How Much Does it Cost to Develop a VR Product?
Rebuild your brand with Virtual Reality applications to create breathtaking marketing campaigns for your business. This approach will allow you to establish an interactive relationship with your customers and offer them a live user experience. Virtuality is already a reality!
Virtual reality technology is successfully used in healthcare, education, military, and architecture sectors. However, the market of virtual reality application development in the present is still very open. And this is a great opportunity for both startups and big enterprises to find their niche and become an Uber of virtual reality!
Now you may be wondering how much it will cost to create a virtual reality application? This review will help you calculate the approximate costs of developing virtual reality applications.
So, you have an idea to create a VR business application. An idea that you don’t want to leave on a shelf collecting dust, which is just waiting to see the real world. In order to create such an application, you need a team of professionals with experience in developing both VR
applications and applications for business — because in addition to offering convenience, good design and vivid sensations, the application should work properly and fulfill its purpose.
Prepare for the Journey – Define Strategy
Before jumping into the development, it would be good to assess the idea and go through a feasibility study. Building new Uber in VR is possible but should be approached carefully. During this step, you will get answers to your questions related to making your idea a reality and how to design and develop your new product.
You will benefit from the knowledge about what’s happening on the tech side of bringing virtual reality to your business. Such research will highlight the risks and requirements for product development, estimated costs, and required skillset. With this information, you will be able to decide your next steps.
The next step is to turn the idea to a concept document, that will serve as a common ground for communication with all project stakeholders. The product concept document is a basic roadmap for your development journey.
The starting price of the strategy step is 2500 USD and may be higher depending on the complexity of the project.
A Journey of Thousand Miles…starts with UX
Yes, it begins with a single step. And this step for VR product development is the UX/UI design and prototyping.
The best way to start the development is to create a product prototype because you will have an affordable, simple, yet powerful way to share with your stakeholders, investors and early adopters.
Creating a prototype is the proven method to validate the value of your solution before making a big investment into actual development. Moreover, it’s a valuable artifact for next steps of solution implementation, because it acts as a product usability development tool. It allows perfecting the way your product will be used and ensure the most efficient and satisfying experience of the end-users.
The starting price of prototyping is 5000 USD and may be higher depending on the complexity of the project.
A Major Milestone – MVP
One of the first major milestones in the VR product development is the MVP release. We do not recommend to jump into building a team and starting a fully-fledged development initiative right after you have defined the product concept. The best way to start is to create a prototype and continue with the MVP.
Creating an MVP is a proven method of testing new ideas and product concepts. That’s because it provides a great ROI on the understanding of the problem really exists, and if you are building a proper solution for your clients. You will have the capability to validate your product or a solution with early adopters and fans during the closed beta.
Once you have initial results, you can approve the idea and continue to extend the MVP iteratively, or pivot and redesign the product. This is also the right time to finalize the integration plans because any XR product uncovers its potential when fully integrated into your business.
The starting price of MVP development is 15000 USD and may be higher depending on the complexity of the project.
Development – VR Solution Production
Although MVP is also developed iteratively, the power of the agile approach is most valuable in the product development stage. The best way to develop the product is to break it down to iterations according to the value of user stories. With the completion of every iteration, you will be able to see how the product is built on top of the MVP (correct, building an MVP is not the throw-away activity – once the product value is proven, MVP acts as a basis of all further development activities).
Iterative VR development is a team sport, and at least 3 people are involved – a developer, 3D artist, and QA. The cost of every iteration is very dependent on the team structure and maturity level, as a rule of thumb it lasts for 2 weeks and the price starts at 7500 USD per 2 weeks iteration.
Virtual Online Store. A great VR application that can be used by almost any business is a virtual online store. Suppose a company sells watches and wants to increase customer engagement. In the online virtual store, the client can look through the watches or even try them on!
The estimated cost of such a virtual store starts from 24,500 USD and will take 10+ weeks to complete. The price is very dependent on the availability of 3D models of products.
VR Layout and Design. A great tool for construction, real estate or industrial manufacturing domains is the VR layout and design product. This product allows the team of designers and business stakeholders to work together in a remote fashion. They can visualize every location by placing furniture or machinery and assess both feng shui and safety requirements. Once the design iteration is complete, the product will make all the required calculations and will highlight any potential issues.
The estimated cost of such a VR layout and design solution starts from 32,500 USD and will take 12+ weeks to complete.
VR Training Simulator. A great asset for the companies that sell sophisticated machines or production lines is the virtualization of training and staff onboarding. Onboarding is a crucial part of b a big sale and quite expensive for the seller side. The number of efforts required for the quality training for the customer personnel may become a sales bottleneck.
You can use a virtual reality solution to educate and train your customer staff. This makes the onboarding process easier, and you gain a competitive advantage and added value for your products. Moreover, this is a great cost-saving solution and sales scalability recipe. The VR training solution is built by integrating the mixed or virtual reality into your existing know-how and training processes and is easy to adopt.
The estimated cost of the VR Training solution starts from 42,500 USD and will take 16+ weeks to complete.
The final price of your project will depend on the development company which you hire, its location and rates, product characteristics and complexity, as well as the overall efforts of its integration into your business.
You should consider virtual reality as it not only provides an opportunity to immerse your customers in new worlds but also gives very strong emotions, different from those formed by viewing ordinary advertising. VR contributes to the promotion of services and products, greatly increases user engagement in the sales or entertainment process, and also ties the consumer to your brand. By creating the right content, ensure you win!