Familiarity with VR is increasing, but costs remain a hurdle – Familiarity With VR Increases But Cost Remains A Hurdle

In 2017, familiarity with virtual reality (VR) steadily increased, but the high costs remained a barrier 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 a survey conducted in August 2017)

• I'm hearing about this for the first time – 8%
• I know the name, but not much more – 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%

Obstacle to introduction (from a survey conducted in August 2017)

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

Trade fairs and presentations (marketing)

Particularly in the area of ​​augmented reality (AR) and VR apps for trade fairs and presentations, costs posed a challenge. Implementing such projects required considerable investment, with development costs alone ranging from €60,000 to €80,000. In addition, there were regular expenses to keep the apps compatible with the latest software updates and the introduction of new smartphones. This resulted in a financial burden for companies that wanted to use this technology for their sales and marketing activities.

The uncertainty surrounding costs was one of the main reasons why, despite the high level of interest in VR, many companies hesitated to adopt the technology. Furthermore, the challenges of VR applications for various presentation devices such as smartphones, tablets, and VR headsets presented additional obstacles, both technical and financial. At the time, there was no central platform where all 3D and CAD models could be stored and used equally by different devices.

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

With new technology solutions that Xpert.Digital and its partners spearheaded, the cost landscape and framework conditions began to change in the following years. Technological advancements, such as the availability of more powerful hardware at more affordable prices and the development of cross-platform solutions, led to cost reductions and simplified implementation of VR applications. Companies now had more opportunities to create immersive experiences for their customers, while costs decreased compared to previous years.

The development of VR and other technologies in the metaverse continued, and over time the benefits and potential of the technology for businesses and consumers became clearer. The increasing familiarity with the technology and the continuous advancements in the industry led to greater acceptance and use of VR in both the business and private sectors.

Related to this:

• Augmented & Extended Industrial Metaverse

For media professionals, 3D artists, online, media and advertising agencies, and other service providers: Take advantage of the opportunity to offer your clients their own metaverse by leveraging the expertise of Xpert.Digital and its partners. Furthermore, you can integrate our metaverse configurator into your service portfolio as a white-label solution.

Agency Metaverse Configurator - Image: Xpert.Digital

More information here:

• Agency Metaverse Configurator (White-Label Solution) 

In 2017, Augmented Reality (AR) continued to evolve, parallel to Virtual Reality (VR) technology. In the following years, technological advancements led to the development of Mixed Reality and Extended Reality, ultimately resulting in today's metaverse solutions, the concepts and solutions of which are still not fully developed.

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

With the further development of AR, Mixed Reality (MR) expanded, seamlessly merging virtual and real elements. This technology allowed users to place digital objects in the real world and interact with them as if they were physically present. The blending of virtual and real elements created new possibilities for applications in fields such as design, architecture, training, and simulation.

Extended Reality (XR) goes a step further and encompasses Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). XR is an umbrella term for immersive technologies that merge the physical and virtual worlds. Through XR, users are placed in an enhanced 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, conduct transactions, and create content. It encompasses a variety of technologies such as VR, AR, MR, artificial intelligence, and blockchain. The metaverse opens up new opportunities for businesses to create innovative applications, virtual business models, and unique customer experiences.

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

As the technology matures, awareness of virtual reality games and applications is growing. A recent YouGov survey found that the percentage of Americans who say they know at least some information about the companies and games using VR rose from 31 percent in August 2017 to 34 percent in November 2018. The percentage of people who are well-informed about VR gaming and passionate about it has also increased.

Despite higher interest rates, cost remains a significant barrier for gamers wanting to use VR technology. Although a wide range of virtual reality headsets compete on the market, 55 percent of respondents surveyed by YouGov still consider VR gaming 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 costs remain a hurdle – Image: Statista