Virtual reality has been part of the gaming sector for several years, but the technology has only recently advanced enough to become widely accepted. The COVID-19 pandemic has caused a surge in global interest in virtual and augmented realities, and that interest has helped advance the technology for use in everything from medical treatment to video game recruiting.
Depending on its scope, VR can stimulate many human senses, including sight and hearing. However, the experience is currently limited to the ability of the VR head-mounted display, or HMD. VR has become a hot topic in gaming trends and has attracted the attention of new capital markets, offering an enriched gaming experience by allowing users to become part of the game in real time instead of just watching as a bystander.
AR is used to create additional objects and areas within an existing artificial environment. One example of AR that football fans are familiar with is the blue and yellow lines superimposed on the TV screen that represents the line of scrimmage and the first down mark, respectively. Uses like this have shown the potential and value of the technology for mainstream activities.
The valuation of the augmented reality gaming sector is estimated to reach roughly $385 billion by 2023. As evidence of how fast the market sector is growing, it is predicted that sales of virtual-reality devices in 2022 will see a two-and-a-half-fold increase over the previous year, reaching over 14 million units sold. That number is expected to exceed 18 million units in 2023.