Getting Started in Virtual Reality: Why Now Is the Right Time
There has never been a better moment to enter the virtual reality industry than now, with technology finally catching up.
Virtual reality (VR) was predicted to be the next big thing when Facebook bought Oculus in 2014. However, it’s a common belief that the market is still in its infancy. So, we thought we’d take a minute to determine if this is true. Is there a pause in the development of virtual reality? Or, even more tragically, is it dying? Is this a good moment for new companies to enter and revolutionize the sector?
The majority of respondents said that the latter was correct. Let’s learn why now is the time to start your virtual reality business
The Current Reality of Virtual Reality
The first thing to remember is that large corporations now control the virtual reality market. It’s the likes of Facebook, Google, Microsoft, Sony, and Apple we are talking about. Many of these companies only have VR departments because they have acquired VR-focused startups.
The gaming sector is now the most promising one. Approximately 60% of this VR income comes from consoles and PCs/desktops. On the other hand, Stream, one of the leading video game distribution providers, reports that around 1 in 50 gamers already use virtual reality technology. Approximately 13% of their games are VR-enabled, indicating that VR users are still a small subset of gamers.
The main reason for this isn’t that people don’t want the technology; it’s because we still think that VR requires powerful PCs, which many of us don’t have. In reality, however, this is no longer true.
The Possible Reality of Virtual Reality
In the past few years, PCs and consoles have become powerful enough to support virtual reality. Indeed, game companies are now so sure that the tide is shifting in their favor that Half-life Alyx, the first VR-only title, will be released in 2020.
Even though the pandemic slowed down production lines, demand for VR went up so much that sales went up 25% in 2020. All of this will be made possible by more VR games and cheaper headsets like the Oculus Quest 2. The virtual reality market is predicted to grow at a CAGR of over 30% over the next seven years, to a total value of over $92 billion.
What can people who run VR businesses learn from this?
It appears like we have reached a tipping point. The time has come for virtual reality to enter the public realm; the technology exists, costs are affordable, and new applications are cropping up quickly.
Because of the COVID-19 epidemic, businesses are scrambling to discover new ways to keep their consumers interested, and those customers are responding by trying things they would never have tried before. This might be virtual reality’s moment to shine.
Three Promising Virtual Reality Possibilities For The Future
Some of the most promising areas for virtual reality’s growth over the next few years have been discussed. While we do reference specific sectors, our primary focus is on societal shifts that might inspire new business models.
Our Dependency On Visual Technology
These days, it’s common practice for people to communicate with one another at work and in their personal lives using virtual means. This is due not just to the epidemic but also to the fact that they are more inclusive, better for the environment, and often significantly less expensive to host. More than 85% of all internet traffic will be video, gaming, and other multimedia by 2022, up from 75% in 2017.
Streaming services like Netflix are becoming increasingly popular, and people’s work patterns are shifting as a result. However, those who have participated in several online conferences or Zoom meetings would agree that they lack the human element. Not at all-engrossing, unfortunately. Perhaps virtual reality is the key if this is to become our way of life. Education and conference services are two sectors that might benefit from this.
The Human Urge Not To Miss Out
To some extent, everyone can relate to this. It’s been years since your favorite band or sports team made it to the championship game; now they’re playing in your city, but you can’t acquire tickets. Virtual reality might take advantage of this.
With VR, the next best thing will be neither viewing the event on television nor being practically present in the audience. More immersion than that is planned. You’ll feel like you’re backstage or on the sidelines with the management, but you’ll never have to leave your living room.
One of the main barriers to widespread adoption of virtual reality technology has been the availability of sufficiently fast Internet connections. If you have to constantly pause and reload, you won’t be able to fully immerse yourself. That said, with annual increases of 20% in internet speeds, this is becoming less of an issue.
Therefore, if someone can make virtual involvement a reality, we cannot see how it will fail to take off. The media, sports, and travel sectors might all benefit from this.
Benefits of 5G Technology
There was a time when you needed to be close to strong Wi-Fi to enjoy any kind of virtual or augmented reality experience outside. The widespread rollout of 5G mobile networks, along with smartphones capable of using them, has made it possible to use virtual reality (VR) outside without access to Wi-Fi. Now more than ever, developers have the opportunity to alter the range of possible interactions and connections.
Data is the only thing to remember. With increased download speeds, users are more likely to exhaust their monthly data allowances quickly. However, sectors including marketing and advertising, exhibits, retail, and real estate stand to gain from this.
To learn more about augmented reality, you can read our article: The Best 10 Real-World Examples Of Augmented Reality.
Virtual Reality’s Potential is Limitless
The truth is that the social and professional spheres have just seen the tip of the iceberg when it comes to the potential impact of virtual reality. It’s hard even to begin to imagine all the potential outcomes.
Now that the technology is available, the virtual reality business is more promising than it has ever been. For further information about The Future of Virtual Reality, read our blog article.
How to Getting Started in Virtual Reality Business
Now that we’ve learned that now is the right time to start a virtual reality business, let’s look at how to get started in the virtual world.
With InfiniteVR, you can take the first step toward understanding the world of the future. With the help of the Infinite VR franchise business model, you can be your own boss in both the real and virtual worlds.
You can join in the promising future of virtual reality technology while running your own successful business with InfiniteVR.
Infinite VR can supply you with everything you need to launch and expand your own virtual reality entertainment center if you’re interested in starting a virtual reality business. We even help you find a location, build a marketing plan, find the right employees, and do a lot more. You’ll have access to state-of-the-art facilities and helpful team when you join InfiniteVR’s thriving business community. The potential for making money with InfiniteVR is enormous, and the costs are low.
If you live in the USA and are interested in virtual reality business, you can read our article to learn How To Start A Virtual Reality Business in USA.