The use of virtual reality to increase efficiency and profitability in different industries and functions: how head-mounted display can bring value to sectors with its competitive attributes

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Journal Title
Journal ISSN
Volume Title
School of Business | Bachelor's thesis
Date
2017
Major/Subject
Mcode
Degree programme
(Mikkeli) Bachelor’s Program in International Business
Language
en
Pages
46
Series
Abstract
Objectives The main objectives of this study are to find how virtual reality (VR) used with head-mounted display is already used in industries, to discover the possible specific disadvantages and negative effects of using VR, and do they have influence on how open the market is for the change. In addition, this thesis aims to find what business functions could be improved by VR, and in what scale, and to analyze the competitiveness of VR, by comparing its prominence to other rival technologies, such as augmented reality. The final aim is to evaluate how wide-spread VR can become in the future, and which developments are needed to achieve this. Summary The thesis provides an overview of how VR could be used in business, by finding the most notable advantages and disadvantages of it, which industries and functions could benefit the most from using it, and what is the long-term value which it can bring to those businesses. In the process to find the answers, literature review considering the term, background, level of reality and acceptation of the platform is presented. In addition, primary data is gathered from brainstorming sessions and expert interviews. The findings are analyzed to evaluate different factors and feasible roles of VR. Conclusions The most notable advantages of VR are the immersiveness and thus substitution to real life, three-dimensional perception, and the wide availability to markets. Disadvantages include exclusion from the environment, the level of hardware and software development, and the overwhelming expectations. The functions to most benefit from virtual reality are training, design, and marketing, and example industries using those are building, retailing, and real estate. Virtual reality is facing some major hindrances, such as prejudices, unrealistic expectations, and the rise of augmented reality (AR). In the future, AR is likely to take market share from VR, but in general they will have different uses, and in long term mix together. Although, legislation is an issue to be addressed for widespread use of virtual environment.
Description
Thesis advisor
Grinsted, Susan
Keywords
virtual reality, head-mounted display, Finland, international business, industry, technology, platform, training
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