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5 Things You Should Know About VR

Virtual reality doesn’t need an introduction. Not in 2022. Not unless you’ve been living under a rock or hibernating, in which case, virtual reality (VR) is the computer-generated simulation of a 3D image or environment that can be interacted with in a seemingly real or physical way by a person using special electronic equipment. In other words, through a headset, you’re transported to another world that seems real — but really, is completely digitized.

Over the years, VR has grown so dramatically that we’re beginning to see the technology in all areas of our lives. But there’s still plenty of surprising stats and facts that you probably didn’t know. Here are just five we think are important.

1. It’s Not New

Believe it or not, VR is not new. Some may argue that it stretches all the way back to the 1800s. However, the first VR headset was invented in 1957 by Morton Heilig. His multimedia device called the Sensorama is considered one of the earliest VR systems. However, the term ‘virtual reality’ was coined much later in 1987 by researcher Jaron Lanier

2. It’s Not Just For Gaming

VR isn’t all fun and games. Although it is used heavily in the gaming industry, there’s certainly more to VR than video games. As a technology its potential applications are endless. It’s a powerful tool for businesses across advertising, manufacturing, retail, health & safety training, architecture, and much more.

3. It’s Constantly Evolving

The world of VR is ever changing. From its headsets, accompanying technology, and supporting hardware, it has come a long way and will continue to have game-changing developments and stand to revolutionize the industry.

4. It’s The Fast-Growing Immersive Technology

VR will become the fastest-growing immersive technology from 2020 to 2025. Expected to grow at a compound annual growth rate of 30 percent. In fact, More than 80% of manufacturers believe it’s just a matter of time before VR becomes mainstream, very well making it the next smartphone in terms of adoption rate.

5. Its Revenue Is Projected To Skyrocket

Globally, VR revenues will surpass $12 billion by 2024. Analysts firmly believe that the market will continue growing at a quickening rate. Looking at the projections for the market’s growth, the VR market’s annual revenue is set to triple by 2024.

What does all this mean? These next few years promise to become a big one for VR. Exploring the ways you can use it for your business as well can give you an important edge in today's tech-focused climate. If you’re interested in learning more about the different applications that VR can provide for your business, contact us today!

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