A few years ago, many people had only ever heard of virtual reality (VR) in passing. Today, however, VR has become a common household topic, with many people having experienced VR for themselves in one way or another.
This is due to the increasingly common use of virtual reality in many different industries. From medical learning and research to video games and even the Metaverse, VR is continually employed in new and innovative ways.
Because of its constant application in new industries and ideas, VR technology is being developed and updated at a rate that has surpassed all expectations. This new technology is used in private homes, retail spaces, and even the iGaming industry.
However, as more industries take up the mantle of supporting VR, many have started to wonder if virtual reality has the appeal to stand the test of time. While many people enjoy playing VR games, gambling in online casinos like those reviewed on CasinoSource UK, or exploring spectacular VR worlds, some have questioned the technology’s long-term viability.
To determine if this tech is simply a fad, let’s look at what it exactly is, where predictions show it’s headed, and whether you should consider getting a VR headset.
What VR Is
Many people know virtual reality as a technology that places you in an artificial world and lets you experience something more intimately than usually allowed. However, the true definition of VR is much more than this.
Virtual reality is a fully immersive experience within a three-dimensional space that allows you to interact with objects and people as though you were physically occupying the visible space—even though the entire VR world is generated simply through computer rendering.
Certain technologies (such as those with 4D effect simulators such as wind turbines) make VR experiences even more realistic by allowing you to physically feel the things you see in the VR universe.
VR of the Present
Today, VR is widely accessible to the public. Whether using a PlayStation VR, Meta (Oculus) Quest, HP Reverb, or HTC VR, there are many different options for people looking to experience VR in their own homes.
These virtual reality hardware solutions contain the greatest VR technology and are incomparable to previous VR technology. This is because of the great strides made by VR in the last few years.
Just some of the improvements in this technology that is widely used in today’s VR options include:
- More sensitive and accurate controllers for tracking arm and hand movements.
- Eye-tracking to determine when your eyes are moving and allow the VR world to move in tandem with your eyes.
- Better graphics and visuals that create more realistic virtual reality environments.
- Improved sound and acoustic ambience within virtual environments due to advancements in noise-cancelling speakers.
- Faster and more responsive worlds due to newer and more powerful chipsets (like those made by Qualcomm).
These improvements have helped VR gain its current popularity and have even helped businesses grow by adopting this technology. As such, VR is bigger now than it has ever been before.
The Future of VR
With the increasing uptake of VR in different industries, many people have highlighted the future success that the technology is bound to enjoy. Almost all industry experts agree that VR is on the cusp of a massive increase in industry turnover and private utilization.
This can be seen by looking at the market trends for VR products over the last few years and past predictions on how the industry will grow.
In the UK, the VR industry was valued at £46.4 million in 2016 (£1.6 billion globally). Predictions at the time expected growth of 390% into 2020—resulting in an industry value of around £354.3 million. While specific UK figures have not yet been confirmed, the global VR industry rose to an estimated £4.8 billion in 2020.
This growth completely outstripped estimates and has resulted in entirely revised predictions over the future of the technology. Adding to these changes are the advancements and improvements to the virtual reality headsets.
Because of these adjustments, the VR industry is estimated to reach £350.02 billion by 2030—just a decade after reaching £4.8 billion. These numbers have been calculated by looking at the current and future advances in the technology.
However, despite these massive value estimates, other estimates show that Europe will be one of the slowest consumers of VR products—aside from Latin America.
These estimates are based on the 3.6 million VR units sold in Europe in 2021—with estimates only showing an increase to 9 million units in 2025. By comparison, China is expected to purchase 20.8 million units in the same year.
From the figures published and the many different estimates by reputable companies worldwide, it certainly seems as if VR is here to stay. Which, if you are a fan of the technology, is certainly something to celebrate.
Recent advances in VR technology and the way it has been adopted into industries easily explain why the popularity of this alternate reality has spiked so dramatically over the last few years. But one then has to ask: what will happen when VR becomes commonplace?
Surely, once VR is integrated into almost every industry or aspect of life, the novelty of this immersive technology will wear off?
Either way, there is certainly no denying the fantastic experiences this technology offers, its benefits to medical research, and the joy it brings to players in the gaming and iGaming arenas. Because of that, it is best to just enjoy it and let the future work itself out.