The Impact of Virtual Reality on the Business World | Program-Ace (2023)

The Impact of Virtual Reality on the Business World | Program-Ace (1)

Immersive Training in Enterprises

Examine the current state of the immersive tech market, how this technology is being used for training systems, and what the future holds for it based on current trends and data. Its purpose is to serve as a reference for any company interested in this application of immersive technology.

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(Video) The Future Of Virtual And Augmented Reality In Business

In movies, TV shows, and other popular forms of media, VR is often portrayed as an entertainment tool for the rich. However, this is a very outdated stereotype, considering that the most popular VR headset (Oculus Quest 2) only costs $299, and that over one-third of global spending on immersive tech already comes from enterprises.

The truth is that VR is already widely used by businesses, and you could even say that it is revolutionizing many business processes. This is part of the reason why VR development services have become so sought-after. To fully understand the role of VR in the business world, let’s take a closer look.

What are the Main Virtual Reality Uses in Business?

The Impact of Virtual Reality on the Business World | Program-Ace (2)

The choice to implement virtual reality for business is always accompanied by another consideration – what will your employees/customers use it for? Obviously, you want to get some business value out of the investment, and to do this, you’ll need to do more than just learn how VR works and buy some headsets. You will also need a suitable app that will perform your needed functions. Below are some popular uses of the technology:

1. Training solution

Virtual reality training allows you to teach employees essential skills, procedures, and knowledge anywhere and at any time. Training simulations can feature all of the equipment and machinery involved in work processes, and sometimes computer-guided characters that you interact with.

Many work processes and situations can be simulated this way with VR controllers or haptic gloves, and you don’t need to put anyone at risk. VR training helps you cut down on training equipment costs and make the education as safe and universal as can be.

2. Development/design tool

3D models and designs are commonly used during the development of products and processes, but VR adds another layer of immersion and realism to them. Now, you can see what an item will look like and how it will function in a lifelike environment, “hold” and interact with it.

You can also design various parts and elements inside the app. The infinite viewing angles and potentially huge size of the digital content are strengths that you simply would not get while working on paper or standard 3D software.

3. Presentation/sales tool

Using virtual reality technology in business is a spectacular way to set up unique interactions between consumers and a product. For example, some brands have implemented a VR product configurator on their website that lets customers create their own build and design of a product up close. Other solutions of this caliber also allow very personal and detailed interactions with a product that give just about as much as physically holding it in your hands.

(Video) What is Virtual Reality (VR) and how is it used in business

4. Collaboration tool

Virtual avatars and 3D streams provide much more helpful information than any video call or conference. For example, some companies use virtual reality meetings to simulate the work environment when many employees are away or unable to attend in person for other reasons.

Sometimes, the person wearing the VR headset takes on a subordinate role, with another person on the other end of the stream seeing the video from their headset and guiding their actions with sound or visual commands.

5. Customer care solution

Sometimes, a virtual reality app is offered as part of a company’s care and service of a client. For instance, some customers can make use of virtual tours to explore a location that they might visit or purchase/rent. Another example is when VR helps them achieve health and life goals, including education and rehabilitation. Our company worked on such a solution, developing a hand rehabilitation application for patients that had a limited range of motion in their hands.

How VR Creates Business Value

This is a topic of much interest in the world of business, as no company wants to make a blind investment with oblique and unpredictable results. We have had numerous customers contact us with such concerns, and our perspective is aptly presented in the clip below:

How AR, VR & MR Can Create Business Value
Nick Shemshur, Program Director of Program-Ace

This interview was conducted by David Turewicz, the CEO and founder of Amplifyre, and features responses from the Program Director of Program-Ace, Nick Shemshur. Amplifyre is a provider of digital transformation that has created a wonderful platform (AskTheHub) where business leaders can share insights and tips useful in the industry. Nick oversees many of our immersive projects, and weighed in on some fascinating questions.

Summarizing some of the main points of the interview:

  1. VR can accomplish many business tasks, some as small as making a sale, and others on the scale of restructuring an organization.
  2. When VR is used in employee education, it can completely replace lectures and hands-on training with designated trainers.
  3. Using virtual solutions helps reduce risks that workers are subjected to and is very convenient in terms of preparation.
  4. Most enterprise VR apps simulate dozens if not hundreds of work situations, so development can be quite long without an efficient framework.
  5. The level of immersion provided by VR can eliminate or reduce the need to showcase a product in physical form – consumers can get useful interactions digitally.
  6. Many use cases of VR have not even been imagined yet, and the hardware and software are getting better every year.

For more information, be sure to watch the full interview.

Which Brands are Already Using VR?

