Virtual Reality and Market Research
Understanding Virtual Reality’s contribution to research and insights
The prevalence of immersive technology in the business world is sharply increasing. Consumer experience has a new dimension with virtual reality applied to a wide variety of fields and industry verticals, but it is more important to understand what VR [Virtual Reality] is and how it could change games in the MR industry.
In 2021, the market for virtual reality was estimated to be worth USD 11.64 billion. According to projections, the market would increase from USD 16.67 billion in 2022 to USD 227.34 billion by 2029, with a CAGR of 45.2% over the forecast period.
Virtual Reality (VR) is a 3D representation of a world that allows users to interact realistically. This is accomplished using tracking sensor-equipped gloves and/or a headset. By using virtual reality, you may replicate 3D models of retail stores, auto dealerships, and in-store decision points without having to build them in the real world. The experience gives you the chance to touch and feel as though you are actually there, experiencing it first-hand. Given that there is no need to physically construct the various testing environments, this can result in significant cost savings.
Tools now utilised in market research can be expanded and developed with the use of virtual reality. For instance, you can combine VR experience with eyetracking and heat maps, which completes a 360-degree understanding of customer preferences. During an in-store purchase, it is said that approximately 70% of consumers make a purchase decision, VR becomes instrumental in understanding what stimulates the buyer journey in real-time
From a research perspective, without having to spend the time and money transporting your team and consumer respondents between many places that would be necessary in the physical world, you can test several formats or environments which you could also call models.
Virtual reality is already dominating the consumer sector, demonstrating how effective and cost effective it can be with both offline and online stores. Companies like Coca-Cola, Nike etc… have begun experimenting user immersions with online communities encouraging immersive encounters that enable more precise insight analysis.
References: https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378
About Survience: As ground realities vary swiftly based on preferences, data, analytics, and insights play a critical role in helping rejuvenate organizations. With that comes placing a high value on speed and accuracy in order to be at the top of your game. We collaborate with clients to propel them to the top of their respective fields through the use of experience, technology, and innovation.
We, Unlock Potential! Want to know more about us, reach out to unlockpotential@survience.com
The prevalence of immersive technology in the business world is sharply increasing. Consumer experience has a new dimension with virtual reality applied to a wide variety of fields and industry verticals, but it is more important to understand what VR [Virtual Reality] is and how it could change games in the MR industry.
In 2021, the market for virtual reality was estimated to be worth USD 11.64 billion. According to projections, the market would increase from USD 16.67 billion in 2022 to USD 227.34 billion by 2029, with a CAGR of 45.2% over the forecast period.
Virtual Reality (VR) is a 3D representation of a world that allows users to interact realistically. This is accomplished using tracking sensor-equipped gloves and/or a headset. By using virtual reality, you may replicate 3D models of retail stores, auto dealerships, and in-store decision points without having to build them in the real world. The experience gives you the chance to touch and feel as though you are actually there, experiencing it first-hand. Given that there is no need to physically construct the various testing environments, this can result in significant cost savings.
Tools now utilised in market research can be expanded and developed with the use of virtual reality. For instance, you can combine VR experience with eyetracking and heat maps, which completes a 360-degree understanding of customer preferences. During an in-store purchase, it is said that approximately 70% of consumers make a purchase decision, VR becomes instrumental in understanding what stimulates the buyer journey in real-time
From a research perspective, without having to spend the time and money transporting your team and consumer respondents between many places that would be necessary in the physical world, you can test several formats or environments which you could also call models.
Virtual reality is already dominating the consumer sector, demonstrating how effective and cost effective it can be with both offline and online stores. Companies like Coca-Cola, Nike etc… have begun experimenting user immersions with online communities encouraging immersive encounters that enable more precise insight analysis.
References: https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378
About Survience: As ground realities vary swiftly based on preferences, data, analytics, and insights play a critical role in helping rejuvenate organizations. With that comes placing a high value on speed and accuracy in order to be at the top of your game. We collaborate with clients to propel them to the top of their respective fields through the use of experience, technology, and innovation.
We, Unlock Potential! Want to know more about us, reach out to unlockpotential@survience.com
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