When talking about virtual reality, many of us think of science fiction movies. However, the truth is that nowadays this technology is blending into our daily lives.

This technology aims to create an interactive simulation environment as if it were real for users, and this virtual environment consists of a set of digital elements and content, such as images, sounds, videos and text, that create an immersive user experience.

The uses of virtual reality in our daily lives are numerous, in addition to being adopted in the fields of entertainment, travel, engineering design and military training, for example, in training pilots and doctors, and improving virtual reality experiences in current video games.

What is virtual reality?

Virtual reality is a computer-designed environment that the user interacts with, and is built using modern digital technologies, such as three-dimensional graphics, surround sound and kinetic tracking, allowing the user to interact, animate and manipulate digital elements, which would create a comprehensive and realistic experience.

Seen through headglasses or a virtual reality helmet, virtual reality allows people to immerse themselves in video games as if they were in-game characters, learn how to perform heart surgery, or improve the quality of sports training for maximum performance.

Although this may seem very futuristic, its origins are not as modern as we think, and many people believe that one of the first virtual reality devices was called "Sensorama", a machine with a built-in seat that plays three-dimensional films, emits odors and generates vibrations to make the experience as vivid as possible, and the invention dates back to the mid-fifties of the last century.

Subsequent technological and software developments over the following years brought with them a gradual development in both hardware and interface design.

Businesses intent on harnessing these innovations should take steps to protect their intellectual property and their customers’ privacy by engaging with an attorney who specializes in Web3 technology law.

Virtual reality applications in the business world

At a time when VR adoption in business is increasing, challenges such as cost, accessibility and integration into existing workflows remain. However, with technological advances and falling costs, virtual reality is expected to have a wider impact across industries, changing the way companies operate and interact with stakeholders.

  • Product design and prototyping: This technology allows companies to create virtual prototypes and test product designs before investing in physical manufacturing, designers can create unique creative experiences, embody ideas, create, examine and interact with three-dimensional models and interactive experiences, evaluate the work environment, make real-time adjustments and collect feedback early in the design process, which helps simplify product development and reduce costs, in addition to the infinite viewing angles and potentially huge size Digital content is one of the strengths you won't get while working on paper or standard three-dimensional software.
  • Training and Skills Development: Virtual reality is used in the fields of education and training to provide realistic and interactive experiences for trainees in various industries, as it allows realistic simulation of job tasks, such as machine operation, safety protocols, customer interactions, or complex procedures, in addition to exploring complex topics in interactive and visual ways without exposure to real risks, leading to increased confidence and efficiency. Hence this type of training helps to reduce the costs of training equipment.
  • Virtual meetings and collaboration: Virtual reality facilitates remote collaboration by providing virtual meeting spaces, where team members from different locations can come together in a shared virtual environment, communicate by avatars, interact with virtual objects or presentations, and this enhances communication and teamwork and reduces travel costs.
  • Virtual showrooms: This technology allows companies to create virtual showrooms, so customers can explore products or services in a virtual environment, visualize customization options, and make purchase decisions. Virtual showrooms expand reach and enable businesses to showcase their services in innovative and immersive ways.
  • Data visualization and analytics: Virtual reality provides a unique way to visualize complex data sets, as companies can transform data into visual presentations in a virtual environment, allowing for deeper understanding and analysis, and this is especially useful in areas such as finance, scientific research or marketing, because data insights are essential.
  • Remote assistance and support: This technology facilitates remote assistance by connecting experts and field technicians or clients. Using headglasses or virtual reality devices, experts can guide users through complex procedures or troubleshooting steps in real time, and provide annotations and visual instructions. This helps improve efficiency, reduce downtime, and enhance customer support.
  • Virtual Conferences and Trade Shows: Virtual reality has gained momentum to host virtual conferences and trade shows, as attendees can participate in virtual exhibitions, attend keynote speeches, network with other professionals, and access virtual kiosks. VR conferencing provides an immersive and engaging experience, allowing businesses to reach a global audience.
  • Marketing and branding: Virtual reality provides unique marketing opportunities for businesses, as brands can create immersive virtual reality experiences or interactive advertising that allow consumers to interact with products or services in a memorable way. VR-based marketing campaigns can generate excitement, increase brand awareness, and enhance customer engagement.

Virtual reality applications in the entertainment industry

Virtual reality has brought a major transformation into the entertainment industry, revolutionizing the way people consume and experience different forms of entertainment. As technology continues to advance, more innovative and immersive VR experiences can be expected in the future.

