Virtual reality (VR) is a simulated experience similar to or completely different from the real world. VR aims to create a sensory experience for the user, sometimes including sight, touch, hearing, smell, or even taste. The industry is growing at a fast pace, with the
from less than 12 billion U.S. dollars in 2022 to more than 22 billion U.S. dollars by 2025. Both the enterprise and consumer segments, including the
, are expected to profit from the forecast growth.
Currently, standard VR systems use VR headsets or multi-projected environments to generate realistic sensations that simulate a user’s physical presence in a virtual environment. The effect is commonly created by VR headsets consisting of a head-mounted display – a wraparound headset that does not allow light or images from the real world to interfere with the virtual one. Notable VR headset suppliers include Pico, Sony, and, of course, Meta. In June 2023, Mark Zuckerberg announced the company’s next-generation VR and mixed-reality headset in the form of Meta Quest 3.
Could Apple’s entrance to the market be a gamechanger?
As part of the company’s Worldwide Developers Conference (WWDC) in June 2023, Apple announced its debut product in the immersive space – Apple Vision Pro. The device allows users to move from augmented reality (AR) to VR experiences through just the turn of a dial. However, joining Apple’s venture into extended reality won’t come cheap, with Apple Vision Pro set to retail at 3,499 U.S. dollars once it is released – a significant step up from the Meta Quest Pro and Meta Quest 3 that come with a price tag of 999 U.S. dollars and 499 U.S. dollars, respectively.
VR adoption set to rise as use cases develop
Analysts suggest that improvements to VR hardware, such as the introduction of smaller and more fashionable devices, will support the increased adoption of VR by consumers and across industries. Healthcare, workforce development, and manufacturing are expected to be among the sectors most disrupted by VR technology. Examples of VR in use include training simulations for surgeons and production operatives, and immersive teaching experiences within the classroom. As a result, the economic benefits of VR are expected to be felt worldwide, growing considerably as use cases widen and develop.
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