Virtual Reality (VR) Services Pricing Guide 2023

Virtual reality (VR) has become a popular technology companies use to provide immersive experiences to their customers. Several businesses have turned to VR development companies to create their own VR applications.

VR solutions in the media, such as the Metaverse, paint VR services as a costly investment project. That may be a misconception — VR is becoming more accessible to companies of all types over time.

VR services pricing varies, but there are indicators that potential buyers can use to gauge future VR project costs. Virtual reality is an ultra-valuable tool to create memorable, immersive customer experiences. If implemented with innovation in mind, a VR tool can impact businesses.

VR is a fairly new technology, so it’s safe to say that most companies investing in VR services are doing so for the first time. Companies without VR development experience in-house should seek a VR development company to bring their project to life.

As you can see above, VR pricing can vary from project to project. On Clutch, virtual reality projects span a couple of thousand dollars to tens of thousands. The project scope largely determines whether companies can acquire services at a lower price.

While it can be overwhelming to jump into new technology, a virtual reality development company will have the experience to collaborate with clients and make smart choices with their budgets.

VR Services Costs by Industry

Companies in some industries may inherently require more involved VR efforts, which would boost the cost of the effort.

This table breaks down the average cost of a virtual reality project by the industry the campaign was delivered in. Some industries have similar average prices, but spending can significantly fluctuate based on the client’s industry.

Note: Price ranges above are in U.S. dollars.

What is the Real Cost of Hiring a VR Development Company?

The average cost of hiring a virtual reality development firm on Clutch ranges between $25–$49 per hour.

Building a sound VR experience requires 3D modeling, an understanding of UX principles, as well as programming and hardware knowledge. Sometimes, because of the gamification elements of VR experiences, it also helps to contact companies with VR gaming experiences.

VR Development Pricing Models Vary

While different VR development pricing models shouldn’t necessarily change an effort's overall cost, pricing models determine what clients pay at different points in the engagement.

It’s important that the pricing model is determined in the scoping and proposal phase of the project (very early). Because it can be overwhelming working with VR apps and new tech, it’s critical to client-agency working relationships that the pricing model is something all parties are comfortable with.

• Fixed-price model: A fixed price is set by the VR company for the entire project, often leaving room for design iterations and revisions. This may be the most straightforward and ideal option if clients are confident in their idea and its scope. Note: this will require clients to give detailed specifications to the development team. The fixed-price model provides predictability for those with detailed plans.
• Time and material model: The VR development company charges based on the time and resources spent on the project. Each VR team member on the project will have their hourly rates that the client will be charged in sum. The client is usually charged an hourly rate for each team member working on the project. This model is for less-defined scopes and those with expected changes throughout development.
• Milestone-based model: Clients pay VR partners based on predefined project development milestones in this pricing model. This means the client will pay for the project in small increments over time after certain features are delivered. Often a desirable model, milestone-based works for projects with clear roadmaps and goals. This model works well when the project has a clear roadmap and specific goals. Clients are invited to evaluate the work at each milestone and make necessary adjustments before moving to the project's next phase.
  

Why Do Developers Invest in VR Technology?

In both internal and external-facing business scenarios, virtual reality can deliver experiences to people in the comfort of their typical day-to-day lives.

Investing in virtual reality technology is becoming more popular with companies across industries — not just tech — because of its numerous benefits and opportunities for growth.

Enhance Customer Engagement

VR creates immersive experiences that engage customers.

Traditional marketing and advertising mediums aren’t able to produce the level of interactivity and engagement that VR can. Companies that dive into offering VR experiences will be rewarded with brand recognition, retention, and loyalty.

Improving Training and Education

Customer education and internal team training can be carried out using VR technology. Whether a client’s focus is healthcare, education, or manufacturing training, VR provides an interactive and safe space to practice and learn new things.

VR simulations can provide more realistic, cost-effective, and controlled training scenarios than traditional training methods. In this way, investing in VR technology can lead to more efficient and effective operations.

Expanding Market Reach

With VR, businesses can create virtual storefronts and showrooms. These create a remote space for customers to experience products and services regardless of location. Having the ability to reach interested buyers on a global scale can lead to new customer segments and revenue streams.

Future-Proofing

While nothing is truly future-proof, VR presents an opportunity to invest in emerging technology with confidence. As VR technology continues to develop, companies that invest in it now will be better positioned to take advantage of future opportunities at scale.

What Services Can VR Development Firms Provide?

There’s no downside to looking into all the different ways a VR development company can help create VR experiences. While most may only associate these firms with code and 3D models, a full-service relationship will likely benefit companies without prior VR knowledge.

• Consultation
  
• Conceptualization and design
  
• Development and programming
  
• Testing and QA
  
• Deployment and support
  
• Content creation and production
  

Factors That Influence VR Services Costs

Various factors can influence the price of VR development services, and businesses should understand that they have levers to pull to accommodate their budget without sacrificing functionality.

• Complexity of the VR experience: Advanced features and functionality will demand more development time and resources, resulting in a higher cost.
• Customization and Personalization: A fully customized VR experience tailored to the client will cost more than a standardized VR experience.
• Type of VR hardware: High-end VR tools, such as the HTC Vive or Oculus Rift will cost more than opting for low-end alternatives.
• Type of VR content: VR experiences that require complex 3D models, animations, and visual effects require more time and resources, which increases their cost.
• Timeline and deadlines: If a client requires a VR experience to be developed within a short timeframe, it may require additional resources and overtime to meet the deadline, which will make the effort more expensive.
• Experience and expertise of the VR development company: More experienced and reputable VR development companies may charge a premium for their services, reflecting their expertise and the quality of their work.

The Cost of VR Tools Impact Price

VR requires both hardware and software components to welcome users into a new experience. Because of this, companies may find themselves paying for anything from headsets to software licensing fees.

• VR Headsets: Virtual reality headsets allow users to interact with VR content. The price of VR headsets can vary depending on the quality and features of the headset. High-end VR headsets like the HTC Vive Pro or the Oculus Quest 2 are more expensive than low-end VR headsets.
• Controllers: VR controllers aid consumers in manipulating VR content. High-end VR controllers, such as the Oculus Touch or Valve Index controllers will be on the higher end price-wise.
• Motion Tracking: Motion tracking allows the VR system to track the user's movements and adjust the VR environment accordingly. High-end motion tracking systems include the HTC Vive Base Stations or the Oculus Quest 2's inside-out tracking system.
• Software: VR development companies may need 3D modeling software, game engines, and virtual reality software development kits (SDKs) to enable a particular functionality. There are licensing fees associated with some of these tools that may cost you.

Take Advantage of the Knowledge VR Companies Offer

VR development companies bring rare experience in VR tools to the table, something that most businesses lack internally. Companies considering building VR tools or features should definitely seek an expert firm for assistance.

Before choosing the development firm, it’s essential for businesses to understand virtual reality project pricing fully. Knowing how dev companies will price PR projects depending on location, scope, and industry will help businesses level-set with potential service providers.