Familiarity With VR Increases But Cost Remains A Hurdle

In 2017, familiarity with virtual reality (VR) continued to grow, but high costs remained a hurdle for many businesses and consumers. According to a YouGov survey (see below) in August 2017, many potential users were interested in the technology but considered it too expensive:

Familiarity (from August 2017 survey)

• This is my first time hearing about it – 8%
• I know the name but not much else – 41%
• I know a little about it – some of the companies – 31%
• I've been following it for years and know it well - 7%
• I am a passionate connoisseur – almost an expert – 3%

Barrier to adoption (from August 2017 survey)

• Too expensive – 55%
• It can lead to isolation – 21%
• There are no games I'm interested in - 18%
• I am worried about health problems such as motion sickness/fatigue/nausea – 17%

Trade fairs and presentations (marketing)

Costs posed a challenge, particularly in the area of ​​augmented reality (AR) and VR apps for trade fairs and presentations. Implementing such projects required considerable investments, with development costs alone ranging between 60,000 and 80,000 euros. In addition, regular editions were added to keep the apps compatible with the latest software updates and the introduction of new smartphones. This created financial burdens for companies that wanted to use this technology in their sales and marketing activities.

The planning uncertainty in costs was one of the main reasons why, despite the high interest in VR, many companies hesitated to use the technology. In addition, the challenges of VR applications for various presentation devices such as smartphones, tablets and VR glasses were associated with further obstacles, both technical and financial. At the time, there was no central platform on which all 3D and CAD models were stored and could be used equally by different devices.

Augmented & Extended Industrial Metaverse – Xpert Reality / Showrooms Agency – Planning Office

With new technology solutions that Xpert.Digital advanced with its partner , the cost landscape and the framework conditions began to change in the following years. Technological advances, such as the availability of more powerful hardware at more affordable prices and the development of cross-platform solutions, have led to cost reduction and simplified implementation of VR applications. Companies now had more options to create immersive experiences for their customers, while costs fell compared to previous years.

The development of VR and other technologies in the Metaverse continued, and over time the technology's benefits and potential for businesses and consumers became clearer. As familiarity with the technology and continued advancements in the industry have led to increased acceptance and use of VR in business and private settings.

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• Augmented & Extended Industrial Metaverse

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Agency Metaverse Configurator - Image: Xpert.Digital

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In 2017, augmented reality (AR) did not stand still and continued to develop, parallel to virtual reality (VR) technology. In the following years, advances in technology led to the further development of Mixed Reality and Extended Reality, which ultimately led to today's Metaverse solutions, the concepts and solutions of which have not yet been fully completed.

While virtual reality offered users a fully immersive experience in a virtual environment, augmented reality augmented the real world with virtual elements. This technology allowed users to see and interact with digital information and objects in their environment. In 2017, augmented reality was already in use in various areas such as gaming, education, marketing and entertainment.

With the further development of AR, mixed reality (MR) expanded, in which virtual and real elements seamlessly merge with each other. This technology allowed users to place digital objects in the real world and interact with them as if they were physically present. The mix of virtual and real elements created new possibilities for applications in areas such as design, architecture, training and simulation.

Extended Reality (XR) goes one step further and includes both Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR). XR is a generic term for immersive technologies that merge the physical and virtual worlds. Through XR, users are immersed in an augmented and interactive environment that challenges their senses and perception.

The development of mixed reality and extended reality paved the way for today's Metaverse strategy. The Metaverse is a virtual, immersive world where users can meet, interact, transact and create content. It includes a variety of technologies such as VR, AR, MR, artificial intelligence and blockchain. The Metaverse opens up new opportunities for companies to create innovative applications, virtual business models and unique customer experiences.

Overall, augmented reality continued to evolve in 2017 and, together with other technologies such as mixed reality and extended reality, led to the creation of the metaverse. These advances have paved the way for a new era of digital interaction, collaboration and business.

As technology matures, awareness of virtual reality games and applications increases. A recent YouGov poll found that the share of Americans who say they know at least a little about the companies and games that use VR increased from 31 percent in August 2017 to 34 percent in November 2018. The proportion of people who know VR gaming well and are passionate about it has also increased.

Despite higher interest rates, costs remain a significant barrier for gamers wanting to use VR technology. Although there is a wide range of virtual reality headsets competing in the market, 55 percent of respondents surveyed by YouGov still believe VR gaming is too expensive. Other concerns about VR include the belief that it can lead to isolation (22 percent), a lack of interesting games (19 percent) and fears about health problems such as motion sickness (19 percent).

As technology starts to mature, awareness levels of virtual reality games and applications are starting to increase. A recent YouGov survey found that the share of Americans saying they know at least a bit about the companies and games using VR increased from 31 percent in August 2017 to 34 percent in November 2018. The share of people who know VR gaming well and who are passionate about it also increased.

Despite higher interest levels, the cost is still a significant barrier to gamers seeking to adopt VR technology. Even though there is a wide range of virtual reality headsets competing on the market, 55 percent of respondents polled by YouGov still consider VR gaming too expensive. Other concerns regarding VR include the belief that it can lead to isolation (22 percent), a lack of interesting games (19 percent) and trepidation regarding health issues such as motion sickness (19 percent).

Familiarity with VR is increasing, but cost remains a hurdle – Image: Statista