Virtual Reality (VR) technology has come a long way since its inception, and it is no longer just for the big players in the real estate & design world. With the decrease in the cost of VR technology and the increase in VR content creation, VR is becoming more accessible to smaller shops the general public. In this article, we will explore how VR is becoming household and how it is being used in industries such as real estate development, architectural visualization, and more.
VR is Becoming More Accessible
One of the biggest barriers to the widespread adoption of VR technology was its high cost. However, as technology has advanced, the cost of VR technology has decreased significantly. For example, the Oculus Quest 2, a standalone VR headset, is priced at $299, making it more affordable than ever before.
Another factor contributing to the increased accessibility of VR is the rise in VR content creation. With more developers creating VR experiences and games, there is more content available for consumers to enjoy. In addition, the development of tools and software for creating VR content has become more accessible and user-friendly, allowing for a wider range of content creators to participate in the VR space.
VR is no longer just for gaming. VR is being used in various industries, including healthcare, education, and entertainment. For instance, VR technology is being used to train doctors and medical professionals, allowing them to gain practical experience in a safe and controlled environment.
Statistics on VR Adoption
The global VR market size is expected to reach $62.1 billion by 2027, according to a report by Grand View Research. In addition, VR headset sales are projected to reach 68.6 million units by 2022, according to a report by Statista.
The rise in VR content consumption is another indicator of the growing popularity of VR. A report by Deloitte found that 53% of Americans have tried VR, and 23% of those who have tried VR use it at least monthly.
In the Numbers…
VR has great potential in real estate development as it allows for immersive property tours without the need for physical visits. Potential buyers can explore properties in 3D, which can be a significant advantage when selling properties off-plan. Moreover, VR can help developers showcase their projects in a more interactive and engaging way, increasing the chances of potential buyers being interested in their projects.
Several companies are already using VR in real estate development. For instance, Zillow, a popular real estate website, offers virtual tours of homes for sale using VR technology. In addition, The Third Floor, a visualization studio, has used VR to create a 3D model of a proposed luxury hotel in the Middle East, allowing stakeholders to experience the hotel before it was built.
How do Developers Benefit?
One of the biggest benefits of VR in real estate development is that it saves time and resources. VR technology allows developers to showcase properties in a more efficient and cost-effective way, as potential buyers can explore properties without the need for physical visits. Additionally, VR can help developers to showcase their projects in a more immersive and engaging way, increasing the chances of potential buyers being interested in their projects.
David & Goliath: The Weapons are starting to become more accessible
VR is also being used in architectural visualization, allowing architects and designers to create more immersive and interactive 3D models of their projects. VR technology allows stakeholders to experience the design in a way that 2D renderings or physical models cannot provide, helping them to make better-informed decisions.
Several companies are already using VR in architectural visualization. For instance, Gensler, a global architecture firm, uses VR technology to showcase their designs to clients, allowing them to experience the spaces in a more immersive and interactive way. In addition, Studio Libeskind, a design and architecture firm, has used VR to create a 3D model of their proposed design for the World Trade Center site, allowing stakeholders to experience the design before it was built.
One of our clients – Wittehaus is also leveraging VR technology to showcase their designs to clients, providing a more immersive and engaging experience than traditional visualizations. With VR, smaller firms can differentiate themselves from the competition and provide a more personalized experience for their clients. VR can also help smaller firms to save time and resources by identifying design issues before construction begins, reducing the risk of costly errors. As VR technology becomes more accessible, we can expect to see even more small architecture firms adopting it to enhance their workflow and provide more value to clients. Check out the experience here.
We have some big plans to expand this effort with our new app – VSN interactive. It will give developers even more leverage in the marketplace and allow buyers or renters to feel like they are in their new home before it’s built!
Conclusion
In conclusion, VR technology is becoming more accessible and is being used in a variety of industries beyond gaming. The statistics show that VR adoption is on the rise, and companies in various industries are already using VR to improve their operations and enhance the customer experience. Real estate development and architectural visualization are just two examples of how VR is being used to save time and resources while providing more engaging and immersive experiences. As VR technology continues to advance, we can expect to see even more innovative uses for VR in various industries.
References:
- Grand View Research. (2020). Virtual Reality Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Device (Head Mounted Display, Gesture Tracking), By Technology, By Application, By Region, And Segment Forecasts, 2020 – 2027. **https://www.grandviewresearch.com/industry-analysis/virtual-reality-market**
- Statista. (2021). Forecast unit sales of virtual reality (VR) headsets worldwide from 2020 to 2025 (in millions). **https://www.statista.com/statistics/697152/global-virtual-reality-headset-sales/**
- Deloitte. (2018). Digital media trends survey. **https://www2.deloitte.com/us/en/insights/industry/telecommunications/digital-media-trends-survey.html**
