Despite the hype, it’s not yet clear if or when virtual reality (VR) technology will reach mass-market status. However, specialized applications are showing promise in a variety of industries.

• The majority of VR applications are in gaming, entertainment and sports. Lack of interest, high equipment costs and limited content have inhibited more widespread consumer adoption.
• Though not yet in the consumer mainstream, VR has value in many business applications. Industries are experimenting with it to increase efficiency, achieve economies of scale and enhance performance.
• Industry applications with the most traction include those that visualize 3-D modeling, “transport” people to places too expensive or inconvenient to reach, and enable participation in risky or hypothetical scenarios.
• The VR market continues to grow. However, it is unclear how the development and adoption of two other immersive technologies—augmented reality (AR) and mixed reality (MR)—will affect the overall landscape and trajectory.