The virtual reality (VR) market is booming, with substantial and accelerating projected growth over the next decade. Many factors contribute to this growth, including widespread application development across business sectors, consumers’ positive reception of the technologies, gadget affordability and continual investment in new applications by major technology corporations in the United States and worldwide.
VR technology offers an immersive user experience through gadgets such as head-mounted displays (HDMs), glasses, gloves and bodysuits. Through the connectivity of these gadgets with computing software and hardware, users can engage in a simulated environment, making these technologies ideal for business, health and entertainment applications. In addition, VR technologies accelerate innovation in research and development across industries, allowing engineers to experiment with design and its consequences in a virtual environment.
Given the job market demand for skills in this area, universities are looking for ways to prepare professionals for burgeoning opportunities. Lamar University’s online Bachelor of Science (B.S.) in Computer Game Development program is one of several pioneering programs in the U.S.
Computer game development and VR technology work hand in hand. Computer game developers and designers who work in the video game space must be able to involve players as part of a game with elements of immersion, realism and innovation, according to Perforce. Lamar University’s program provides graduates with the foundational, rigorous knowledge they need to succeed as video game professionals who use VR tools.
Market Size and Forecast Opportunity
While optimism for the VR industry is common among research firms, market size projections vary. According to Grand View Research, the global VR market size was valued at USD 59.96 billion in 2022 and should expand at a compound annual growth rate (CAGR) of 27.5% from 2023 to 2030. The revenue forecast for the year 2030 is 435.36 billion. Fortune Business Insights values the global VR market size at almost 19.44 billion in 2022 but projects it to reach 165.91 billion by 2030, with a CAGR of 31%.
Major technology players are investing heavily in VR through collaborations, mergers and acquisitions. For example, Meta (formerly Facebook) acquired VR game developer Ready at Dawn so that it could develop games for Oculus Studios. Apple purchased NextVR with plans to use its technologies to develop sports and entertainment applications. Other prominent players include Microsoft, Samsung and Sony, among many others.
The Growing Virtual Reality Market
As the VR industry grows, it will continue to impact a number of spaces. Video game players like the immersive experience, social gameplay and physical interactivity of VR video games, according to Perforce. Beyond just gaming, the following concepts are some booming opportunities today’s VR engineers and designers are exploring:
- Gaming: HMDs have revolutionized video games, enabling players to immerse themselves in realistic environments. 5G VR cloud games are the catalyst for high market penetration, as players can access the latest versions of games online, play remote competitors and interact with others through avatars in exciting 3D virtual worlds. VR works in many types of games, from fighting and shooting to mystery thrillers and sports. Expect to see gaming consoles and VR technologies integrate with content delivery systems, offering even more opportunities for developers.
- Corporate training: VR allows employers to train personnel in an interactive, immersive environment for work in an office or the field. Its applications include the development of hard and soft skills, diversity and inclusion training, customer handling and harassment and sensitivity training.
For companies that want to develop personnel to work in outdoor environments or locations outside of their facilities, VR allows them to recreate these environments while trainers supervise and guide employees through decision-making. VR in corporate training is taking off during the 2022 inflationary period because it offers a cost-effective alternative to real-world training.
- Healthcare: VR technologies are quickly revolutionizing many areas of the industry with applications for patient care systems, medical training and even surgery training. In February 2022, Memic Innovative Surgery and VirtaMed collaborated to develop a surgical VR system for surgeon training.
- Architecture and real estate: The new way to create and experience real-world buildings is first through VR applications. In architecture, VR tools assist decision-making and visualization, enabling shorter design cycles and recognizing and correcting faults.
Real estate agencies and home builders use VR technologies to offer home sellers and buyers virtual tours of properties. For years, VR has been a boon to remote home sales. Online destinations like Zillow and Realtor.com are using VR technologies similarly.
- Entertainment and sports: Electronic sports (or e-sports) is taking off, enabling gamers to compete as real athletes using VR technologies. Amusement parks are developing virtual rides and collaborating with Hollywood to create immersive experiences based on movies. Expect to see many exciting innovations in this arena.
- Tourism, business travel and conventions: Now, travelers can get away without getting away, exploring potential locales as if they were on site. VR enables virtual tours of ancient sites, popular destinations, hotels, parks, restaurants and more.
During the first two years of the pandemic, when companies needed alternatives to business travel, VR technologies created natural, cost-effective alternatives to the expense and risks of travel. Many organizations now commit to using these technologies and reducing their business travel and convention budgets.
- Education: Online learning and immersive classrooms are not only opening new possibilities for engaging and immersive learning experiences but also enabling more specific educational opportunities that would be impossible with brick-and-mortar campuses. Now, for example, students across the country and around the world can earn a degree in a more esoteric discipline than would be possible on campus.
The only limitations to the advancement of VR applications are individual imaginations. However, since VR technologies can augment human minds, this leaves few obstacles to creating a brave new VR world. Computer game professionals, like graduates from Lamar University’s online B.S. in Computer Game Development program, will be prepared to succeed in the exciting world of VR technology.
Learn more about Lamar University’s online B.S. in Computer Game Development program.
