The Future of VR in Business

The global VR market is expected to grow at a compound annual rate of 18% over the next 7 years and reach over $69 billion by 2028! With such expansion comes huge opportunity, so we asked George Bellwood and Robin Davis, Founders of Virtus Tech to teach us more about VR and how it is/could be applied in business.

Every other Tuesday, we host Tech Talks at Tramshed Tech and this week we discussed the future of Virtual Reality in business. The global VR market is expected to grow at a compound annual rate of 18% over the next 7 years and reach over $69 billion by 2028!

With such expansion comes huge opportunity, so we asked George Bellwood and Robin Davis, Founders of Virtus Tech to teach us more about VR and how it is/could be applied in business.  

George and Robin spoke about different types of realities to include Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR) and Extended Reality (XR). Virtual Reality is split into three areas; non-immersive, semi-immersive and fully-immersive.

Non-immersive Virtual Reality is how most people interact with VR — through video games on either a computer screen or television. Semi-immersive VR on the other hand comes in the form of training simulators – think Disney Land. In a simulator, you are surrounded by TV screens with a different version of reality; for example, space. Visuals of this reality are combined with movements that you’d expect in that environment which tricks your brain into think that it’s real.

Fully-immersive VR is what most of us think of when we hear the words ‘Virtual Reality’ — it’s when you wear a VR headset. When wearing a headset, you become completely immersed in what you are viewing and you don’t have any contact with your surroundings, you interact fully within your virtual reality.

So that’s VR, what about the others? Augmented Reality is an interactive experience within a real-world environment. A good example of this is Pokémon Go which uses a location tracking and mapping technology to create an augmented verion of your reality. This can be seen when Pokémon characters interact in real life locations.  

Mixed Reality on the other hand is when the real world and virtual worlds merge to produce new environments. In mixed realities, you will see physical and digital objects co-exist and interact in real time – think Iron Man. Lastly, Extended Reality is an umbrella that encapsulates VR, AR and MR.

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