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VR Future - Latest Market Trends & Challenges

# #VRdevelopment, #VRsolution, #VRtechnology

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Jay Anthony

01 November 20228 min read

VR Future - Latest Market Trends & Challenges

Virtual reality (VR) has been a hot topic in the past few years. It has been used in gaming, but it is also being used for medical purposes, education and much more. VR has become an important part of our lives and we are always looking for new ways to use this technology. The future of virtual reality is bright, but it's also a very new field. According to a recent report, the global VR market is projected to reach $26.9 billion by 2027.

As the technology continues to improve and become more accessible, it will continue to evolve and change. We've already seen the emergence of new technologies like the HTC Vive Focus and Oculus Go, which were released in the past year. In this article, we will look at the latest trends in virtual reality technology and discuss some of the challenges that face developers today.

So what is VR?

Virtual reality (VR) uses state-of-the-art technologies to create simulated experiences through digital devices giving users the feeling of being immersed in a virtual world. VR's use in entertainment, education, business and many other fields has increased significantly over the last years. This immersive technology shows enormous potential across a broad range of businesses, as it makes customers' experiences more personal, interactive and, ultimately, more attention-grabbing.

Overview of VR Future

In 2020, the world faced the Covid-19 pandemic that had a deep impact on our lives at work and at home. It generated a need for new technologies, such as the ones designed to facilitate remote interactions between people, as well as cross-industry collaboration, including VR/AR technologies.

According to Markets and Markets, the global virtual reality (VR) industry will be valued at $34 billion by 2023. The market is growing at a compound annual growth rate of 32.6% from 2018 to 2023.

Futuristic VR Trends

The next few years are going to be a wild ride for the VR world. We're going to see some amazing advances in virtual reality, but we'll also continue to see a lot of new challenges emerge. Here are some of the biggest trends that we can expect over the next few years:

The rise of streaming

Streaming technology is incredibly important to the success of VR, as it allows users to interact with their environment without having to put on a headset or use any equipment at all. This will be especially useful for those who want to avoid putting on a headset and having their vision blocked by one.

The rise of gaming

The connection between gaming and virtual reality has been strong for decades now, but there's been some question about whether or not it will continue to grow or if it will plateau out at some point soon. Many people believe that as long as there's an audience willing to pay for content in virtual reality, then it will continue growing. Others disagree and think that this could be an excellent time for developers and publishers alike because there are so many opportunities ahead!

The rise of social media

Social media has become one of our most-used tools. There might be a possibility that we can see some amazing advances with VR. It has the power to change the way we interact with social media and can make it more immersive and far more engaging to interact.

VR has unlimited potential for growth. So, if you’re still not sure how you can harness this rapidly growing technology to promote business, let’s dive into its benefits:

Benefits of Virtual Reality

More Than Real

Virtual Reality gives the user a feeling of being inside another real life while watching or playing it out. It offers some more mechanisms for interacting with the surroundings.

Safe Practice /Simulation

Virtual Reality (VR) technology has many, if not endless, use cases. One of these uses is in training. VR simulations can replicate real life experiences, which can help users work on their weaknesses with no consequence. This is perfect for situations that involve people putting themselves and potentially other people at risk. This allows trainees to improve their skills and enhance their knowledge in multipurpose until it reaches perfection.

Detailed

As an example, planning a holiday can be a daunting task, and if doesn’t go as planned, it is bound to worsen one’s mood. Today, you can use Virtual Reality (VR) technology to get a glimpse of any holiday destination and decide which place would be the best for you. 

Handy

Virtual Reality is the future. In our daily life it is becoming more and more popular and it's not just for fun. Let’s take shopping as another example, from interior design to wedding planning, if you're trying to make a decision about one thing when you may be uncertain, why not put your ideas in context by using virtual reality? Virtual reality is way more flexible when it comes to customer experience. 

Increased Learning Possibilities

Using VR technology, medical professionals, scientists, and researchers can understand any new qualities in a drug and whether there are any harmful side-effects. The same type of technology can be used in content marketing to ensure higher-quality writing from writers and editors.

Challenges of VR Technology

Regardless of the numerous benefits and advantages offered by VR technology, there are still some disadvantages that might be considered:

VR Needs Cybersecurity

The same security measures that companies have already applied to laptop and desktop computers will have to be applied to VR headsets and graphics processors. Integrating VR headsets with existing security policies and procedures will take time, but is essential for protecting sensitive and valuable data.

VR Needs 5G Speed For Best Experience 

VR technologies are already demanding more than ever from our computer hardware, and soon they will be applying to our communications speeds as well. With 5G this experience is going be more smooth and clear than ever.

VR Needs Killer Content

The number one challenge right now is to create compelling, quality content. At the end of the day, that’s all that really matters to the consumer, virtual reality (VR) needs a sufficient amount of content to be appealing to the masses.

VR Sickness Among Consumers

A new term has arisen in the virtual reality (VR) community — VR sickness. Essentially, VR sickness is a term that describes few negative physical reactions to prolonged exposure to VR environments.

The long time usage of the VR headsets can affect some users with dizziness, nausea, headaches, and other symptoms while immersed in a VR world.

Conclusion

In the nearest decades, the VR technologies are going to be developing at a breath-taking pace. Although they are difficult to predict, we'll try anyway. What is the future of virtual reality? Industry experts say that virtual reality will be a common in many industries in the not-too-distant future. Companies who introduce it to their employees and processes early on, will reap the most benefits. 

The future of virtual reality is bright, and the possibilities are endless. We can't wait to see what new and exciting things the industry will come up with next!

 

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Concluding message

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WRITTEN BY

Jay Anthony

Marketing Head | TECHVED Consulting India Pvt. Ltd.

He led efforts to develop a fully integrated marketing communications plan and growing team. He is responsible for successful corporate re-brand and update of all branded assets.

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