Imagine stepping into a new world with VR – where you can explore, learn, and interact in ways that feel incredibly real. As virtual reality evolves beyond gaming into mainstream applications, the question arises: is VR truly worth it? Let’s dive in and discover its potential.
How big is the VR market?
- The global VR market, valued at $25B in 2023, is projected to reach $245B by 2032, growing 28%.
This might be the perfect time to find out if VR truly lives up to its hype and where it’s headed next.
In this blog, I will talk about what is virtual reality and some of its pros and cons in detail. I will also discuss some real-world applications of VR tech and what the future holds.
Why Is Virtual Reality (VR) Capturing So Much Attention
Virtual Reality (VR) has captured a lot of attention across various industries and has taken the market by storm.
VR tech simulates a full-blown 3D world that a user can explore while feeling as if they were in that world itself. In a VR device, 3D images appear to be life-sized from the perspective of the user. And the device has the ability to track a user’s motions, gestures, precise head and eye movements and accordingly adjust the output on the screen to reflect the changes. Today, the applications of VR are evident across various industries.
VR relies on advanced sensors, hardware, software, displays, and processing power to create hyper-realistic experiences. The VR gadgets include headsets, gloves, goggles, and bodysuits that respond to your body movements and actions.
- In May 2024, Statista published a report stating that one of the most popular and best VR headsets is the Oculus. It also mentioned that by the end of 2024, the total installed base of VR headsets may exceed 34 million, indicating a growing user base.
The VR systems can vary based on underlying tech and purpose and are usually categorized into:
- Non-immersive
- Semi-immersive
- Fully immersive
- Collaborative VR
- Augmented Reality (AR)
- Mixed Reality (MR)
Is VR Technology Worth It?
With more companies jumping on the bandwagon and tech giants like Meta, Sony, and Apple pushing the boundaries of innovation, VR tech is more accessible – and investable – than ever.
Whether VR is worth investing in depends on your interests, needs, and how you plan to use it. If you’re exploring immersive gaming or entertainment field, VR is a good investment. On the other hand, if you want to use VR in your business, education, or other marketing plans, the investment can be a bit risky if the business doesn’t succeed.
For those who want to explore and invest in this emerging industry, here are some of the best VR stocks from leading companies that are investing significantly in VR tech:
- Meta
- Market cap – $1.4+ trillion*
- With the Quest series, Meta is one of the leading VR platforms today. The products are quite affordable and widely compatible with games and apps.
- Apple
- Market cap – $3.3 trillion*
- Apple Vision Pro is well-known for its business productivity tools.
- Nvidia
- Market cap – $3.6 trillion*
- Nvidia’s high-performance GPUs for VR create smoother and more realistic experiences in engineering and design domains.
- Sony
- Market cap – $113 billion*
- Sony’s PlayStation VR is ideal for console gamers who seek an immersive gaming experience.
(Disclaimer: The investment markets are usually volatile and may carry certain risks. Invest wisely after doing your own research. * = at the time of writing.)
Real-World Use Cases Of VR Tech
The applications of VR are vast and equally significant in many cases:
- Immersive gaming
Immersive gaming is one of the most common applications of VR tech. It brings gaming worlds to life, letting you swing lightsabers in Beat Saber or navigate the enchanted lands in Skyrim – the world-famous VR games.
- Law enforcement training
From surgeons to firefighters and military officers, VR offers safe, hands-on practice for these high-stakes jobs. The training personnel experience simulated scenarios with visual, auditory, and physical stimuli (ranging from street noise, weapon discharging, emergency situations, etc.)
- Ed-tech industry
With VR tech, educational institutions can try out many innovative ways of teaching. Imagine exploring ancient history and places in Greece or learning about space in 3D – VR engages students by taking them to places that traditional education setup can’t.
Read more about the potential of VR in the education and training sectors.
- Healthcare
The healthcare domain has seen some significant growth in the past few years. VR in the healthcare domain is currently used in fitness and health management, psychology (to treat anxiety and PTSD and enhance emotional, physical, and cognitive therapy), offers rehab for patients, and lets doctors explain certain diagnoses interactively, making concepts clearer.
- Real Estate
Companies like Matterport allow buyers or architects to take a virtual home tour or visualize renovations before they actually take place. This way, you can focus your time checking the properties you’re most likely to love in person and save traveling costs in the process.
- Entertainment
VR technology is redefining the entertainment industry to enhance experiences and increase emotional connection with the characters or film itself, making you feel like you’re actually visiting places around the world. Remember the Avatar movie? It is one of the popular movies known for its immersive experience.
Apart from these, VR tech is also used in tourism, retail, automotive, sports, marketing, meetings and conferences, and many other dominant markets.
Current Trends And The Road Ahead
Check out some of the latest trends and companies that use VR tech for business growth:
Fitness platforms
Platforms like Supernatural, FitXR, XRHealth, and Holofit let you box, cycle, do HIIT, or meditate in unique virtual worlds. These fitness platforms offer personalized coaching and progress tracking, encouraging users to stay active and fit.
Health-tech innovation
Medical professionals use VR in healthcare or medical setups to check veins’ position for smoother IV insertions, while 3D anatomical models help medical students practice surgeries with precision. Google’s Augmented Reality Microscope (ARM) demonstrates the potential of the technology and aids in cancer and various disease detection with AI tech.
Retail and eCommerce
VR tech takes the shopping experience to a whole new level. With virtual fitting rooms and smart mirrors, you can try various products digitally (without actually trying it). Retailers like Ikea and Target lead this trend, making it easier and more convenient to visualize products in the comfort of your home.
- According to Retail Insight Network, 53K+ patents related to virtual try-ons were filed by retailers over the past three years.
Nordstrom, a leading fashion retailer, used VR’s spatial realism and helped an internal team to improve the look and feel of its stores. According to Nordstrom, they experimented with VR to help a fabrication team to build a demo of a store facility. It helped them understand the property space proportion and scale in relation to its environment.
Looking at the market growth and use cases beyond immersive gaming setup, VR tech is being explored immensely to increase business productivity and consumer satisfaction.
With some of the best VR headsets and other emerging gadgets, applications of VR will keep growing.
The blending of VR with other technologies like AR is unlocking new opportunities in various industries and giving rise to some top AR and VR tech trends.
The future of VR looks promising, but are you ready to include VR tech in daily life? As technology continues to penetrate across global industries, be mindful and look out for devices that prioritize security, age-appropriate gadgets, and sustainability practices.
Want to learn more about such emerging tech trends and real-world use cases? We’ve got you covered with all the latest tech developments and solutions. At Yaabot, we pride ourselves on being your ultimate stop for all things related to online technology, software, applications, AI, science, health tech, and more.
Frequently Asked Questions (FAQs)
- VR vs. AR – what’s the difference?
VR creates a fully immersive digital environment and replaces real-world entities with digital avatars, while AR uses digital elements in the real world and enhances it without fully replacing it.
- Is VR technology safe for kids?
VR tech can be safe for kids with age-appropriate content and supervision. With parental controls and limited usage, it will be safe for kids and will prevent eye strain or discomfort.
- Which is the best VR headset right now?
According to us, the best VR headset currently is – Meta Quest 3, followed by the PlayStation VR 2 and Apple Vision Pro. These offer amazing features like high display resolution and optics, the best immersive gaming experience, excellent controllers, realistic vibrations, and interprets body movements well.
