Virtual Reality has been an enduring topic in the realm of science fiction since ages, without ever making a significant impact in the real world as of now. Also referred to as immersive multimedia, it transports you to another world (not literally) by replicating physical places (real or imaginary), creating sensory experiences.
The most popular contender as of now is OCULUS, which has been bought by Facebook. OCULUS’ flagship product is the OCULUS Rift (image above), which is ostensibly a commercial product, intended for the masses. Rift has been designed keeping in mind the things our mind can get most fooled by. For example, it has sacrificed high-resolution images in order to prevent latency since we can be fooled by low-res images but not completely by latency in the image display. Also it has a wide angle view.
The reason why Virtual Reality is going to be a big deal is not entirely clear, but because the concept of virtual reality has been around for many years just as the internet had been in 1997, we can predict that it is going to be big because Google, Apple, Facebook, Samsung, HTC/Steam, and Microsoft are all investing hundreds of millions in IP protections, development and production pipelines for the hardware.