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What is the Market for Virtual Reality?

The market for Virtual Reality is constantly growing. There are a number of statistics which state a massive increase of the market for Virtual Reality all around the world. One of the statistics displays the market value of virtual reality (VR) in the United Kingdom in 2016 with a prediction for 2020. In 2016, the market value appeared to be 46.4 million British pounds and predicted to grow by a total of 390 percent over four years, leading it to 354.3 million in 2020.


In terms of the use of VR technologies in UK architectural practice, the survey in 2018 revealed that 52% of the Aj100 architectural practices have been already using virtual reality in their offices. Sixty percent of the practices focused only on 360-degree panoramic images, while the remaining 40% offered VR walkthrough models. The market since then has already increased to 85%. Each year as technology evolves, the number is expected to grow.


(Spaeth, 2018)

(Spaeth, 2018)


Metropolis has covered the topic of Virtual Reality in December 2016, in “Year in Review”. They found that VR has already reached a high number of architects and designer and it has showed a number of advantages. They believe that it is a revolution for in the modern architecture age.


The RIBA discussed the report on the current and future use of Virtual Reality in the UK. In 2018, they accumulated opinions of over 300 construction industry professionals. They discovered that 35% of UK architects are already using VR in their design process. Around 29% of professionals said they plan to use VR in the next 5 years, while 36% are still not sure if they will use it in the next 5 years. Seventy-nine percent have said that their work is more efficient due to the adaptation of digital technologies in their design. More than 50% of the individuals are convinced that the use of VR is needed in order to a business’ survival.


(RIBA, 2019)


All of the statistic show how adopting new technologies can improve practices work and what services can be delivered as well as highlighting how digital transformation could mean for the industry.


“The current pace and nature of technological change and innovation in wider society is such that unless the industry embraces this tend at scale, it will miss the greatest single opportunity to improve productivity and offset workforce shrinkage"

The Farmer Review


The research shows that 87% agree that digital technologies improve their architectural practices by completely changing the way they work. This gives a huge advantage in reducing project costs as well as improving client satisfaction.


The statistics show that 83% of the professionals expect the way that architects work to be different in 2030 compared to what is now and 90% say that digital technologies are transforming the way they work now. The report suggest that today’s architectural practise must get acquainted with the most recent digital technology including the use of Virtual Reality otherwise their business will not grow. Client’s satisfaction is dependant on the companies’ adaptation of the newest digital innovations on the market. Most clients are attracted to firms that will move along with times in order to display new design possibilities.


Although there are 38% of small design firms who disagree that practices who will not adapt to VR will go out of business, the rest of the statistics prove that digital technology is not optional.


(RIBA, 2019)


The graph shows a S-curve model, in which architectural practises show growth in progress when they adopt to new digital technologies overtime.


Microsoft and RIBA state ““This view could be dangerous for some UK architects. If they are not prepared for a major disruption to their industry, they may get left behind or even go out of business altogether”.


There are a number of advantages of working with VR, as working in 3D; rendering allows for a better communication with the client and builders who engage with the design, resulting in a much better improved visualisation of the finished product. In addition to it simply speeding up the process for architects.


Why do some architects disagree with adaptation to the digital transformation?


Some practices may fear to face the challenges of modern day technology:


  • Weak leadership, a lack of willingness to change

  • Increase in costs

  • Lack of digital skills


These challenges are minor in comparison to what VR has to offer. Our company is able to use the skills, and carefully thought out finance plan to adapt to the modern age and give clients what they want.


Edited by Simone Magdalena Polcik


Bibliography


Liu, S. (2019). Global augmented/virtual reality market size 2016-2023 | Statista. [online] Statista. Available at: https://www.statista.com/statistics/591181/global-augmented-virtual-reality-market-size/ [Accessed 8 Dec. 2019].


Quirk, V. (n.d.). Disrupting Reality: How VR Is Changing Architecture's Present and Future. [online] Metropolis. Available at: https://www.metropolismag.com/architecture/disrupting-reality-how-vr-is-changing-architecture-present-future/ [Accessed 8 Dec. 2019].


Researchandmarkets. (2019). Virtual Reality Market by Offering, Technology, Device Type, and Geography - Global Forecast to 2024. [online] Available at: https://www.researchandmarkets.com/reports/4746768/virtual-reality-market-by-offering-technology?gclid=CjwKCAiA8ejuBRAaEiwAn-iJ3sAUvYWOhaQzX5BgMuR6PWpzlGBLpdhGlGomVzczKfGc_zwtFxbzaBoCbXUQAvD_BwE [Accessed 8 Dec. 2019].


RIBA, (2019). Digital Transformation in Architecture. [online] Available at: https://drive.google.com/file/d/1GIcUyJRGzfCH0ksWpnTDbqvzi75w-_US/view [Accessed 5 Dec. 2019].


Spaeth, B. (2018). The place of VR technologies in UK architectural practice: Architectural Engineering and Design Management: Vol 14, No 6. [online] Tandfonline.com. Available at: https://www.tandfonline.com/doi/figure/10.1080/17452007.2018.1502654?scroll=top&needAccess=true [Accessed 8 Dec. 2019].


Viz 360. (2018). Interactive 3D Content Services for AR and VR. [online] Available at: https://www.viz360.com/uk-architects-use-immersive-vr-technology/ [Accessed 8 Dec. 2019].


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