The use and adoption of VR solutions have increased rapidly due to recent technological developments. Over the last years, there are many initiatives related to developing and adopting VR in many different fields, including education and business. This paper describes the state-of-the-art of VR use in Cyprus and in Finland, focusing on the use of VR technology in Higher Education (HE) Institutions and in Small to Medium Enterprises (SME). Interview sessions were conducted with 16 expert people from Higher Education and business to firstly identify the key technologies available and secondly, to analyse the opportunities, strengths, challenges, and training needs in relation to the adoption of VR. The analysis revealed essential considerations and useful insights about the development, adoption, and promotion of VR solutions in Higher Education and in the business sector.