Updated: Jan 25, 2021
The COVID 19 pandemic has shaken several countries, companies, and markets, but the Virtual Reality Market defies that trend. The market has grown compared to last year and shows no sign stopping its expansion into the areas of training, entertainment, wellness, academic, tourism, and work meetings. According to the CNBC as of Sept/2020, Virtual reality use within the business sector is forecasted to grow from $829 million in 2018 to $4.26 billion in 2023, according to ARtillery Intelligence.
The numbers are growing, along with applicability using Virtual Reality as well. A PwC report last year predicted that nearly 23.5 million jobs worldwide would be using AR and VR by 2030 for training, work meetings, and customer service. Companies like Spacial, which creates something like a virtual reality version of Zoom, has seen a 1,000% increase in usage since March, according to the head of business Jacob Loewenstein. Accenture, a multinational professional services company, is using VR exercises to implement new recruitment techniques. Businesses out of VR-focused global accelerator Vive X have raised some $60 million within the last year with the largest rounds of funding in the healthcare and enterprise training areas; and Facebook’s VR headset brand recently released an Oculus for a Business platform aimed at commercial use.
We are still living in a delicate moment of global health, and of many economic, social adjustments resulting from the pandemic. Nevertheless, everyone is working to make the economy work. Even in the face of a challenging scenario, Virtual Reality is making great strides in its demand and opportunities. VR companies offering their technological resources, on the other hand, companies from all areas, being able to show their product on this platform. We will be part of a major post-pandemic economic restart.