Published 21st July 2022 | Blog

How Virtual Reality is leading industries into the future

It’s no secret that virtual reality technology is evolving rapidly. It has now been used in many different industries and is primarily known for being used in the gaming and entertain industry. But how has it changed? And how is virtual reality leading so many industries into the future?

The rapid growth of virtual reality technology

The growth in the virtual reality industry has been phenomenal. In 2021 the market was valued at $11.64 billion. Now it is projected to grow from $16.67 billion in 2022 to $227.34 billion by 2029, at a CAGR of 45.2% during this period.

Man wearing virtual reality googles with grey background.

How has virtual reality technology changed over the years?

Virtual reality technology has changed rapidly over the past few years. In 2016, VR was starting to gain momentum, with the HTC Vive and Google Goggles coming out and gaining popularity. However, at that time, there were few opportunities for commercial application of the technology, mainly due to the high cost and low adoption rates.

The VR industry has evolved massively since then, providing users with a completely immersive and realistic experience at a fraction of the price it was 5 years ago. It has now evolved from video games to immersive educational experiences and for visualisation in the product development process for many businesses, big and small.

How is VR Being Used in Product Design?

Virtual reality has many different applications in product design.

VR is mainly used to design products that are expensive to make, helping to dramatically cut costs. One prominent example of this happening is with automotive companies such as Ford and BMW, where creating prototypes for new cars is extremely expensive.

Although this sounds similar to 3D modelling that can be done on computers, VR is still quite different. It provides a more realistic portrayal of the imagined prototype by allowing people to see the product in a life-sized view, so product developers can speed up the product development process. Being versatile in product development is extremely important, and VR helps overcome this.

What’s more, it makes collaborative work easier. During the pandemic, many businesses struggled with working together on a product development project during the lockdown. However, VR has helped solve many of these problems by allowing teams to visualise and work on new prototypes completely online, irrespective of their physical location.

What are Some Other Uses of VR?

VR has a plethora of uses across many industries around the world.

Healthcare is one industry where VR currently plays a big part in. In fact, in November 2021, the FDA approved a cognitive behavioural therapy VR treatment to reduce chronic pain in adults.  As well as this, VR is also used by surgeons to prepare themselves for the operating theatre and is often used with junior doctors before they take part in the real thing.

Retail is one example of an industry about to be changed by VR. Many companies are attempting to provide a full VR shopping experience, with the full experience taking place in the Metaverse. There will be virtual stores and fitting rooms where users can try on clothes in virtual reality to see what they look like without ever needing to go to a real store in person.

Virtual reality shopping experience

Another example is house hunting, which always takes time as it involves travelling to view different properties. Virtual reality allows you to look around new properties from the comfort of your own home.

What Does the Future Look Like for VR?

With VR becoming an integral part of a wide range of industries in the future, what’s next for the technology?

The metaverse is likely to change how people use VR in a big way. Social media, gaming and collaborating with colleagues are all predicted to slowly be moved to the metaverse, where VR will become more prominent in our daily lives.

And with AI technology always improving, there will be commercial applications and virtual worlds for us to use. In addition, VR product design is likely to continuously improve and become more realistic in the future. Who knows, maybe the whole product design process will go virtual in years to come!

Product Development & Design Expertise

With all these new developments constantly changing, it can be hard to keep track. Cambridge Design Technology provides world-class design expertise and experience and is the perfect one-stop-shop solution for all your product design and development needs.

From prototyping to marketing strategy, we can help your product get to market fast, without skimping on quality. Contact us today to discuss your VR product development requirements.

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