Virtual reality (VR) refers to a computer- generated simulation in which a person can interact within an artificial three- dimensional environment using electronic devices, such as special goggles with a screen or gloves fitted with sensors (Mitchel 2020). This environment is perceived through a device known as virtual reality headset or helmet (iberdrola.com). In this simulated artificial environment, the user is able to have a realistic- feeling experience (Mitchel 2020).
Simply put, virtual reality stimulates a virtual environment and immerses users to the extent that they have the feeling of “being there” (Wohlgenannt, Simons, Stieglitz 2020). Alot of the reported research on VR is technological rather than social, this leaves only a limited understanding of the way it can be implemented in social situations such as events, gaming and socialisation among friends.
Along with the technology’s rapid development, the market for VR technology has been growing. Its global market size is estimated to increase from US$ 7.3 bn in 2018 to US$ 120.5 bn in 2026 (Fortune Business Insights 2019). However, a significant part of the VR market share is consumer software, particularly video games, as VR headsets like Facebook’s Oculus Quest and HTC’s VIVE are about to revolutionize gaming and entertainment (Wohlgenannt, Simons, Stieglitz 2020).
Many might consider virtual reality to be recently developed technology. However, this technology dates back to the mid 1950’s. One of the first virtual reality devices was called sensorama, a machine with a built in seat that played 3D movies gave off odour and generated vibrations to make the experience vivid.
Virtual Reality is one of the technologies with the highest projected potential for growth. According to the latest forecasts from IDC Research (2018), investment in VR and AR will multiply 21-fold over the next four years, reaching 15.5 billion euros by 2022 (iberdrola 2021). Investment in VR as a marketing tool is estimated to grow significantly in the coming years. Together with augmented reality, these two technologies are said to be the future key to the digital marketing schemes of different companies.
User and consumer satisfaction can be increased by implementing virtual reality for necessities such as tours, try ons, and examples of what products could look, smell, and feel like.
References:
Virtual Reality | Request PDF. Available from: https://www.researchgate.net/publication/342648291_Virtual_Reality [accessed Mar 07 2021].
Wohlgenannt, Isabell & Simons, Alexander & Stieglitz, Stefan. (2020). Virtual Reality. Business & Information Systems Engineering.10.1007/s12599-020-00658-9.
©Keren Obara Mar 2021
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