Companies that adopt virtual reality (VR) into their business model are changing the way the market is conceptualized. We've seen a leap in technology in the last few years that was unimaginable before COVID-19. 

After only a decade or so, the so-called Fourth Industrial Revolution, as championed by the World Economic Forum (WEF), has brought about transformations that no one could have predicted. New technology is increasingly integrated into our daily lives thanks to businesses all over the world. 

At health care facilities, schools, and workplaces, the physical is being augmented by the digital. This means that, when viewed from this angle, the opportunities for VR innovation are vastly increased.

What is virtual reality (VR)?

VR is a technology that immerses us in a virtual world, allowing us to interact with it via special hardware like glasses or helmets. Virtual reality is all about making consumers feel like they're engaged in a real-world environment while keeping their five senses functioning at the same time.

Virtual reality, on the other hand, is frequently accompanied by a visual and aural component to enhance the experience. Occasionally, additional equipment like gloves or special outfits is employed to enhance the impression of reality by providing extra sensations.

Businesses adopting VR

Adopting VR technology is a strategy used by many businesses nowadays, and virtual reality applications abound. Aside from the video game, entertainment, architectural, construction, and engineering industries where this technology is most associated, education, health, and the public sector are also deeply influenced. 

By 2023, Bain & Company predicts that virtual reality usage will reach 75%. Because virtual reality has so much promise, businesses have embraced its use in a variety of ways, making their models more sustainable in a wide range of ways.

Marketing and Sales utilizing VR

Virtual reality marketing is one of the areas where firms have previously been able to capitalize, and this technology provides customers with a product experience before they buy it. Product demos (even before the product has been created), test simulations of a mobile device or a vehicle, etc., are only some of the possibilities. 

For the first time, a consumer may have a near-real experience with no limitations. Indeed, estate and investment agents can offer a VR tour of both built and off-plan property, answering questions of homebuyers from the comfort of their own homes.

Feedback from VR product demos before going to full-scale production can help businesses gauge how well their new product will sell and even enable them to make adaptations to meet customer expectations.

Virtual reality has the potential to be a powerful tool for companies that are committed to building creative workspaces. With virtual reality, a camping and outdoors business, for example, can allow their customers to experience their tents in a variety of natural settings, such as a forest or a mountain lake, without having to leave the shopping center. For such businesses, it's a worthwhile investment with a good rate of return.

VR and communication

It isn't just games and entertainment that may benefit from virtual reality. Seventy-five percent of the most valuable businesses in the world have already developed VR or Augmented Reality (AR) experiences.

Because of the widespread use of virtual reality in the workplace, internal communications professionals can now truly engage with their colleagues no matter where they may be. Here are a few examples to illustrate:

For a long time, Facebook has been ahead of the curve when it comes to integrating virtual reality in communication.

Virtual reality (VR) is one of the areas where Facebook has invested heavily. Up to three of your Facebook friends may be able to join you in the VR experience, which can be accessed with an VR headset and Facebook Spaces.

For some time, Facebook has been attempting to improve the realism of its avatars, which are now simply animated cartoons. Imagine being able to participate in a virtual reality business meeting while working remotely or on the road. The level of commitment among employees would soar to new heights.

Another increasing use of VR communications can be seen in journalism. For example, the New York Times previously ran a fascinating piece titled "Life on Mars," which included video presentations in 360 degrees. Using VR, readers could immerse themselves in the Martian landscape and experience what it could be like thanks to a NASA-funded study. 

Giving immersive messages is now possible thanks to virtual reality. For example, Stanford University's Virtual Human Interaction Lab has been involved in several initiatives aimed at making people aware of environmental issues using virtual reality. 

The effects of human activity on the seabed can be observed using virtual glasses while swimming. Seeing the bottom of the sea through virtual reality goggles is not the same as understanding how our actions affect it.

Simply put, technology acts as an extension of human senses and limbs. VR technology is taking this possibility to whole new heights.

How VR is transforming education and training

Training methods in corporations are also being reshaped by virtual reality, which is also being used to create sustainable solutions. New dynamics and intense experiences help people learn, and this paradigm is already being used in a lot of training programs.

When communication is done through reading, we can retain only about 10% of what we read, and this increases to about 20% when that communication involves the sense of hearing. However, when it comes to what we experience, we can retain up to about 90%, which is why VR technology can be particularly useful for education and training. 

From an evolutionary perspective, this makes sense, as humans have evolved to depend on their five senses for survival and adaptation.

Considering this fact, it is clear to see how virtual reality the potential must revolutionize the way we interact with the world around us. It makes it feasible to share and engage with information without requiring participants to be physically relocated to a new location or to purchase new materials for every training session. 

As a result, we may re-create the use of dangerous machinery, learn about occupational risks without really experiencing them, and engage in work scenarios that would be otherwise difficult to access. There is no end to the possibilities. Workers are more likely to learn new things when they see things from a new angle, which this technology allows for.

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