3 Reasons Why Virtual Reality Will Change Your Business This Year

People expect virtual reality to bring its cybernetic touch to most aspects of their lives. In the process it will have effects on a wide array of businesses – extending far beyond the gaming and technology worlds. It will have implications for how we promote products, how people gather information and make decisions about what they will buy, where they will go and what they will do.

Chris Milk, CEO of Within, sees momentous potential. “With virtual reality, I’m not interested in the novelty factor. I’m interested in the foundations for a medium that could be more powerful than cinema, than theatre, than literature, than any other medium we’ve had before to connect one human being to another.”

Here are three reasons why we believe virtual reality will change your business:

1. We are on the cusp of mainstream use.

Today, most people’s exposure to virtual reality is through gaming – where its applications were first realized. But virtual reality is starting to seep into other parts of life. Millennial males playing virtual reality games represent a minority of people who have experienced virtual reality. Even baby boomers are getting their feet virtually wet.

Numerous new consumer devices came out in 2016, including gear from industry heavy hitters like Samsung, HTC and Google. Sales of virtual reality devices are expected to double in 2017 and increase steeply after that, according to Barclay’s Bank.

2. Investment is improving the technology and fueling growth.

The dollars invested in virtual reality in 2016 were triple what they were in 2015 and that trend is expected to continue. “We are on the cusp of something quite transformative. People are placing some very, very big bets on this technology wave” says Ben Wood, technology analyst at CCS Insight.

Behemoths like Facebook are investing heavily in virtual reality. CEO Mark Zuckerberg recently said “…we’re committed to this, we have the resources to be able to invest and use these investments across the world to bring the research community into this, and I think this can make a big difference for giving everyone the power to share what they care about and helping everyone share in the opportunities of the internet.”

3. People want virtual reality to play a role in many aspects of their lives.

People envision a role for virtual reality that extends far beyond gaming. They are interested in applications that touch on what their homes look like, what they wear, where they travel and how they learn. These changes are fundamental and will reverberate across the business world.

But these three benefits are only the beginning. To learn more about how virtual reality will change your business going forward download our free whitepaper: 12 Ways Virtual Reality will Change the World for the Better.

Download the Virtual Reality whitepaper