From Buzzword to Business Asset: The Role of Virtual Reality in Organizations Today

By Pat Hernandez

geralt / Pixabay

For many, virtual reality sounds like technology lifted out of a sci-fi movie. Some are quick to dismiss it as a toy or idealistic futurism — but there’s nothing artificial about VR opportunities on the horizon. According to a Fortune article, the VR market is expected to grow to over $150 billion in the next couple years. Those are real, not virtual, dollars at stake. VR is being used at the corporate level now more than ever and is growing in popularity among a diverse array of industries.

This wasn’t always the case — VR today is up against a storied history of logistical and practical disappointment. In the 90s, the automotive, aerospace and military industries utilized VR as a means to gain a competitive edge as early adopters. This marked the first instance in which an individual could don a head mounted display (HMD) and interact with a virtual environment, but ultimately the technology didn’t meet user expectations.

Computer technology was underpowered, imagery was low fidelity, the hardware was complex to use and the system was incredibly expensive. These issues and more caused the decline of professional VR use at the time. Today, thanks to a prosperous consumer market and technological advancements in the field, VR has reemerged as a viable corporate asset that many organizations are using to explore new efficiencies in design, creation, training and product interaction.

Consumer Resurgence

VR technology that was previously shunned due to price point, complexity and computing limitations has experienced a major comeback thanks to widespread acceptance in the consumer space. And thanks to recent breakthroughs in user affordability and accessibility, VR is in the midst of a strong corporate revival.

In 2012, the independent HMD developer and manufacturer, Oculus, set out to develop a high performance, affordable VR experience for gaming. This technological underdog garnered huge consumer support, leading to a Kickstarter that raised $3 million. Naturally, this sort of public financial outpouring turned heads in the tech world.

Oculus had only developed a prototype and planned for an initial run of unassembled HMDs, but industry backing eventually legitimized their cause and paved the way for a new generation of VR technology. In 2014, Facebook acquired Oculus for $2 billion — offering the stamp of validation necessary to reestablish VR as valuable technology in both the consumer and industry sectors. The Oculus success story has snowballed into a growing VR market that’s producing better technology at a more affordable price, ultimately benefiting consumers and industry leaders alike.

Corporate Resurgence

The consumer success of VR technology has resulted in a new generation of products that has breathed new life into industry adoption.

In light of refined technology and widespread social acceptability, industry leaders are adopting VR into daily workflows. From military training to architecture to ergonomic interior design, VR is aiding more industries than ever. Decision makers who were once put off by sticker shock and underdeveloped technology are now integrating VR technology in new and exciting ways.

A common and invaluable industrial application for VR Go to the full article.

Source:: Business 2 Community

Be Sociable, Share!