The future of VR

The future of VR is very bright, and it might be hard and for some to realise that VR had its roots in video games as far back as the 1980’s.  With the ever-growing power of computers, VR has now grown into a practical medium that is accessible by anyone with a computer, games console, or even a mobile phone.

This form of technologies has grown so wide spread and easily accessible that it has allowed marketers to

  • Show the purpose of a brand and product
  • Engage the consumer entirely in the product or brand
  • Excite consumers by creating standalone product placement
  • Demonstrate how a product can blend into a consumers lifestyle and make them want to incorporate it.

These are not just anticipated ways either the Marriott offered a VR room service with VR postcards and 51% of people said they had wished to have stayed in the Marriott.  The destination British Columbia utilised VR to create a VR experience of the Great Bear Rainforest.  This attracted a 5% in visitors to the site.  Thomas Cook also offered a VR flyover of the Manhatten skyline that resulted in a 40% ROI and a 190% increase in NYC excursions.  These examples show how VR can make a difference in the real worl choices of people.

There are estimates that in 2018 the virtual reality market can reach $7 billion, $2.3 billion in hardware and $4.7 billion for software.  Estimates also like to think this estimate to reach $30 billion by 2020 and the total active users of VR in 2018 is expected to reach 171 million.

Some of the more popular VR brands are obviously Oculus and Vive, but also there is Cardboard, gear and Playstation VR.  If you count one of my personal favourites the Mixed Reality headsets there are potentially 100’s of different types and styles of headsets to choose from.

Although an array of headsets is clearly a sign of an in demand technology how has the user base grown.  Back in 2015 the user base for VR was a small 6.7 million.  This has since grown every year almost doubling since 2016’s huge leap to 43 million every year and with no clear sign of stopping.

Although VR’s initial focus was clearly for games many different industries now utilise VR including

  • Live Events
  • Travel, Tourism and Adventure
  • Movies and Records Videos
  • Home Design
  • Education
  • Gaming

With a growing technology and a growing user base the adoption rates of VR are also overwhelmingly positive with 81% of people found VR capturing and would recommend it to friends, 73% of generation Z interested in VR and 66% of consumers wanting VR shopping.  Interestingly enough as well 53% of people would prefer to buy brands that offer VR functionality.

What is the Future of VR by 2025

In an ever growing industry how will investments int these industries potentially look in the years to come

  • Gaming $11.6 Billion
  • Healthcare $5.1 Billion
  • Engineering $4.7 Billion
  • Live Events $4.1 Billion
  • Video $3.2 Billion
  • Real Estate $2.6 Billion
  • Retail $1.6 Billion
  • Military $1.4 Billion
  • Education $700 Million

I think however the Education aspect of VR could be underestimated.  The power of VR in the Education could have limitless boundaries.

This blog post was brought to you by Tech Blogger and Fullestop with their infographic you can find below and their website https://www.fullestop.com/.

 

Future of VR

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