Is virtual reality profitable?
The virtual reality market was valued at $15.81 billion in 2020. According to market reports gathered after the end of the fiscal year 2020, the VR market is on the road to becoming one of the most lucrative tech branches. It's expected to grow at an 18% CAGR during the next seven years.
THE FUTURE OF VIRTUAL REALITY
Virtual Reality is one of the technologies with the highest projected potential for growth. According to the latest forecasts from IDC Research (2018), investment in VR and AR will multiply 21-fold over the next four years, reaching 15.5 billion euros by 2022.
VR is Cost-Effective
Though the upfront cost may be higher than standard L&D technology, the long-term value of VR can't be ignored. Using VR to tell a brand story can transport thousands of employees anywhere in the world for a fraction of the cost.
The global augmented reality (AR), virtual reality (VR), and mixed reality (MR) market reached 28 billion U.S. dollars in 2021, rising to over 250 billion U.S. dollars by 2028.
It helps their professionals train and prepare for real-world scenarios, including surgery. Teams can plan out complicated procedures. They can even diagnose and treat computer-generated patients. VR is also being used to explore mental health treatment.
The immersive technology puts users in 'someone else's shoes', and goes above and beyond traditional 2D depictions of war, abuse, pollution, neglect, or injustice. It allows viewers to see directly through the 'eyes' of a real or imagined subject and more specifically, VR can create 'embodied cognition'.
|Advantages of Virtual reality
|Disadvantages of Virtual reality
|Virtual reality helps in exploring places without actually being there
|Implementation is expensive
|The education system has been improved
|Only develop technical skills no interaction is there
The use of virtual reality in gaming has changed the way children play games. Gaming has become more intense, immersive and even impressive. By the use of virtual reality technology will change the way education systems work. The use of interactive methods like audio and visual devices had already made learning fun.
- The global Virtual Reality Headsets market size is projected to reach USD 42100 million by 2027, from USD 9457.7 million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period 2021-2027.
VR game spending still accounts for just a small fraction (0.4 percent) of the $130.6B revenue generated by gaming hardware and software makers in 2020, according to market research firm SuperData.
How much will VR be worth in the future?
The global virtual reality market size was valued at USD 21.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030.
As long as a user likes the application, he or she will be willing to pay for the premium subscription. In any case, even if the user is stuck with the free version, you can still earn money by offering paid upgrades or in-app purchases.
Virtual reality offers unique, engaging and fun ways to train in a safe, but realistic environment. It offers tangible benefits for individual learners, streamlining workflows through teams training together and contributing to a safer and more productive workplace. That's far from a gimmick – it's good business sense.
Users can become isolated, negatively affecting their mental health and become dependent on the use of VR. They can become antisocial and lose basic social skills, which can then form into social anxiety and other mental health problems.
We know that VR might enhance student learning, prepare them for real-world careers, bring students and teachers together regardless of location, and improve comprehension through direct interaction and engagement with learning objects, especially where highly complex problems require spatial understanding and ...
Virtual reality is a simulated 3D environment that enables users to explore and interact with a virtual surrounding in a way that approximates reality, as it is perceived through the users' senses.
“Through the use of VR, we are able to jump into situations which would otherwise be impossible to re-enact in the classroom, such as visit Machu Picchu, perform surgery, or carry out a science experiment without the right equipment.
Virtual Reality Facts: Popularity Increase
Nearly one in five (19 percent) of US consumers have used VR in 2020—a three percentage point increase from 16 percent in 2019 (AR Insider, 2020). Most users are also happy with the experience, with 55 percent of them saying they're either extremely or moderately satisfied.
|Market size value in 2022
|USD 38.56 billion
|Revenue forecast in 2030
|USD 597.54 billion
|CAGR of 40.9% from 2022 to 2030
How To Start Your Own VR Arcade - IAAPA 19 - YouTube