Virtual Reality content is all around us, from enthralling special effects in movies to Google Maps. Virtual Reality has seamlessly blended into our daily lives. VR can educate students on how to conduct surgeries and also help improve athletes’ performance.
Whenever we hear about Virtual Reality, we think it is a recent concept, but the technology has been around for more than 200 years. In 1838, with the invention of the stereoscope, Charles Wheatstone laid down the foundation of Virtual Reality and 3D. Many small and big inventions followed this in the field.
Pandemic brought telescopic changes in the lifestyle of people and thus affected the consumer pattern. Pandemic set VR on the slope of enlightenment. According to industry experts, VR had been stuck in a trough of disillusionment. In layman's words, when the consumer's interest wanes in existing technology and it slowly starts phasing out, that stage is called the trough of disillusionment.
According to the most recent research by Statista, the combined market for AR and VR is expected to reach $296.9 billion by 2024. This is more than ten times the market size of $30.7 billion estimated as recently as 2021. The market is anticipated to develop at a compound annual growth rate of 18% between 2021 and 2028. (Grand View Research, 2021).
It is clear that the market for VR is expanding, and there is enough scope for Virtual Reality in every field. Here are a few more benefits of VR in 2023 1. Technology of the future 2. The new socially isolated world 3. VR in the Entertainment, Sports, and Gaming industry 4. Education, Health, and other sectors 5. VR in the Entertainment, Sports, and Gaming industry