Unless you already have experience in turning virtual reality business ideas into fully-fledged apps (like we do), it might be hard to get a grasp of how well the market is doing. To paint a larger picture, we can bring up some prominent examples from various industries:

(Video) The impact of virtual reality in different business sectors Graham Breen interview

1. Ford (Automotive)

The world-renowned automaker Ford is creating new vehicle designs in VR. This approach was implemented to allow specialists to work from home in the Covid era.

2. Verizon (Telecommunications)

Verizon is training new employees with VR, simulating both technical maintenance operations and customer interactions. For example, one of the simulations sees them installing fiber cables and repairing network terminals.

3. Shell (Energy)

Shell has been using VR experiences for many years. For example, workers use the technology to go on digital field trips and find out how various forms of equipment are operated. They also learn how to respond to emergencies like oil leaks and explosions.

4. John Deere (Agriculture)

John Deere is using VR as a presentation tool to show off its new tractor model and how it is operated. They are also using it in-house as a tool for designing new tractor models.

5. IKEA (Retail)

Ikea is using VR as a tool for visualization, which can be utilized by customers and employees alike. The apps they are testing visualize how certain items of furniture will look inside a room.

6. UPS (Logistics)

UPS is training drivers in proper safety procedures with the help of a custom VR app. It simulates various road hazards and monitors how drivers respond to these situations.

(Video) Virtual and Augmented Reality’s Effect on the Business World

7. Facebook (Social Media)

Facebook is using VR as a collaboration tool for employees. Their app “Horizon” features a virtual world for work, entertainment, and exploration. The company is betting big on the technology, with CEO Mark Zuckerberg announcing its planned creation of a digital metaverse.

As you might notice, one prevailing theme here is training. This is an incredibly popular use case and one that is universally useful in countless fields and lines of work.

So What are the Benefits of Virtual Reality in Business?

Let’s recap some of the stuff we’ve covered. Based on the experience of companies that have implemented VR solutions internally or offered them to their customers, potential virtual reality benefits for business include:

  • Improves worker engagement and knowledge
  • Imparts valuable on-the-job skills
  • Serves as a groundbreaking way to show off products and services
  • Provides a creative environment where new ideas can be tested
  • A valuable reference tool for work planning
Go to VR app development services

How to Get Started with Your Own VR Application

Every successful VR app begins with an idea – how will the software accomplish business goals? Even if you are not sure that this idea can be properly implemented, why not find out? You can contact a custom software development company like Program-Ace or any other provider that can deliver virtual reality business solutions.

We will be happy to discuss your idea, perform an estimation, and tell you how everything can be brought to life. With over a decade of VR development experience under our belt, our team is ready to tackle even the most ambitious projects. You can count on us to use our business acumen and thorough market research to come up with an effective development plan and see it through on time.

Just contact us, and we can begin discussing your project today.

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FAQs

How does virtual reality impact the world? ›

Much like we saw with personal computers, the internet, and mobile devices, VR will change the world. It's already transforming communication, education, fitness, gaming, health, commerce, productivity, and so much more.

How does VR impact business? ›

VR in Business Can Impact All Verticals

As many enterprises have realized, this is because nearly any process that can be done in the real world can be simulated in VR. This includes many business-related activities, including customer service, marketing, finance, HR, production, and more.

What are the 3 types of virtual reality? ›

There are 3 primary categories of virtual reality simulations used today: non-immersive, semi-immersive, and fully-immersive simulations.

What are the most important benefits of using virtual reality in business training? ›

8 VR training benefits your organization can take advantage of
  • Accelerate speed to proficiency.
  • Improve customer service.
  • Reduce onboarding time.
  • Improve workplace safety.
  • Decrease turnover.
  • Decrease incident costs.
  • Improve brand & scale culture.
  • Eliminate business interruptions.

Why is virtual reality important in the modern world? ›

The emerging world of virtual reality is not only providing a new, fully immersive experience, but it also creates new ways for people to see the world. Today the technology of virtual reality (VR) is used to advance medicine, engineering, education, architecture, training and entertainment....

What is virtual reality and its benefits? ›

Virtual Reality (VR) is a computer technology that creates a simulated environment. It generates an artificial computer-generated world and users can experience and interact with that environment. VR is not like traditional user interfaces but VR places the user inside an experience.

How can VR improve business? ›

Revolutionize the 'Try Before You Buy' Concept

As more and more retail companies are integrating VR/AR technologies into the customer experience, the concept of 'try-before-you-buy' vastly expands. 'Look before you book,' 'Try before you fly'—all that immerses the customers in the unique product experience.

What is VR business? ›

VR offers every business the chance to rethink how they present to and engage with, their customers. As both marketing and customer service tools, VR opens new possibilities for showcasing products and services.

