How Virtual Reality Can Impact Business

by Priyanka Pugaokar    Mar 29, 2016

virtual

With rapid adoption of advanced technologies among enterprises, Virtual Reality (VR) has started finding its footprints in the business world. The technology which is now no longer restricted to the entertainment or gaming industry, has potentials to impact businesses in a big way. Eyeing on the future growth, VR device vendors are tapping business prospects in different business domain.

In simple words, VR refers to an immersive environment, frequently generated by a computer, that fills most of a user’s field of vision. According to the global research firm MarketsandMarkets, the international VR technology market is expected to reach $15.89 billion (roughly Rs. 1,06,755 crores) by 2020. MarketsandMarkets in its recent study predicts that the Augmented Reality and Virtual Reality Market worth $1.06 Billion by 2018.

Read more: Will 2016 Be A Big Year For Virtual Reality?

The market is highly competitive with the presence of several players such as Oculus Rift, HTC Vive, Sony PlayStation VR, Samsung Gear VR (co-developed with Oculus), LG 360 VR, Google Cardboard, Zeiss VR One, One GX etc. Similarly, smartphone vendors are launching new devices with VR technology to provide better user experience. VR is proving to be game changers in several industry verticals like Real estate, Healthcare, Education etc. Industry experts say that as the industry grows, VR will create a new IT market for vendors.

VR Making Businesses Better

VR is no longer a buzz word in the enterprise domain. The Real estate, retailing and education are three major industries where VR has great potential. There are also prospective markets in the fields of healthcare, live performance, exhibition, driving simulation, and recreational facilities. Many real estate companies are considering virtual tours to help buyers make a decision on a home. Indian real estate specialists CommonFloor uses Google Cardboard to bring virtual reality tours right from the consumer’s doorstep. The app, called as CommonFloor Retina, offers ‘real’ property experience for the seekers, allowing them to view/review/assess multiple properties from anywhere at any point of time.

Similarly, VR has also penetrated in the healthcare sector in a big way. VR technologies have been used as a diagnostic tool for the diagnosis of various symptoms of illnesses and disorders. Virtual classrooms are already redefining the learning experience in the Indian education sector. Enterprises today widely prefer VR in making presentations, product demos etc. 

Prospects in India 

Though India is still far away from a widespread adoption of VR as compared to China, being the second largest country of smartphone users, it is one of the key markets for the manufacturers of head-mounted devices (HMDs). Considering the Indian market scenario, vendors like Lenovo have introduced lost cost HMD for Indian customers.

For example, Samsung has also launched Gear VR - its flagship virtual reality headset - for Indian consumers in January for as low a price as Rs. 8,200. The low cost factor aims to attract the youth and at the same time with the advanced features and better user experience vendors are aiming to capitalize the enterprise space as well. With the government is rolling out several e-Learning projects, Education is going to be the major vertical for VR industry. Similarly, growing technology adoption in the other verticals such as healthcare will further fuel the growth of VR in the country.