Virtual reality (VR) is a rapidly growing technology that has the potential to revolutionise the way we interact with the world, it was once confined to the realm of science fiction but is now making its way into mainstream consciousness.
The revenue of the augmented reality and virtual reality market is projected to reach $31.12 billion in 2023, at a 14% annual growth rate between 2018-2027—ultimately rising from US$52 million today to US$31 billion by 2023—and with an estimated volume of over $52 billion by 2030.
VR marketing allows companies to bridge the gap between experience and action. They can use VR to offer digital experiences that replace physical ones, promoting products or services in a more compelling way. VR is also a tool that can be used to enhance existing marketing efforts. For example, it can be used to create more immersive advertisements, which can lead to higher conversion rates and better brand awareness.
Big tech companies have acquired many smaller ones in order to expand their reach and solidify their positions. Technological advances and the increased availability of 5G internet connections will likely lead to robust growth in the market. VR will continue to be a powerful marketing tool.
The immersive experience of VR has a unique ability to engage consumers in a way that traditional mediums can’t. This makes it an ideal platform for marketers looking to make their products or services stand out. Due to its ability to give customers a more personal experience and control over the content they consume, VR will likely become more popular with brands as time goes by. The VR market will see a significant increase in adoption as the technology becomes more accessible. With new and improved headsets coming to the market, such as Oculus Quest and Vive Cosmos, consumers will experience less friction when trying out VR.
The way we serve advertisements and communicate with customers is continually changing due to new technology. In 2022, we saw the emergence of virtual and augmented reality as one of the latest technologies. The market for virtual reality products is expected to grow rapidly in the coming years and the number of users is expected to rise from 28.8% in 2023, reaching 32.6% by 2027.
As awareness and adoption of AR/VR continue to grow, marketers must understand their goals as well as the technical requirements needed for successful marketing campaigns. As marketers begin to realise the potential of VR, they must be careful to plan and develop the execution of their emerging technology campaigns.