Why Is VR Meeting Platform Development An Inevitable Move For Businesses?
December 27, 2022
Businesses worldwide are turning to VR meeting platform development to fill the gaps that traditional technologies fail to solve. With a VR meeting platform, businesses can enhance cooperation and communication in the workplace. Thus, making VR meeting platform development a logical step for a business.
You’ve come to the right place if you are planning to build your own VR meeting platform.
The VR Software market is expected to generate a revenue of US$2.37bn in 2022.
The VR Software market will grow at a CAGR of 18.14% and reach a market volume of 5.46 billion US dollars by 2027.
The USA is the biggest market for VR software, with more than 632.40 million US dollars in 2022
In the VR Software segment, the number of users is expected to amount to 156.2 million dollars with 2.0 percent user penetration by 2027.
If you, too, are planning to dip your toes in this million-dollar market with VR meeting platform development, then we are here to assist you. Connect over a FREE consultation call and discuss your VR business project requirement with us. Empower your business with new-age technology solutions and open up to a world of new opportunities.
What is a Virtual Meeting & VR Meeting Platform?
Virtual meeting on a VR meeting platform is just like a traditional meeting where users connect virtually with the help of VR technology. Meeting participants can use VR headsets to transport to a virtual space where the meeting is being conducted.
VR meeting platforms are becoming an important medium for businesses to organize virtual meetings. On a VR meeting platform, you can organize;
Virtual business meeting/VR video call
VR remote collaboration
Virtual meeting room
Traditionally, VR technology is only limited to the rich, but every year, the technology is becoming more accessible to normal users. Businesses worldwide actively invest in this futuristic technology to organize virtual meetings, conferences, and events.
Our VR Meeting Platform Works With;
VR Meeting Platform For Various Industries
From organizing an event to meetings, and conferences, VR meeting platforms are used in various industries that, including;
Real estate industry, and so on.
The benefits of the VR meeting platform are not limited to a single business sector. Although, industries might be investing in a different VR meeting platform development as per their business needs and requirements.
VR Meeting Platform: Revenue Model
VR meeting software is a futuristic platform that will redefine and reform organizational communication. With VR meeting platform development, you can launch a platform that empowers the future of business meetings and virtual meetups. Based on your VR meeting platform business model, these platforms will become a great revenue source in the future. Here are some revenue generation ideas from VR meeting platforms;
In this business model, users can enjoy the application's basic features without paying additional fees. This is a great method to allow users to enjoy the software's basic features without paying any fee from them.
With an in-app store, you can allow users to buy items that can enhance their experience with the VR meeting platform. Users can buy various items, such as VR gadgets, premium content, and subscriptions. This is a great way to generate additional revenue and target a wider audience base.
Selling premium subscriptions is one of the most effective revenue generation models. Users can enjoy all the features and do more on VR meeting platforms when they purchase a premium subscription.
In this revenue model, users will be displayed ads based on their interests. In-app advertising allows brands to widen their customer reach and serve them better. Most software and applications use this model to generate additional revenue.
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How Does The VR Meeting Platform Work?
VR meeting platforms create a podium for businesses to organize virtual meetings and events with some VR add-ons. Users can join a VR meeting platform to walk, turn, and communicate with each other, just as they do in the real world. These platforms are a great substitute for traditional teleconferencing, where users need to sit in front of a camera and monitor a screen to communicate with others.
There Are Three Major Components of A VR Meeting Platform;
Users of the VR meeting platform need to create a digital avatar with the same name to make it easy for everyone to communicate with them. A digital avatar can be customized per users' requirements and interact in the virtual space with other users.
VR meeting platforms create a virtual environment where users can interact with one another and discuss particular matters. With an active internet connection and VR gears, anyone can become a part of the virtual environment. As there are no limitations in the virtual world, users can uphold meetings in skyscrapers or any virtual space on the platform.
Without a doubt, communication in the virtual space is more than normal voice chatting and text. On a VR meeting platform, users can do the following;
Send and receive files
Write and scrawl notes
Various VR Meeting Platform Options From RisingMax Inc
RisingMax Inc, a leading VR meeting platform development company, offers various development options based on the user's business idea. You can choose an all-in-one VR meeting platform or build a specific software based on your business requirements.
VR Business Meeting/VR Video Call
This is a basic level of software where users can participate in business meetings virtually or via VR video call. A VR business meeting participant needs an internet connection and VR headset to communicate with others via video or audio stream.
VR conference software is the new-age solution for big organizations to conduct virtual conferences and meetings in the virtual space. Users need a digital avatar that will represent them in the virtual space. The meeting host can change the meeting backdrop to the office desk or anything else based on the meeting's agenda or goals.
VR Remote Collaboration
With VR remote collaboration software, businesses can improve the efficiency of the working place and enhance collaboration with the remote presence of employees. As the project's scope is confined to limited space, the number of participants is limited. The VR remote collaboration software allows employees to participate remotely and enhances collaboration at the workplace.
