Introduction

The future we’re building for ourselves is heavily reliant on technology, and one essential branch of this technology is virtual reality (VR). But has VR justified its claim in playing a part in our future? We shall find out today.

Stay with us as we deep dive into virtual reality and whether or not it will sustain in our impending future.

Trends Around VR

The VR market is on track to become one of the most profitable sectors in technology, according to market reports obtained following the end of the fiscal year 2020. It is anticipated to expand at a CAGR of 18% during the following seven years. By 2028, analysts estimate this market will be worth $50.3 billion.

Analysts firmly believe that the market will keep expanding faster and faster. According to industry growth predictions, the tech sector should generate over $12 billion in revenue (consumer and enterprise combined) in 2024.

According to this estimate, AR and VR will be at the center of the digital transformation, and businesses and consumers will spend more money overall by an additional 80%. More than half the budget will go into gear for virtual and augmented reality.

Personal and consumer services will account for $1.6 billion of this growth, followed by discrete manufacturing and retail. Although this number might sound massive, it is only the tip of the iceberg for VR.

But VR won’t just be limited to your gaming consoles and devices. The story is going to be far bigger than that. Vnyz Research predicts that the AR and VR industry will increase at a CAGR of 48.8% from 2020 to 2025. By 2025, it will generate 161.1 billion in sales.

The market will grow as AR and VR become more broadly recognized, and people become more interested in the technology. A mixed reality that will be applied in future applications will be created by combining augmented reality (AR) and virtual reality (VR), as seen in the industry.

VR Headsets And Their Adoption

Nowadays, high-end VR and AR experiences are often more expensive. This is primarily due to the expensive VR headsets, which cost $400. However, buying inexpensive cardboard devices, which provide incredibly subpar experiences, is still possible for $20.

Mid-range headsets, like the Samsung VR headset, cost more or less than $150 and offer experiences of mid-range quality. Virtual reality technology, such as simulation training, health systems, and developer kits, is too expensive for many mid-sized firms to afford on an organizational level.

However, with continuing investment in them, virtual and augmented reality technologies will also become more accessible, much like mobile phone technology. Even while more businesses continue to produce, sponsor, or brand headsets and associated devices and content, this has already started to happen, especially for augmented reality.

Challenges

There is no market rivalry for businesses experimenting with and using virtual reality. This discourages the creation of VR and AR systems and the rapid acceptance of those systems. Early adopters and tech enthusiasts primarily use the technology. Even as adoption expands outside entertainment and games, this is becoming better.

Furthermore, there needs to be more strong business models. Strong industry standards, sustainable business models, and an industry-leading vision are absent, as well as companies. Another pressing concern for VR headset manufacturers is the high cost. The price tag of these headsets discourages regular use.

Finally, there is limited technology usage in daily life, with just a few users worldwide. There are a few platforms for VR material as well, although there is less of it available. But as more affordable options show up, it might end up changing the mind of customers as well.

Despite this, many people don’t care about virtual reality because they don’t regularly utilize it. Virtual reality (VR) is not financially reaching the intended population, and many people need to be made aware of it and its capabilities. There are few use-case examples or demos.

VR Is Here To Stay

But that isn’t going to stop VR. These problems will soon be resolved, proving that virtual reality is here to stay. Here are some reasons why.

Virtual reality can imitate anything, including hands, heads, and bodies, but there is still work regarding realistic fluid movement. In reality, teleporting is the most popular form of mobility in VR, which occasionally restricts the creative and practical potential of an immersive experience. Moving in virtual reality when you aren’t moving violates realism.

Users cannot yet feel the weight of an object they hold in virtual reality. If, for instance, you can pick up a building in VR easily when it is intuitive that a real-life one would be impossible to pick up in the same way, this might potentially destroy realism in VR and, as a result, the sense of presence in a simulation.

The experiences that VR can now provide could be significantly improved by developing more sophisticated haptic feedback. A perfect example of this would be in the realm of fitness, where there could be a gym simulator where you could train with weights and feel them as you would in real life.

The metaverse is the current buzz. Only once everyone has access to the software will the metaverse materialize. There is still room for improvement in VR distribution, management, and functionality (though this can be extended to the entire XR area).

Some software, like Facebook’s Oculus, only permits the use of the program and hardware with a Facebook account, so sometimes the stuff you post onto that software isn’t yours. It is crucial to note, however, that platforms like OpenXR, WebXR, and our very own HoloHubTM have been working to create a fully open XR ecosystem, embracing collaboration and pursuing software that is available to everyone who wants to manage and distribute their material.

Final Thoughts

The future of virtual reality is promising, and the information in this article demonstrates that new developments in the immersive environment may be advantageous in both business and daily life.