How does virtual reality Impact Economy? ›

VR and AR have the potential to boost GDP globally by 2030 by up to $1.5 trillion. VR and AR have the potential to deliver a $1.5 trillion boost to the global economy by 2030. That's the major finding of the economic impact assessment conducted by PwC economists for this report.

What is virtual reality example? ›

With augmented reality, virtual simulations are overlaid onto real-world environments in order to enhance or augment those environments. For example, a furniture retailer might provide an app that enables users to point their phones at a room and visualize what a new chair or table might look like in that setting.

What is virtual reality simple words? ›

WHAT IS VIRTUAL REALITY? Virtual Reality (VR) is a computer-generated environment with scenes and objects that appear to be real, making the user feel they are immersed in their surroundings. This environment is perceived through a device known as a Virtual Reality headset or helmet.

What are the 4 elements of virtual reality? ›

Virtual Reality comprises 4 primary elements: virtual world, immersion, sensory feedback, and interactivity.

What are three advantages of Virtual Reality? ›

Advantages of virtual reality training
  • Little/no risk.
  • Safe, controlled area.
  • Realistic scenarios.
  • Can be done remotely saving time and money.
  • Improves retention and recall.
  • Simplifies complex problems/situations.
  • Suitable for different learning styles.
  • Innovative and enjoyable.

What are the 4 benefits of virtual machine? ›

The Benefits of Virtual Machines
  • Personalization: There is great flexibility and personalization with virtual machines. ...
  • Virtualization: ...
  • Backup by VM at a time: ...
  • Easy Recover/Failover: ...
  • Run multiple Operating Systems: ...
  • OS and Application Updates: ...
  • The Bottom Line:
27 Dec 2021

What is the most important in Virtual Reality? ›

The most important hardware with VR is the headset, a device similar a pair of goggles that goes over your eyes. This immerses you in the virtual world.

What is the purpose of the virtual world? ›

A virtual world (also called a virtual space) is a computer-simulated environment which may be populated by many users who can create a personal avatar, and simultaneously and independently explore the virtual world, participate in its activities and communicate with others.

What are the advantages of virtual world? ›

Comparison Table for Advantages and Disadvantages of Virtual Reality
Advantages of Virtual realityDisadvantages of Virtual reality
Help in providing trainingAddiction to Virtual Reality
Lowest riskImpact on the real human body
Increases interest and engagement toward a subjectNot engaged in the real world
4 more rows
20 Jun 2022

Why is virtual reality important to society? ›

Healthcare: VR will have a huge impact on how the medical community diagnoses and treats diseases and illnesses. Right now, VR is being used to detect glaucoma, schizophrenia, and Alzheimer's disease. It has also begun to establish itself as a useful tool for treating PTSD and anxiety disorders, dementia, and autism.

Why do we need virtual reality? ›

What Is the Need for Virtual Reality? Virtual Reality allows users to create simulated, interactive and specific designed environments for specific use. It is designed for human interaction or for a specific reason to create experiences.

How does virtual reality work simple? ›

VR headsets have embedded stereoscopic lenses positioned between a built-in LED screen and eyes, distorting the image so it looks 3-D and real. The headset passes two images through these lenses, one for each eye, similar to our vision.

How is virtual reality being used today? ›

We all know virtual reality (VR) is being used for gaming but VR and XR are going to shape our future in so many more ways than gaming. From healthcare to real estate, recruitment, and education, this article covers 23 industries using VR - and this is just the start.

What business uses VR? ›

There are other uses for VR in business. For example, virtual reality could be used in staff training for professionals who work in industries like real estate or construction. Real estate, architecture, and construction businesses could use VR to show what a finished environment would look like.

How does virtual reality impact human perception? ›

Using immersive VR allows experimenters to move closer to the goal of investigating human perception in a controlled and principled way, but with highly realistic stimuli that can be actively explored by experimental participants.

What is the summary of virtual reality? ›

Virtual reality(VR) is special kind of graphical user interface which presents a computer-generated immersive, three-dimensional, interactive environment that is accessed and manipulated using, for instance, stereo headphones, head-mounted stereo television goggles, and data-gloves.

What is virtual reality and explain also types? ›

Virtual reality (VR) translates to a computer-generated experience in which a person uses electronic devices, such as special glasses with a screen or gloves with sensors, to participate in a virtual three-dimensional world. An example of virtual reality is a virtual tour.

What is virtual reality answer? ›

Virtual Reality (VR) is a completely computer-generated three-dimensional environment that is displayed either on a computer screen or through special displays.

Is virtual reality the future? ›

AR and VR will be at the center of digital transformation and the spending of different companies and consumers will increase by an additional 80%, according to this report. Virtual and augmented reality hardware will comprise more than half of the projected spending.

