U.S. Markets open in 1 hr 21 mins

Here’s why you will be hearing more about virtual reality

Jurica Dujmovic
Here’s why you will be hearing more about virtual reality

Facebook released the first Oculus Rift in 2016, along with a promise that Virtual Reality (VR) would not only radically redefine entertainment, but also the way we share content, learn, and communicate. In 2017, Facebook (FB) CEO Mark Zuckerberg stated his company’s goal was to have a billion people eventually using VR. Some +14 million of these Head Mounted Displays (HMDs), including augmented reality ones, are expected to be sold this year, and the market is projected to boom from $6.1 billion in 2016 to $160 billion in 2023, with an expected five-year compound annual growth rate (CAGR) of 78.3%, according to IDC.