The introduction of virtual reality has helped accelerate development throughout the world. Acquiring momentum, this technology promises the establishment of an efficient and promising future.

Introduction to virtual reality (VR)

VR’s existence has often dwindled between the niche areas of the entertainment and gaming industries, failing to shine its presence in mainstream media. While skepticism turned its journey into an ordeal, further understanding of the medium has helped leverage its benefits in the world. Gaming remains a prominent industry for VR, however, its applications have the potential to acquire multiple industries.

VR holds the ability to immerse individuals into the environment of their liking. This provision is unique and therefore, society demands time to accept its existence. However, these demands are unfounded. Unlike computers or advanced smartphones, the applications of VR are effortlessly understandable. Therefore, ushering VR into the world of mainstream media can be expansive contingent it acquires investment from both business owners and consumers.

Applications and relevance of VR   

Construction of a personal reality has been thought possible only when dreaming, however, VR’s existence has made that a reality. This Construction can aid countless sectors. These include, mainly, the education and business sector. Students in medical schools can be taught surgeries and even be graded on their performance through constructing surgical scenarios in a controlled environment.

When it comes to businesses, fast-food retailers like McDonalds and even grocery chains like Walmart can use VR to train their employees in different work environments. Apart from this, VR can also be used for tourism purposes. Individuals who are unable to travel due to medical or other commitments can be transported to their destinations virtually.

Shortcomings and solutions

Virtual reality isn’t the only technology to present a unique perspective that vouches for a custom reality. With Augmented reality (AR) and Mixed reality (MR) entering the battleground, the chances for VR development are faced with complications. Although development in the field will occur at tremendous rates, it points out clear discrepancies within forecasts made years after its inception.

While the presence of virtual reality has been hyped to shreds, the investment in the sector rivals this claim. In an exclusive report by MarketsandMarkets™ (2019), the virtual reality market was expected to reach 44.7 billion USD by the year 2024. However, with current market value (for both AR and VR) projected to reach 31.12 billion USD (in 2023), the numbers don’t seem to add up.

VR’s presence in the technological industry is revolutionary, however, it is not enough to change prolonged consumer behavior. Industries run on financial management. Consumers invest their money carefully and try to seek out value in their investments. Unfortunately, VR applications (like any burgeoning technology) are limited and the cost for its set up is expensive. Due to which, consumer purchases in this sector are relatively low.

Constructing a brighter future

The possibilities for VR are endless. The idea of living in an alternative reality is an embraceable concept, having the potential to capture majority consumers. Investments in this sector need to be made to continue the admiration for VR. If this technology is embodied with new applications and feasible prices, VR might be able to construct a custom reality for itself wherein its sales coincide with obscene forecasts.  

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