  • Gaming: Virtual reality games have gained great attention and popularity, as headglasses allow players to fully immerse themselves in virtual worlds, providing an interactive and engaging gaming experience. Players can move physically, interact with virtual objects and experience a strong sense of presence. The technology has enabled innovative game mechanics, such as 360-degree movement and realistic handling of weapons, enhancing the overall gaming experience.
  • Immersive storytelling: Virtual reality has opened up new possibilities for storytelling, allowing creators to transfer audiences to virtual stories. VR films, documentaries and interactive experiences allow viewers to see from a first-person perspective, allowing them to explore and interact with the virtual environment while creating a sense of presence and emotional connection.
  • Virtual Amusement Park Experiences: This technology has expanded its reach to parks and entertainment centers, providing visitors with exciting experiences, such as virtual roller coasters, adventure simulations and interactive games. These experiences combine physical sensations, action platforms and virtual reality headglasses to create an immersive and exciting entertainment option.
  • Live events and concerts: Virtual reality has provided remote access to live events and concerts, as virtual reality platforms provide the opportunity to attend virtual concerts and events from home, providing an immersive and interactive experience. Users can choose viewing angles, interact with other attendees, and feel part of the live action, even if they're physically far away.
  • Tourism and Virtual Exploration: Virtual reality has changed the way people travel and explore new places, as users can visit popular tourist destinations and immerse themselves in the sights and sounds of different locations while gaining a sense of presence and exploration without the need for physical travel, through 360-degree videos and virtual tours. The technology has also enabled recreation and historical cultural experiences, and the preservation and sharing of heritage sites and traditions.
  • Virtual reality gaming halls: Virtual reality arcades have become popular entertainment venues where people can experience virtual reality technology without the need for personal virtual reality settings. These venues provide access to a wide range of virtual reality experiences, games and simulations, as they offer high-quality virtual reality equipment and gaming areas, making this technology accessible to a wider audience.
  • Sports and spectator experiences: Virtual reality has enhanced sports viewing experiences by providing interactive and immersive ways to interact with sporting events, where users can watch games from different camera angles, replay important moments, and even experience athletes' perspective during virtual reality. In addition, the technology has opened up opportunities for fans to participate in virtual sporting events and competitions, providing a more engaging and inclusive experience.

Recent technical developments in the field of virtual reality

There are many recent technological developments that have had a significant impact on both business and leisure, and here are some notable developments:

  • Hardware optimization: VR glasses have seen significant improvements in terms of accuracy, field of view and tracking capabilities, with high-end devices such as Oculus Quest, HTC Vive Pro and Valve Index providing immersive experiences with better graphics and reduced dizziness, making VR more appealing to a wider audience.
  • Wireless virtual reality: The introduction of wireless headglasses has disconnected users from computers or gaming consoles, as standalone devices such as the Oculus Quest series provide complete motion tracking and a library of games and experiences without the need for external sensors or cables. This advancement has made virtual reality easier, especially for casual users and businesses.
  • Augmented reality integration: Augmented reality technologies are beginning to integrate with virtual reality, enabling mixed reality experiences, as modern devices, such as Microsoft HoloLens and Magic Leap One, combine virtual elements with the real world, and this opens up new possibilities for business applications, such as training simulations, architectural visualizations, and product offerings.
  • Haptic feedback and full-body tracking: Advances in haptic feedback technology and whole-body tracking have enhanced the feeling of immersion in virtual reality experiences, with gloves and touch accessories allowing users to feel and interact with virtual objects, creating more realistic simulations for training, gaming and entertainment.
  • Social virtual reality: Virtual reality has become more social with the introduction of platforms such as VRChat, Rec Room, and Facebook Horizon, which allow users to connect with friends, attend virtual events, explore virtual worlds and participate in multiplayer games. Social virtual reality has opened up new avenues for businesses, allowing them to host virtual meetings, conferences, and collaborative workspaces.

The future of virtual reality

Virtual reality is one of the technologies with the highest expected growth potential. The industry is growing at a rapid pace, and the global market is expected to increase from $11.97 billion in 2022 to more than $24 billion by 2026.

Others expect the market to grow at a CAGR of 15% from 2022 to 2030, reaching $87 billion by 2030.

According to the latest forecast, revenue in the global virtual reality software industry could increase to $5.45 billion by 2027. Virtual reality games are likely to remain the most important part of the virtual reality software market, generating $4.6 billion in 2027.

The number of VR users is expected to reach 137.8 million by 2027, and the VR market size, estimated at $7.62 billion in 2022, is supposed to grow at a compound annual growth rate of 14.65%, resulting in an expected market size of $15.09 billion by 2027.

In general, technical developments in virtual reality have expanded its range of applications in various sectors. As technology continues to advance, greater developments can be expected in this area, which means that it is no longer science fiction, but rather an embedded reality in our present, and should lead in the coming years to developments that will shape the future.