Incredible Virtual Reality business opportunities

date: 23 January 2018
reading time: 5 min

Artificially generated Virtual Reality (VR) is limited by nothing but your imagination. That is why many industries utilise this technology to scale a new peak of business success.

 As it consistently improves and becomes increasingly available for the masses, Virtual Reality creates exciting opportunities.

Even though the majority of people might still associate it with gaming, the applications of VR extend far beyond it. 

Virtual Reality in medicine

When it comes to harnessing VR in healthcare, numerous opportunities arise. Hospitals use this technology to treat fears and phobias. If you are irrationally afraid of something, then experiencing this stressful situation and exposing anxiety step by step via Virtual Reality is a great way to get rid of it. Fear of heights, arachnophobia or even paranoia and schizophrenia are now more likely to be fought with help of VR.

The application of VR in medicine goes even further – there are hospitals that use this technology to grant patients in their last wish. VR enables people to achieve their bucket list goals/items by virtually transporting them to remote locations, flying them to the Moon or skydiving. All this without even leaving the bed.

Virtual Reality is also used to relieve suffering in patients, as VR affects the parts of the brain that are linked to generating pain, making them less active during the experience. This virtual therapy is helpful especially to patients with amputated limbs or undergoing very painful medical procedures.

Virtual Reality in education

As it combines learning with entertainment, Virtual Reality has everything necessary to take education to the next level. Thanks to VR, students can explore places and cultures all over the world, which allows them to step into the shoes of others and to develop empathy. With VR, it is possible to dive into the oceans or walk on the Sahara Desert. This not only increases knowledge, but also widens horizons, promotes curiosity, encourages focus and gets rid of boredom. Who wouldn’t be excited and pay attention in a classroom like that?

This technology is being used to learn also about more complicated issues – such as anatomy – or to prepare for routine medical procedures and practice operations before a real-life debut.

Virtual Reality in customer experience

Marketers did not wait a long time to implement Virtual Reality in order to enhance customer experience. VR allows customers to see, feel and to really dive into the product, which makes them happy to come back for more. It also creates the opportunity to personalise the content and therefore improve sales and customer retention.

VR is broadly applied to create 3D walkthroughs to sell a property or present premises under construction. 3D VR modelling is used also to save time and money on product testing and creating prototypes, which gives the customers a chance to experience the real product before actually committing to an investment.

Virtual Reality in sports

VR settled in the sports industry mainly in two areas. Firstly, it enables to make working out less of a dull and dreary activity. Thanks to the use of Virtual Reality gym machines, people can virtually exercise in places much more interesting than the room they are physically in. This makes them excited about it and boosts the motivation. VR is also used in physical therapy – patients play games that force them to move in a desired manner, which has a beneficial impact on their health.

Secondly, VR opened new business opportunities in terms of watching others do sports. With Intel investing in this field, you can already watch Major League Baseball broadcasted live in VR. Also, the upcoming 2018 Winter Olympic Games in South Korea will be provided with real-time VR viewing and many additional features.

Virtual Reality in entertainment

When it comes to entertainment, VR is a source of exciting innovations. VR cinemas or arcade experiences are opening around the world, being a new way of public amusement. But this technology can also be adapted to more ‘serious’ areas of entertainment and culture. There are already museum collections available in Virtual Reality. Visitors can not only marvel at paintings and sculptures, but also immerse into scenes of WW2, Apollo moon mission or the Titanic. These VR museums definitely do not hear crickets.

Virtual Reality in… love?

Some people are just too shy and afraid of meeting face to face for the first time. That’s where Virtual Reality comes handy, allowing them to spend some time together in the comfort of their own room.

There are already some men that decided to… marry anime characters in a VR wedding. This sparked mixed reactions of disgust, confusion and nonplus. But hey – they say love knows no boundaries, and at least you get to keep all the money after the divorce. 😉

Investing in Virtual Reality

According to Grand View Research, the VR gaming only will hit $45.09 billion by 2025. The whole industry is heavily invested by companies hoping to have the piece of the VR pie. At the same time, many believe a major extended reality breakthrough is coming. Magic Leap, the US start-up is the very proof of the extended reality hype. To date, the company has raised more than $1.9 billion from big fish companies such as Google, Alibaba, Warner Bros. or JP Morgan, which is the new record – even though the details of this project have not been revealed publicly.

The future of extended reality looks very interesting indeed!

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