Which industry will benefit the most from VR developments?

The steady growth of investments in Virtual Reality and VR company industry over the past recent years comes with an increase in companies in this industry. While many of us wonder if there is real life application for VR, there are industries already experiencing great effects of VR technologies.

Industries prospected to experience a growth due to the incorporation of VR include the following.

iGaming

For centuries gambling has been part of people lives in many parts of the world with some places attracting millions of people. With the onset of the internet, casinos and gambling became even more popular. Nowadays with just a smartphone and internet, you can access a casino.

With all these advancements, there’s one thing changing everything, and any casino with it is different from others in the industry. This is the 3D gaming that allows people to navigate through a virtual environment. Rivalling the appeal of the luxurious casinos, the design of these online slot games is very striking. To push what people are experiencing in online casinos, there is a proposal of the use of VR.

According to analysts, the online casino industry will reach $520m by 2021 if VR technology is incorporated. One Technavio predicts a 55% growth from 2017 to 2022 translating into an incremental growth of $360m. Boyd Gaming introduced ‘Virtual Zone’in partnership with HTC and IGT. This is an example of casinos adopting casino technology where players are competing for cash prizes in spirited VR tournaments.

Real estate

The growth of the housing market is experienced through the investments getting into the market by individuals residing locally, nationally and internationally. Of course, people prefer viewing property first before investing in it. This is where VR comes in handy.

What Virtual Reality can actually do is to allow viewing of property from any location, something that can considerably influence the growth of the real estate industry. Numbeo m2 price statistics estimate the price of a small flat between 650,000 USD to 1,500,000 USD in the most expensive global locations. It, therefore, certainly makes sense to make a hefty investment into VR video production to aid this market.

Retail

Ever since the e-commerce emerged, the retail industry has experienced huge steps forward. Nowadays, the number of people likely to go to physical stores and make a purchase is lower than that of a decade ago. The past year had 2.3 trillion USD accounted by the e-commerce sector. It is speculated that by the end of 2021, this will double to reach 4.5 trillion USD.

One thing noted in the e-commerce sector is that people are comfortable purchasing many things such as books, groceries, gadgets, food and many other products but not in the buying of clothes.

Buying of clothes online has not been experiencing much growth but now it is believed VR will fix that. Of course, people would like to try on clothes before buying. Virtual Reality technologies will allow people to try on clothes in the comfort of their homes before buying. With more customers becoming more confident about their choices, there will be a growth in the number of clothes bought online. This advancement by VR company will positively impact the retail sector.