Welcome to the Virtual Reality Innovation Hub. Here at the Virtual Reality Innovation Hub we develop Augmented Reality, Virtual Reality and Metaverse software applications for businesses and specifically the Education Industry. We do this by taking people with an interest in Augmented Reality, the Virtual Reality and Metaverse and train them in the art of creating these types of applications. Our goal is to take people from previous disadvantage communities or people whom doesn’t have the means to go for formal training or formal education like Universities and Colleges and teach people valuable skills that they can use in the current economy environment and future environments!
Virtual Reality, Augmented Reality and the Metaverse is all about creating solutions that cross all geographical boundaries and placing people into multi user environments where they can interact with each other without being in the same physical space as other users! Therefore we believe that our training programs, knowledge transfers and know how can open Local, National, Continental and International opportunities for our entrepreneurs!
We further believe that our training and incubation program focuses on real world scenarios and solutions. For example our incubators work specifically on creating real world educational solutions for School Children, Colleges and University students. This benefits both the incubator and the education industry at large.
How much is the Virtual Reality, Augmented Reality and Metaverse Industry worth today, and how much is it envisaged to grow in the next 10 years.
The global augmented reality (AR), virtual reality (VR), and mixed reality (MR) market is forecast to reach 30.7 billion U.S. dollars in 2021, rising to close to 300 billion U.S. dollars by 2024. It is envisaged that the Industry will be worth well over a trillion dollars in the next 10 years.
What exactly is the metaverse? The word itself comes from Greek mythology, which describes an alternate place or world that can be visited during dreams or through death but also includes ideas like afterlife realms for spirits who have died. In modern times, the term could refer to video games with online multiplayer components as well as social networks. These combine different elements into one immersive experience that may be accessed by anyone with the appropriate hardware and software.
When it comes to virtual reality, there are generally three types of experiences: social, recreational and productive. Social VR involves interacting with other people in a virtual space, usually as though you’re all in the same place. This could be something like going on a trip together or attending a meeting, school or party. Recreational VR is all about having fun and can include games, movies or other activities. Productive VR is focused on getting work done and can include simulations for training purposes or even just using a different interface than what’s available in the real world.
Independent Studies about AR / VR and the Metaverse
The Effectiveness of Virtual Reality Soft Skills Training in the Enterprise
“Some of the biggest companies in the world is moving to Virtual Reality, Augmented Reality and Metaverse Training Solutions” – Read the Study which has been conducted by PWC USA about Virtual Reality soft skills training.
Between February and October 2019, PwC’s Emerging Technology Group, US Learning and Development Innovation team, supported by Oculus for Business and Talespin, collaborated to plan, design, build, deploy and evaluate the results of a soft skills training module. The VR pilot studied the impact of using VR to train new managers on inclusive leadership, a specific soft skills course that is part of PwC’s focus on training our leaders about diversity and inclusion.
Selected employees from a group of new managers in 12 US locations took the same training in one of the three learning modalities: classroom, e-learn, or v-learn. Learners were allowed to take the course in only one of the three modalities. The team surveyed and provided learners a pre-assessment prior to and a post-assessment immediately after the course.
Users also completed another assessment 30 days later to determine retention and provide any additional learning they may have discovered.
How virtual reality and augmented reality are transforming business and the economy
In this report PWC explore the impact virtual reality (VR) and augmented reality (AR) will have on the economy by looking at how these technologies can help organisations transform the way they work, engage and inform customers and colleagues, and grow their revenues.
Throughout, PWC present the views and opinions of PwC specialists and industry figures, sharing their insights on how organisations can benefit from VR and AR and what steps they can take, starting today.
VR immerses users in a fully digital environment through a headset or surrounding display. This environment can be computer-generated or filmed in 360-degree video.
AR presents digital information, objects, or media in the real world through a mobile device or headset. These elements can appear as a flat graphical overlay or can behave as a seemingly real ‘3D’ object.
Virtual Reality Incubation Focus Areas
Here at the Virtual Reality Innovation Hub, we believe that Augmented Reality is going to be one of the Major technologies that will form part of the Metaverse. Augmented Reality will make humans super humans, and give them access to information like never before. We believe that Augmented Reality is going to be a key technology of the future for Marketing, Education, Product Information and Training.
The augmented reality market was valued at USD 14.7 billion in 2020 and is projected to reach USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026.
One of our CORE Objectives with the Virtual Reality Innovation Hub is to develop Augmented Reality Entrepreneurs, Augmented Reality Software Developers, and Augmented Reality Educational Resources.
Virtual Reality is one of the key ingredients in the 4th Industrial Revolution. Virtual Reality empowers it’s users and developers to become immersed into Virtual Reality environments that is as close to real world environments as possible without being at a Real World environment. In practical terms we can simulate reality digitally allowing people to access resources, environments and spaces without the physical need to be at these places.
A simple example is where you can learn how to fly in a Virtual Reality Airplane without being inside a actual airplane. Once completing the Virtual Reality training you are familiar with a airplane, how it works and can fly it without ever being in a real world airplane. This is the power of Virtual Reality!
Metaverse for Education
Through the Virtual Reality Innovation Hub, we will teach our incubators how to start their own businesses in the Metaverse. How to become employable inside the Metaverse and how to build Virtual Reality and Augmented Reality software solutions inside the Metaverse. Our main program for Incubators will have them contributed to our education Metaverse platforms Virtual Reality University and Virtual Reality Schools.
This will allow them to learn while creating meaningful projects which will benefit Students and Educators at Schools, Colleges and Universities across the globe!
We are of the firm believe that we can make the world a better place by helping to give people across the world access to quality, cutting edge virtual reality learning platforms!
Read more about the Metaverse for Education
What is a Innovation hub?
An Innovation Hub is place which provides facilities to nurture new ideas and help develop inquisitive perspective in youths of today. These hubs serve as springboards for new ideas and innovation and thus helping the society and economy to face future challenges and meet rising aspirations of the growing population.