
As AR and VR create prototypes to iron out all problems before mass production, they offer a zero consumption model. Moreover, where multiple iterations and modifications can take place, with no material wastage.
The technology also promotes the concept of visiting other places from the comfort of your home. For instance, if you had to attend a meeting, or a product launch, you needn’t physically travel to attend it. Hence, it reduces carbon footprints.
Virtual Reality is extremely beneficial tool to help patients cope with mental health issues. It is estimated that 450 million people suffer from neurological problems. Patients can address their concerns in a safe and controlled environment. It enables a growth mind-set through guided imagery and it is for this reason that VR exposure therapy is increasing. For instance, it lessens the perceived danger of the phobia or fear through repeated exposure.
Occupational Health and Safety
Ensuring workplace safety is a huge priority for organisations. Immersive training is not only mitigating risks and hazards, but also enhancing learning and hence productivity. So, wherever, there is a gap between theory and practical’s, VR learning can definitely bridge it effectively and safely.
The results of a 2020 survey revealed that 91% of enterprises have either deployed or are planning to integrate AR and VR enterprise adoption.
To summarize, the technology has immense potential to transform enterprises. Which is why, many organisations are seeking partnering with a good Augmented Reality company to gain the competitive edge.