Embracing new kinds of telecommunication media helps us feel more connected to people. And with recent advancements in technology, virtual reality (VR) is more available and advanced than ever. According to experts in the financial sector, the VR business is expected to grow to about $4.26 billion by 2023. The COVID-19 pandemic has pushed us deep into the technological era, driving many to work remotely. The pandemic has also ushered VR in many homes and has given previously niche technology a push on the mainstream route. 

According to a report by PwC, nearly 24 million jobs globally would be using virtual reality by 2030. The use cases include using VR for meetings, training, or providing better customer service. So, does this mean VR affects businesses? This guide attempts to discuss VR statistics you need to know in 2021 and beyond.

1. Better Possibilities in a VR Meeting

Start by thinking about your meetings and virtual meetings. It sounds like a lot of hassle with traveling, video, and conference calls, right? Using virtual reality means you can bring serious business much closer to home. This means you can save a lot by reducing the recurring expenses in your business.

This graph made by Compare the Market credit cards, shows an increase in search terms related to virtual travel from 2019 to mid-2020. Using this data, it’s easy to tell that many people are now interested in virtual travel more than ever.

The pandemic has increased awareness for people who would prefer virtual travel for meetings, instead of physically traveling. VR meetings will have significant potential in the global corporate landscape. Compared to video conferencing and collaboration tools, VR meetings will offer unique experiences, allowing for increased immersion. You get to experience meetings in person, plus any graphic designs that innovative salesmen can incorporate, without traveling or switching workplaces.

1. Popularity Increase

VR technology is sweeping across the globe, the US market is no exception. Statistics suggest that nearly 19 percent of US consumers used virtual reality in 2020. This is a 3 percent increase from 16 percent in 2016. Additionally, many users are also content with the experience, with many posting positive reviews. This is a fundamental aspect of success, which means the VR market is going from strength to strength.

1. Less Business Travel, More Time

Beyond the benefits that VR provides, organizations and companies can expect to reap immense benefits. In recent years, technologies working to reduce communication and travel gaps have revolutionized businesses significantly. In the past, having distributed teams was largely inefficient because of the expenses associated with business travel. Since we now have improved infrastructure and technologies, this gap has reduced a lot. Additionally, this also means meetings can have far smaller carbon footprints. Less travel means improved productivity and less stress, while saving businesses millions of dollars in travel expenses.

1. Organizations Get to Experience a Competitive Advantage

Many businesses are now turning away from conventional methods of a product launch or just building physical stores. With VR, you can now create a virtual store, which is easy compared to setting up a physical store. You can also accelerate the speed of marketing your products using this technology. This means that you can make plans for your store in secrecy. Combining these factors will give your business a competitive advantage.

VR will be a vital technology in the coming future. Many tech companies are investing in VR, and we can expect to see this number grow. The return on investment for companies that can utilise VR technology effectively instead of travelling will be a key factor in driving the VR revolution. While we know the gaming industry is expecting more from this technology, VR is also entering many other sectors. This means we can expect to see VR used in industries like marketing, real estate, travel, and more.

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Adam is a partner in B2BNN with over 15 years experience in the enterprise technology field.