Virtual reality (VR) has been quite the buzzword across industries in the past few years. The technology has been changing at a monumental rate, powered by never-ending innovations by tech players. VR is anticipated to be at the center of digital transformation in the near future. Investments in the technology by established companies, tech startups, and consumers are slated to rise tenfold. Market players are augmenting VR technology with advanced technologies such as artificial intelligence (AI) and machine learning.
New, more powerful technologies will continue to enter the market as the rate of innovation in the industry grows. Fortune Business Insights predicts that the global market for virtual reality could hit USD 84.09 billion by 2028, growing at a robust CAGR of 44.8% during 2021-2028. Growth of the market is influenced by the expanding use of smart connected devices. Rise in internet usage and mobile gaming will offer lucrative growth opportunities to the market during the projected timeframe.
Highlighted below are some of the major upcoming trends in the industry that are driving VR adoption across various industries.
VR Continues to Penetrate the Entertainment Sector
While the entertainment sector has been one of the biggest end-users of VR tech, this trend is anticipated to gather significant pace in the coming years. This is attributed to the fact that virtual reality has been a relatively niche area in recent years, with many developers designing an app or hardware that has achieved commercial success.
Social media giant, such as Facebook, for instance, launched the Oculus Quest 2 VR headset in October 2020. The wireless device provides an improved resolution and a seamless experience to users. The company announced further plans to introduce virtual technologies in the years to come.
With continuous improvements in VR hardware and software, the VR industry is expected to witness tremendous opportunities across the buzzing field of entertainment. Newer technologies are not only advanced in terms of performance but also highly cost-efficient. As a result, VR-based technologies are becoming much more accessible for consumer entertainment. Tech-savvy consumers are poised to witness a wide range of new gadgets unveiled over the forthcoming years.
Autonomous Vehicles Made Safer Using Virtual Reality
The biggest use of technologies, such as VR and AR, in the auto industry has been self-driving vehicles. While fully-autonomous vehicles are still years away, automakers have been leveraging these technologies to power self-driving capabilities.
VR Makes Online Retail More Immersive and Engaging
The retail sector has undergone considerable changes, both online and offline. Introduction of digital technologies in the industry has allowed the application of VR for various purposes. For instance, VR devices are being utilized in online retail to create a more immersive and engaging shopping experience that mimics the hands-on advantage of brick-and-mortar outlets. Virtual reality takes online retail experience far beyond what is possible through typical ecommerce sites.
When combined with AR, the technology can be used in physical retail stores to help customers find what they are looking for on the shelves. Moreover, it can offer information and feedback that other shoppers have become used to having while shopping online. On account of these factors, it is expected that the retail sector will offer tremendous opportunities to the virtual reality market over the next several years.