Future of Virtual Reality.

Since the 1990s, when awkward headgear and primitive graphics were the standard, virtual reality (VR) technology has gone a long way. Today, VR has evolved to provide immersive experiences that can transport users to realistic and fantastical worlds alike. As the technology continues to advance, the potential for Virtual Reality to transform various industries and aspects of daily life is becoming increasingly clear. From gaming and entertainment to healthcare and education, the possibilities of VR are vast and exciting.

In this blog, we will explore the future of virtual reality and go through VR market size with statistics as well. Whether you're a VR enthusiast or just interested in the technology's potential, keep reading to find out what the future of virtual reality holds.

Lets get into it.

Virtual Reality Market Size:

Virtual reality (VR) has seen a significant increase in popularity in recent years. According to statistics the VR market is predicted to increase from its current estimated value of USD 7.3 billion in 2020 to USD 28.3 billion by 2026, with a projected compound annual growth rate (CAGR) of 25.7%. With approximately half of the market share for VR, gaming is now the most widely used application.

Other businesses, such as healthcare, education, and real estate, are using VR technology to better their services and improve client experiences. The number of active VR users worldwide is expected to reach 171 million by 2022, which is a clear indication of the growing interest and demand for this immersive technology.

Infographic VR Market Size by MAK

Virtual Reality Gaming:

Virtual reality (VR) technology has transformed gaming by providing immersive experiences that submerge players in the game environment.

Here are some statistics related to virtual reality and gaming:

The worldwide VR gaming market is projected to reach at a worth of 45.09 billion US dollars by 2027, as per a report by Grand View Research.

A survey by Statista found that 30% of US gamers have used VR technology, and this number is expected to increase in the coming years.

A study by Greenlight Insights found that 38% of VR headset owners primarily use their devices for gaming.

The virtual reality game Beat Saber has sold over 4 million copies worldwide, making it one of the most popular VR games of all time.

According to a survey by TechValidate, 67% of gamers believe that VR technology will become a standard feature in video games.

A study by Nielsen found that VR users spend an average of 46 minutes per session playing VR games.

The Oculus Quest 2, a popular VR gaming headset, has sold over 10 million units as of September 2021.

A study by SuperData Research found that the revenue from VR games grew by 30% in 2020, driven by the COVID-19 pandemic and increased demand for immersive entertainment experiences.

These statistics demonstrate that virtual reality has become an increasingly popular and lucrative market for gaming, with significant growth potential in the coming years.

Virtual Reality Healthcare:

Virtual reality (VR) technology has been adopted in healthcare to enhance patient care and medical training.

Here are some statistics related to virtual reality and healthcare:

According to a report by Global Market Insights, the global virtual reality in healthcare market is projected to reach a value of 2.4 billion US dollars by 2026.

A study by the Cedars-Sinai Medical Center found that VR-based relaxation therapy reduced pain and anxiety in hospitalized patients.

A study by the University of Southern California found that VR-based exposure therapy was effective in treating post-traumatic stress disorder (PTSD).

A study by the University of Oxford found that VR-based cognitive behavioral therapy was effective in treating severe paranoia.

According to a survey by HealthExec, 82% of healthcare professionals believe that VR can improve patient outcomes.

A study by Stanford University found that VR-based medical training led to a 130% improvement in surgical performance compared to traditional training methods.

A study by the University of Cambridge found that VR-based medical training improved trainees' confidence and knowledge retention.

The University of Washington developed a VR tool that enables medical students to explore a virtual heart and its structures. This tool has been shown to improve student understanding and retention of cardiac anatomy.

These statistics demonstrate that virtual reality has the potential to transform healthcare by improving patient outcomes and medical training.

Virtual Reality Education:

Virtual reality (VR) technology has shown potential for transforming education, creating immersive learning experiences that can engage students in new and innovative ways.

Here are some statistics related to virtual reality and education:

A study by EdTech Magazine found that 93% of teachers believe that virtual reality could benefit their students' learning experiences.

According to a survey by TechValidate, 68% of students said that they would be more likely to pay attention in class if virtual reality was used.

A study by the University of Maryland found that students who learned using VR had a 9% increase in recall accuracy compared to those who learned through traditional methods.

A study by the University of British Columbia found that VR-based learning improved student engagement and led to better performance on assessments.

A survey by Immersive Learning Research Network found that 68% of educators reported increased student motivation when using VR in the classroom.

A study by the University of Nottingham found that VR can help students understand complex concepts in science, particularly those related to spatial awareness and anatomy.

The global virtual and augmented reality in education market is projected to reach a value of 6.3 billion US dollars by 2025, according to a report by MarketsandMarkets.

According to a survey by Pearson, 82% of students said that they would be more engaged in learning if virtual reality was used.

These statistics demonstrate that virtual reality has the potential to revolutionize education by improving student engagement, retention, and understanding of complex concepts.

Virtual Reality Workplace Training:

Virtual reality (VR) has emerged as a promising tool for workplace training, offering immersive and interactive experiences that can prepare employees for real-world scenarios.

Here are some statistics related to virtual reality and workplace training:

A survey by PwC found that 71% of US enterprises are using or planning to use VR for employee training and simulation.

According to a report by MarketsandMarkets, the global market for virtual reality in training and simulation is projected to reach a value of 4.6 billion US dollars by 2025.

A study by the University of Maryland found that VR-based training can lead to a 14% increase in knowledge retention compared to traditional training methods.

A study by the Imperial College London found that medical students who learned using VR had better performance on practical tests and were more confident in their skills than those who learned through traditional methods.

