Ever since the 2010s, virtual reality has been integrating itself into the everyday lives of people across the globe. Through education, medicine, and finance, VR has become critical in many industries. As a technology that simulates an immersive, computer-generated environment, it allows users to interact with and experience a digital world as if they were physically present. By wearing these headsets, users are equipped with screens and detectors, enabling them to look around and move within a virtual setting. This has opened up new perspectives and learning experiences that were previously unattainable. This journalist asks, then, what place does virtual reality hold in the business world?

Current Applications

Gaming

Approximately 171 million people worldwide use VR, with gaming accounting for a significant portion of this user base. Popular and publicly available VR platforms like the Oculus Rift and PlayStation VR allow users to enter fully interactive environments. The global VR gaming market was valued at $17.96 billion in 2023 and is expected to grow even larger in 2024.

Healthcare

VR has become a valuable tool in healthcare, particularly in areas like surgery simulation, patient rehabilitation, and mental health treatment. Surgeons use VR to practice complex procedures in a risk-free environment. Rehabilitation and therapy are seeing significant VR adoption, expected to grow at a compound annual growth rate of 33% from 2023 to 2030. The VR healthcare market is projected to grow from $4.16 billion in 2023 to $29.38 billion by 2030.

Training

Virtual reality offers an engaging way for new employees to learn complex concepts through immersive simulations. In corporate aviation, the military, and manufacturing, VR enables employees to safely simulate dangerous real-world scenarios. Izaskun Olarreaga from Virtual Speaks claims that VR can train employees four times faster than traditional classroom methods, boosts learner confidence by 275%, and helps develop soft skills, such as sales pitches and negotiations. Expected to grow from $4.4 billion in 2023 to $28.7 billion by 2030, virtual reality training is expected to become more relevant as learning effectiveness increases by 76% compared to traditional methods.

Real Estate and Architecture

VR allows potential homebuyers and real estate agents to take virtual tours of properties. Architects and builders use VR to create walk-throughs of construction projects, giving clients a clear visualization of the final design before any physical work begins, thus saving costs on physical prototypes and construction adjustments.

The Future

Improved Accessibility

As VR hardware becomes more affordable and widely available, a larger audience will be able to access virtual experiences, driving further adoption in both consumer and business sectors. When the Oculus Rift was first released in 2016, it cost $600, whereas VR headsets today can range from $300 to $400. Recent design trends focusing on inclusive innovation are making VR more functional for people with disabilities by incorporating features like customizable interfaces and haptic feedback.

Expansion of the Metaverse

The concept of the metaverse, a collective virtual shared space, is gaining momentum. People are engaging in virtual workspaces, socializing, and entertainment within these shared virtual environments.

Enhanced Realism and Interaction

The level of realism in virtual environments will increase. Future VR systems will offer more life-like graphics and enhanced haptic feedback. As new technologies are introduced, better motion tracking and higher-resolution displays will continue to improve, making virtual environments feel more authentic and interactive.

Jeremy Dalton, PwC’s VR and AR expert, states that "With VR and AR already contributing billions to global GDP and developing into fully-fledged business case material, it’s time for businesses to jump on board." Virtual reality is no longer limited to the realm of entertainment. This once-future concept has evolved into a practical tool, transforming industries such as gaming, real estate, healthcare, and education. As this new technology continues to develop, it will fundamentally change how some industries function.

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