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It is bizarre that virtual reality (VR) is still in the status of “up and coming” and “barely there” technology. Isn’t it? It has been a part of the cultural conversation for almost decades. Without a doubt, there were several daring conceptualizations of an idea over the years – from mere extensions of day-to-day life to outstanding otherworldly experiences. 

Did you know that the global virtual reality hardware and software market size was valued at $2.6 billion back in 2020, which jumped to $3.7 billion in 2021, $4.6 billion in 2022, and 5.1 billion by 2023? In addition, the market size of virtual reality HMDs was $5.5 billion in 2019, with the compound annual growth rate (CAGR) of 22.3% projected to reach a whopping $18.6 billion by 2026. 

Since every coin has two sides, VR app development companies across the globe are facing some major challenges that stand in the industry’s way from skyrocketing. Until recently, it was in the initial prototype stages or on paper, distant from the reach of the majority of customers. Now things are revamped, but it is still difficult to claim whether it will actually stick in any lucrative manner or not. Strictly speaking, it is a rather mysterious moment in an industry. 

But the good news is that augmented reality (AR) has become a thing, and there is more than one viable solution for applying augmented reality (AR) to business. However, it does not mean it makes the VR business easier to pull off. 

Stakes are high – a couple of high. So, what are the problems almost every VR app development company usually faces? Let’s find out. 

What About Security?

Believe it or not, we all live in a weird moment of time. While users are at an all-time high of digital immersion, they are also at an all-time high in terms of exposure to the impending dangers. Without a doubt, data privacy and cyber security are sensitive issues in almost every industry. It is especially critical for the VR industry to come up with a compelling solution because of its novice state. 

Cyber attacks or profile hacks can derail the entire industry and throw it back a decade or so regarding investors’ trust and audience acceptance.  And that’s where the obstacles are encountered. Since there is a set of precautions regarding known dangers – there is also a broad realm of the unknown regarding security issues in the virtual reality industry. 

Lack of Tried-and-True Business Strategies 

There are not any viable, cost-effective development plans for any VR-oriented company at this point. Two major reasons for it are as follows: 

  • The market segment is extremely small, but it is growing steadily. 
  • The industry is too young. 

VR/AR technology usually suffers from a lack of vision that would tie it all together. Frankly speaking, there are not many examples of any business strategies, not to mention a thriving one. 

While there are some extremely effective ways of applying augmented reality technology for business, the majority of them are barely utilizable in virtual reality (VR). The technologies probably are similar, but the approaches are extremely different. Coming up with an effective strategy and doing a rather discomfiting “try- fail- try again – fail better” routine is the challenging part. This probably is an option for a corporation but usually not something that a low-key development company can manage. 

Lack of Viable Monetization Models 

Up next in the line of money-related problems is instead an extreme thing. A broad variety of ways to make money out of technology is one of the key factors in competition and healthy growth in the market. It is unlikely to go anywhere if one can not generate revenue out of his venture. That is the case in the present state of VR technology. There would be no wrong to say that virtual reality technology is slowly but surely moving from hype towards the mainstream. At this point, after judging from the growing amount of content, it is more of a marketing challenge as compared to anything else. There is a necessity to explain the technology as well as its capabilities, overcome trend fatigue and overcome bad press. 

Acceptance of Public Beside Games 

Despite being famous and rather popular in tech circles, virtual reality technology is not widely accepted by the public as a legitimate thing. This is considered more like a toy. This is because it is out of reach for the target audience. Most people just do not understand what VR is capable of. Some people can not even tell the difference between augmented reality (AR) and virtual reality (VR). awareness can be handled by marketing, but true acquisition can come only after consumers will be able to get a taste of it and develop a habit. 

What Does the Future of VR Hold? 

Without a doubt, virtual reality (VR) is a new undiscovered country in innumerable ways. There is still no code of conduct, no rules, and barely any strings attached. 

As Brion Gysin once said, 

“Nothing is true, everything is permitted”

The present position of virtual reality (VR) is very much reminiscent of the Schrödinger Cat paradox i.e. it is there but it is not and so on and so forth. The following statement from Leonard Cohen’s “Democracy” can be best described by the following few lines, 

“It is coming from a feeling that is not exactly real, or it is real but it is not exactly there.” 

Hence, this revolutionary technology has a strong potential to evolve at a lightning pace and revamp the dimensions of this world. 

Are you looking for a competent company that is providing top-notch augmented reality (AR) and virtual reality (VR) services? Then you are at the right place. Arhamsoft (Pvt) Ltd is a splendid ISO-certified company that offers satisfactory services to its clients. From web application development to mobile application development, from blockchain development to game development, from social media marketing to search engine optimization, we have impeccable experts in almost every field. 

So what’s holding you back? Contact us and schedule a free consultation meeting today!