These types of software give the freedom to businesses to create a virtual workspace where employees can work in a safe and secure environment. Employees can work in different virtual rooms on the VR platform from the comfort of their homes. A great option for employees who prefer working from home or need a quiet place without any disturbance.
Virtual Meeting Room
With this virtual meeting platform, employees can connect to share ideas, discuss areas of improvement, and collaborate on various projects. A few participants make virtual meeting room software ideal for small and medium businesses.
Advantages That Make VR Meeting Platform Development An Inevitable Move
Organizing a meeting in a virtual space is easier than an in-person meeting. Businesses won’t have to worry about finding a venue, making necessary commutes, or making other arrangements. With a VR meeting platform, businesses can save additional expenses and invite employees in remote locations to participate in meetings.
Enhance Retention Rate
The VR meeting platform allows employees to participate in meetings while working from home or in remote locations. Their flexibility results in a high retention rate in virtual meetings and enhanced productivity.
Easy to Join & Leave
In a virtual meeting, there is no compulsion for an employee to be always available. The VR meeting platform allows employees to join or leave meetings anytime. Employees no longer have to deal with social awkwardness and long commutes home with these new-age solutions.
With VR meeting platform development, businesses are investing in a platform where users can share their valuable insights and views in meetings from the safe spaces of their own homes. All they need is an active internet connection and VR gadgets to participate in virtual office meetings.
As you already know, VR meeting platforms allow users to participate in meetings virtually; thus, there is no need to worry about commuting. Organizing meetings in virtual space allows businesses to reduce their CO2 emission from vehicles. The higher the number of participants in a virtual business meeting, the greater the environmental impact.
Make Business Meetings Interesting
With a VR meeting platform, businesses can push the limits of their imagination and organize meetings on the moon, in skyscrapers, or anywhere. With unique tools adding life-like animals, 3D objects, and so on, to make business meetings fruitful and interesting.
VR meeting completely eliminates the need for a user to travel to the meeting location. Businesses won’t have to compensate for the commute, save money from renting venues, and make necessary arrangements. Businesses end up saving a handsome amount by investing in VR meeting platform development.
Add-on Benefits That Advocate VR Meeting Platform Development
Why invest in a VR meeting platform development? Then, here are a few add-on benefits that will surely make your way clear and invest in VR meeting platform development.
While traditional business meeting software locks up participants on a 2D screen, VR meeting platforms give them the freedom to move and interact in virtual space. For this reason, these VR meeting platforms enhance the user-centric experience.
Integrating VR & 3D Tools
Business meetings and events in virtual space become more appealing with the integration of VR technology & 3D tools. These new-age technologies allow participants to share their ideas in digital 3D and document formats.
Creating Meeting Space
With a VR meeting platform, the host has the freedom to change the meeting space to match the meeting agenda or to give a unique experience to users that otherwise is not possible in the real world.
The virtual world is completely free from the laws of physics, and anything you can imagine is possible there. Participants can share their views, reports, and other documents related to the meeting from the comfort of their homes, thus enhancing the productivity & effectiveness of the meeting.
VR Meeting Platform Development Process We Follow
Over the years, we have adopted an agile software development process that enables us to build the best solutions and meet customer expectations. Here’s a six-stage VR meeting platform development process we follow at RisingMax Inc.
Maintenance & Support
How Much Does VR Meeting Platform Development Cost?
Since you have read so far, let's assume that you are interested in VR meeting platform development and want to know the project development cost. For VR meeting platform development costs, you can connect with our support team at RisingMax Inc and share your requirements and other project details. Our team will share the exact development cost customized as per your project requirements.
The VR meeting platform development cost depends upon various factors that we have mentioned further. A careful analysis of all these factors is needed to find the exact VR meeting platform development cost on your own.
Factors on which VR meeting platform development cost depends:
VR meeting software type
In-build security features
Add-on features needs
The complexity of VR meeting platform features
VR meeting platform development company’s location.
Company’s expertise and team size.
Project completion time.
Post-deployment services needed
For VR meeting platform development, most companies will charge $30k-$40k. However, the development cost might increase if you want to add unique features to the VR application.
Why Choose RisingMax Inc for VR Meeting Platform Development?
We have been serving clients in different verticals for over a decade. As a leading IT service provider, we had the privilege to build software solutions for clients in different business verticals. Our team leverages their development and in-depth knowledge expertise to build highly reliable, secure, and scalable business solutions for our customers.
Here’s what you get when you hire us;
Unmatched software development expertise
Highly secure, reliable, and scalable business solutions.
Well-qualified and experienced developers
Transparent pricing policy
24*7 customer support
FREE project consultation
Connect with our tech support team to integrate new-age technologies within your business process TODAY.