The virtual reality (VR) market is on fire! According to MarketsandMarkets, it's set to skyrocket to a whopping $44.7 billion by 2024, growing at an impressive annual rate of 33.47%. Brace yourself for 2023, when selling 14 million VR headset kits is expected to make up 90% of this revenue. The rest, approximately $0.7 billion, will come from some seriously cool software, including virtual reality games and cutting-edge business applications.
The rise of wearables and augmented reality (AR) is also driving demand. According to Statista, 1.7 billion people will use augmented reality on mobile phones alone by 2024. Growth suggests that augmented reality may be the next big thing.
Business owners in different industries are increasingly intrigued by virtual reality's potential. They are eager to discover the advantages of creating VR applications and content that can engage customers and drive revenue. If you're part of this group, this article is perfect!
What is VR Development?
One of the most interesting fields of software development nowadays is virtual reality (VR). It entails building a lifelike computer-simulated three-dimensional world that people can interact with.
VR systems use computer vision and cutting-edge graphics to create captivating 3D images and videos that can mimic both real and fantastical worlds. These technologies bring flat, two-dimensional images to life by adding depth and accurately scaling distances. The result is an immersive and thrilling experience, making users feel like they've been transported into the digital environment they're exploring.
Users navigate and control this 3D world using computers and touch devices like VR headsets and gloves. With the use of the VR headset's unique lenses and sensor controllers, users can see and interact with virtual material just like they would with real-world objects.
What is Possible in Virtual Reality?
The endless possibilities of virtual reality stem from its ability to adapt to virtual environments, unlike their physical counterparts effortlessly. This flexibility empowers users to accomplish tasks more efficiently and cost-effectively than in the real world. Noted VR researcher Jeremy Bailenson emphasizes that virtual reality excels in:
- Experiences that are costly and only accessible to a limited audience.
- Hazardous and high-risk circumstances.
- Unusual events that people cannot experience in real life.
- Uncommon encounters that are difficult to recreate in the real world.
Benefits of Virtual Reality Development for Businesses
Ten years ago, the market for AR and VR technologies was almost nonexistent and the costs were unaffordable. Currently, however, 35% of firms are contemplating using augmented or virtual reality, while 56% of them have already done so. There are a lot of business prospects provided by technology. Even if your company doesn't plan to enter the VR market directly, virtual reality can still provide significant benefits:
VR apps are shaping the future of businesses around the world. Let's take a look at some industries where VR is making a big impact:
Gaming
Video games are the top use of VR and continue to be the easiest way for people to experience this technology. Steam, the biggest online store for PC games, reports having 2.5 million users of SteamVR.
VR gaming has become a well-established technology but's still a specialized interest. It's an industry where small teams can create visually stunning games (such as Stray) and share them easily on platforms like Steam, itch.io, and Nintendo eShop. While gaming is the main driver, there are also many other ways VR is being used.
Marketing and Retail
VR technology revolutionizes how customers engage with brands, providing immersive digital experiences. For instance, Volvo utilized VR to showcase its XC90 model. Users can take virtual test drives and explore the car's interior features through the Volvo Reality app. Similarly, Walmart integrates AI-powered virtual try-on technology for online shoppers. Platforms like Decentraland enable users to buy virtual property and gain access to the metaverse early.
Product Development
Virtual reality replaces traditional physical prototypes with interactive virtual models, resulting in a significant reduction in the time necessary for product development. For example, Watermark Products utilizes Manufacturing AR to visualize prototypes and validate product sizing efficiently. Leading airplane and satellite maker Airbus has embraced HoloLens 2 and Microsoft's Azure Mixed Reality to speed up the design and construction of planes while improving functionality and safety.
Social
The proliferation of Facebook groups centered around AR/VR has skyrocketed. However, virtual platforms for socializing and collaboration were gaining traction long before Meta's announcement of the Metaverse. Utilizing tools such as Breakroom, Cluster, and Mozilla Hubs, users can quickly and easily construct immersive venues for events and gatherings.
Training and Education
Virtual Reality is revolutionizing how we learn and teach, offering immersive experiences that deepen understanding and simplify complex subjects. From language immersion to virtual field trips, VR opens up new educational avenues. For instance, NASA utilizes VR to train astronauts and technicians, simulate missions, and prepare for life on Mars. Innovations like 3spin Learning provide workers with AR training, replacing mundane manuals and images with interactive experiences.
Healthcare
The applications of VR in healthcare are vast, ranging from enhancing patient engagement and medication adherence through education to simulating surgeries and providing clinical training. For example, HoloAnatomy is an app used to teach anatomy, while OssoVR assists in refining surgical skills and training doctors in robotic surgery systems. Additionally, the VR mobile app Mobius Floe effectively distracts patients from pain when needed.
Essential Components for Virtual Reality Development
Virtual reality software development requires a strong understanding of various tools and techniques to achieve the level of quality necessary for success in the business world.
Technical Requirements and Tools
This includes designing hardware and software, including development environments, tools for prototyping, frameworks, and libraries needed to create VR applications.
SDKs and Platforms
Choosing the right platform and SDK is crucial for VR app development. With out-of-the-box compatibility for platforms including Meta Store, SteamVR, Google VR SDK, and XboxVR, consistent performance is guaranteed without the need to install extra software.
Game Engines
VR development often relies on game engines that support VR. These engines are usually free, integrate well with platform-specific SDKs, and offer high customization through various APIs. Havok from Nvidia, Game Studio from Unity, Unreal Engine from Gear VR, and Unity3D are a few examples.
WebVR and WebGL Frameworks and Libraries
In VR development, WebGL and WebVR are essential components. WebVR, a JavaScript API, enables VR experiences in modern browsers, while WebGL allows graphics to be rendered within the browser.
Design and Prototype Tools
Developers use various tools to create VR prototypes for testing and validation. Tools like Cinema 4D, Google Blocks, Photoshop, VR Sketch, and A-Frame aid in modeling, animation, rendering, and designing VR experiences.
Hardware
Proper hardware is essential for running immersive VR environments during development. This often requires significant investment and includes computers, consoles, workstations, smartphones, VR headsets (mobile, standalone, or connected to a PC), haptic feedback suits, input/output devices, and more.
Conclusion
As virtual reality becomes increasingly integrated into our daily routines, technological advancements make it more accessible and cost-effective. This groundbreaking tool offers your customers a distinct experience while revealing the value of your products. FiveRivers Technologies is committed to assisting you every step of the way.