Why is it called virtual reality? ›

Etymology. "Virtual" has had the meaning of "being something in essence or effect, though not actually or in fact" since the mid-1400s. The term "virtual" has been used in the computer sense of "not physically existing but made to appear by software" since 1959.

What is an example of virtual? ›

The adjective virtual is used to describe something that exists in essence but not in actuality. You may have made a virtual friend on an online gaming site, but don't expect that person to meet you for coffee.

Which two features are most important for virtual reality? ›

Explanation: Immersion and Interaction are most important for virtual reality to provide a smooth and enjoyable experience for the user.

What are features of virtual reality? ›

Since the VR system is equipped with sensing and responsive devices for sight, hearing, touch, and kinesthetics, viewers can obtain various perceptions such as vision, hearing, touch, and kinaesthesia through human-computer interaction in the virtual environment to achieve an immersive experience.

What are some features of virtual reality? ›

Craig, define 4 key elements of virtual reality experience:
  • Virtual world. An imaginary space that independently exist from the real world. ...
  • Immersion. The users are placed in a virtual space, cut from the real world on a sensory level. ...
  • Sensory feedback. ...
  • Interactivity. ...
  • Comfort. ...
  • Interaction. ...
  • Video games. ...
  • Education.

Is VR good for the environment? ›

AR and VR can directly minimize environmental degradation by reducing greenhouse gas emissions.

How does virtual reality help communication? ›

This never-before-seen depth of immersion can generate greater engagement and empathy when compared to other media. VR works well in creative communications for situations that require the audience to experience the impact of a particular situation. It allows people to really immerse themselves in the new environment.

What are the 7 benefits of virtualization? ›

Benefits of Virtualization
  • Reduced upfront hardware and continuing operating costs.
  • Minimized or eliminated downtime.
  • Increased IT productivity and responsiveness.
  • Greater business continuity and disaster recovery response.
  • Simplified data center management.
  • Faster provisioning of applications and resources.
9 Sept 2022

What are some of the benefits and challenges of virtual working? ›

Benefits include affordable expertise (particularly with HR, finance, marketing), flexible support, and access to a full suite of services. Disadvantages include challenges with virtual teams can lie in communication, poor leadership/management and incompetent team members.

How has VR impacted society in a positive way? ›

VR Has the Power to Increase Empathy

By immersing users in a full-on sensory and emotive experience, VR has the power to appeal to our humanity and activate a greater sense of empathy for those who are struggling.

Why is virtual reality so important? ›

Virtual Reality is essential for the growth and expansion of the metaverse industry. The technology supports the vision of metaverse clusters by aiding in creating the 3D virtual world. With VR, users can immerse themselves in interactive experiences that are hard to access in the physical environment.

How will VR impact the future? ›

VR of the future will allow for richer training experiences

As the VR experience becomes more affordable, more businesses are using it to train their employees on company procedures as well as developing the soft skills necessary for roles such as customer service and public speaking.

What is the impact of VR on educational learning? ›

Virtual reality enhances learning and ensures that students are engaged. The significance of VR is to transform educational content by creating a virtual world. A real and imagined world is created, which helps a student to understand what is being taught. It allows learners to see and interact with a virtual world.

What is virtual reality in simple words? ›

WHAT IS VIRTUAL REALITY? Virtual Reality (VR) is a computer-generated environment with scenes and objects that appear to be real, making the user feel they are immersed in their surroundings.

What is an example of virtual reality? ›

Car racing games are an example of immersive virtual reality that gives the user the sensation of speed and driving skills. Developed for gaming and other entertainment purposes, VR use in other sectors is increasing.

What is the most important in virtual reality? ›

The most important hardware with VR is the headset, a device similar a pair of goggles that goes over your eyes. This immerses you in the virtual world.

What are three advantages of virtual reality? ›

Advantages of virtual reality training
  • Little/no risk.
  • Safe, controlled area.
  • Realistic scenarios.
  • Can be done remotely saving time and money.
  • Improves retention and recall.
  • Simplifies complex problems/situations.
  • Suitable for different learning styles.
  • Innovative and enjoyable.

Videos

1. The Impact of Virtual Reality on the Insurance Industry
(G A Mavon & Co)
2. The Business Uses Of Augmented Reality
(Graeme Codrington)
3. Virtual Reality, Real Implications: How VR will shape people, business, and government
(CommStanford)
4. How will businesses use the metaverse?
(The Economist)
5. Business Implications of Extended Reality (XR): Harnessing the Value of AR, VR, Metaverse, and More
(MIT Sloan Executive Education)
6. How Virtual Reality Will Impact Business
(Fortis)
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