A survey by HTC Vive found that 86% of businesses that use VR for training reported that it was an effective tool for improving job performance.

A study by KFC found that employees who received VR training for making the company's signature fried chicken were able to learn the process 30% faster than those who received traditional training.

According to a report by PwC, VR-based training can help reduce training time by up to 40% and improve employee performance by up to 70%.

A study by Boeing found that VR-based training for aircraft assembly reduced training time by 75% and led to a 40% improvement in productivity.

These statistics demonstrate that virtual reality has the potential to transform workplace training by improving knowledge retention, reducing training time, and enhancing employee performance.

Virtual Reality Social:

Virtual reality (VR) has emerged as a promising tool for social interaction, allowing people to connect with each other in immersive virtual environments.

Here are some statistics related to virtual reality and social interaction:

A study conducted by Greenlight Insights found that 71% of US consumers are interested in using VR for socializing and hanging out with friends.

A survey by YouGov found that 54% of Americans are interested in using VR to attend virtual events.

A study by Nielsen found that VR users spend an average of 44 minutes per session in VR social experiences.

The virtual reality social platform VRChat reported that it had over 4 million registered users in 2021, with an average user spending over 20 hours per week in the platform.

Facebook's VR social platform, Horizon Workrooms, saw a 10x increase in usage from May to September 2021.

A study by the University of British Columbia found that participants who interacted in a VR environment reported higher levels of social presence and felt more connected to others than those who interacted in a non-VR environment.

According to a report by Statista, the global VR gaming and social applications market is projected to reach a value of 33.9 billion US dollars by 2026.

The COVID-19 pandemic has also accelerated the adoption of virtual reality for social interaction, as people looked for ways to connect with others while staying physically distant. A survey by PwC found that 54% of consumers believe that VR will be more important for remote social interaction post-pandemic.

Downside Of Virtual Reality:

Virtual reality can cause motion sickness and dizziness in some users due to the disconnect between what the eyes see and what the body experiences.

VR headsets can be expensive and require powerful computers or gaming consoles, making them inaccessible to some people.

Extended use of VR can lead to eye strain and fatigue, particularly if the display resolution is low.

VR can be isolating and may contribute to social disconnection if users spend too much time in virtual environments instead of interacting with real people.

The quality of VR experiences can vary widely, with some being poorly designed or not functioning correctly, leading to frustration for users.

There are concerns about the potential for addiction to VR, particularly in the context of immersive gaming experiences.

VR can have a negative impact on physical health if users become sedentary and do not move around enough while using the technology.

VR experiences can be limited by the available content, with some users finding that there is not enough variety or depth in the available options.

How will virtual reality be utilized in the future:

Today, the market is requesting applications that go past diversion, the travel industry, and promoting, as well as being more reasonable for clients. Therefore, we are probably going to encounter expanded reality in manners that are as yet unfathomable.

We will have quicker, lighter, and more reasonable VR and AV because of anticipated mechanical advances. Besides, forthcoming phones with more enhanced cameras and processors, as well as 5G associations, will allow us to see the value in essentially more present day clear experiences from wherever.

Some of the key developments that will shape the future of immersive technologies include:

Advancements in hardware: As hardware technologies, such as VR and AR headsets, become more affordable, lighter, and more comfortable, the barriers to adoption will continue to be lowered. This will make immersive technologies more accessible to a wider range of users and industries.

5G networks: The advent of 5G networks will provide faster and more reliable connectivity, enabling more complex and data-rich immersive experiences. This will enable more advanced use cases for immersive technologies, such as remote collaboration and training.

Artificial intelligence (AI): AI can enhance the immersive experience by creating more realistic and interactive environments, as well as enabling more sophisticated natural language processing and gesture recognition. This will enable more advanced and personalized immersive experiences, such as virtual assistants and intelligent tutors.

Haptic feedback: Haptic feedback technology provides users with tactile feedback, such as vibrations, to simulate touch and texture in virtual environments. This technology is advancing rapidly, and will enable more realistic and immersive experiences, such as surgical simulations and training for dangerous tasks.

Social and collaborative immersive experiences: As immersive technologies become more widespread, they will enable more social and collaborative experiences, such as virtual meetings, shared virtual spaces, and virtual concerts.

Integration with other technologies: Immersive technologies will increasingly be integrated with other technologies, such as IoT, robotics, and blockchain. This will enable more sophisticated and interconnected immersive experiences, such as smart cities and immersive healthcare.

These key developments demonstrate the vast potential of immersive technologies to transform various industries and aspects of daily life. As these technologies continue to evolve, we can expect to see increasingly sophisticated and immersive experiences that will change the way we interact with the world.

Conclusion:

Virtual reality (VR) technology is transforming various industries and aspects of daily life. In the healthcare sector, VR is being used for patient care and medical training, with studies showing its effectiveness in reducing pain, anxiety, and treating mental health conditions. In education, VR is enabling more immersive and engaging learning experiences, improving student understanding and knowledge retention. In the workplace, VR is being used for training, simulation, and collaboration, with studies showing improvements in safety and performance.

In the gaming and entertainment industry, VR is providing more realistic and engaging experiences, with sales projections indicating significant growth in the coming years.

The future of VR is exciting, with key developments and trends, such as advancements in hardware, 5G networks, artificial intelligence, haptic feedback, social and collaborative experiences, and integration with other technologies, shaping the evolution of this technology. As VR continues to evolve and become more accessible, the potential for its transformational impact on various industries and aspects of daily life is vast and promising.

Future of Virtual Reality | Virtual Reality Statistics (2023)