AR and VR overlap with many other technology categories, like biotech, video and gaming, for example. Virtual Reality technology is coming to gaming, movie theaters, shopping, education, and it also presents opportunities for retailers to attract customers. VR device of all sorts can be shipped to Nigeria and resell for a profit, as Nigeria is set on the edge of consuming the VR technology big time. The report on the augmented reality (AR) and virtual reality (VR) market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. Nowadays, you only need a smartphone with […] There has never been so much at stake on a technology in the market and on its future prospects. At this point, you may be wondering what you can do with VR. The business opportunities in Virtual Reality. Several startups tried adopting VR four years ago during its initial stages before having to abandon ship. Here you get to know business advantages of augmented reality. Virtual reality is one of the most exciting new developments within the escape room relm, that will make you question what is real and what is not. But while VR is a phrase many are familiar with, that ubiquity hasn’t translated into widespread use, despite some notable advancements to make it more accessible. VIRTUAL REALITY (VR) was given birth to in the year 2015 and it has already attracted big investors such as Google, Samsung, HTC e.t.c. Business Use Cases For Virtual Reality and benefits of virtual reality in business. Smart entrepreneurs and investors are constantly on their toes to integrate existing business/structure but take on a new challenge, perhaps at its infancy stage. Virtual reality in sports simulates the live sports arena and so users can feel like they are actually in the stadium during a live football or basketball game. This is in the form of virtual reality games where the player does not get fully immersed in the reality of the game. Tips for Opening a Private Lending Business. As a broker, broker associate or experienced agent licensed in one of the states we operate in, you could join our brokerage and start a … In addition to concerns about its newness, those who are slow to embrace VR also worry about the technology’s physical side effects, specifically motion sickness. Even in Nigeria, IMISI3D which is one of the top virtual reality companies in Nigeria have collaborated with UNICEF to develop a plan with which virtual reality can be employed to enhance learning in our schools. The extraordinary features in the form of 360 views are attracting the businesses to incorporate VR into their marketing strategy. Virtual reality impact in education is just a case in point of how VR can impact other enterprise and everyday. VR isn’t going anywhere, but it still has a ways to go before it’s perfected. So how can one start the virtual reality business or what ways can VR help businesses, or what are the lucrative virtual reality business ideas? One such company, AltspaceVR, established a solid community at the time but ran out of capital before VR became an economically viable product. The opportunity lies in changes to how business is conducted. Virtual reality will have a wide and lasting impact on our work, education and home lives. The report is titled “Virtual Reality in Aerospace and Defense Market Size, Share & Industry Analysis, By Component (Hardware, Software, and … Many brands are now using AR Marketing to enhance customer experience, increase sales and heighten awareness among other purposes. VR may be one. The purpose is to create an experience similar to the natural or something completely different from the natural for enhancement of learning, relaxation, entertainment, and "experience". As per Statista, revenue from augmented reality app development is projected to three times as high as that of VR by 2020 This blogs describes different opportunities of augmented reality that help you in your business. 1) Helpful in Marketing. Required fields are marked *, Join our opportunity list and get insights, data, inspiration. Thanks to the astronomical growth of virtual reality technology, a new business model is emerging that promises to transform the industry. Understanding the market dependencies is vital, and entering with a proposition whose dependencies are within your control can give you the edge you need to survive VR’s unpredictable trajectory. Thus, Virtual Reality is creating new market opportunities for 360-degree video companies as there is an increase in the need to produce amazing … The opportunity lies in changes to how business is conducted. Here are some juicy virtual reality business ideas that any smart entrepreneur in Nigeria can jump on. 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