Virtual Reality is Changing the Corporate Setup in the Pandemic Era

Virtual reality (VR) is transforming the way we do business from retail to sales.

Virtual reality (VR) has disrupted the gaming industry. With its incredible features, it provides gamers an entirely new experience, where gamers can directly immerse themselves in the world of gaming. However, we are now seeing practical applications of VR, outside the sphere of gaming. According to the Statista, the global revenue within the VR gaming industry is forecast to grow from 0.4 billion U.S. dollars in 2017 to 2.4 billion U.S. dollars by 2024. This highlights the rate at which the VR industry is growing, making an increase of approximately four times in its revenue. Experts and professionals are now finding ways to leverage VR in business.

The Covid-19 pandemic has prompted greater interest in virtual reality products. Virtual reality has stood out as a means of entertainment as people have navigated lockdown periods, and acted as a form of escapism while they’ve been physically confined. VR owners are broadly receptive to using the technology at work. Virtual reality offers every business the chance to rethink how they present and engage with their clients. 

Benefits of Virtual Reality in Business

How would VR benefit the corporate setup? Well, VR will transform the way business users interact, envision, and drive their business operations. Shared below are few benefits of VR in business that help business users revamp the way they perform their traditional functions.

• Foreign business meetings are difficult to attend at all times. Business professionals attribute a lot of their stress, time, and effort to overseas travel for business meetings. With VR, you can sit at your home or office and have a meeting without the need for traveling. A VR device can direct you to the place where your colleagues or clients are present. The recent advancements in video calling technology have reduced the need for flying overseas for meetings. However, the video calling technology offers disappointing results with cracking in audio and video.

  Moreover, only one person can express their views at a time. VR can address such issues well and help business users interact with their business partners in the virtual world like they do in the real world.

• VR offers numerous benefits for structural engineers. They invest an immense amount of time in mailing their blueprints to seniors and waiting for their response. VR can help engineers enter a virtual world, consisting of their work, and explain to their seniors how their plan will look in the future.

• Sitting the whole day long at your workplace is quite monotonous and can cause several health issues too. VR can help you solve such a problem. Having a VR environment at the office will motivate you to move around. Moreover, VR environment will replace the dull workplace environment and add a layer of excitement to work at office.

Virtual Reality in Various Industries

Source: McKinsey & Company

Virtual reality is gaining a lot of attention these days due to its unusual features. VR in education will allow students to visit places in the virtual world that are otherwise not possible to visit in the real world. VR in the army can help train soldiers in a safe yet closely simulated environment. VR in healthcare can help medical students perform their very first surgery on a patient without injuring them. Moreover, there will be lower stress on students as they can commit mistakes, which will help them to learn without any inhibitions. VR in the real estate industry will allow buyers to view and visit a property much before constructing it.