Objectives: This paper presents an up-to-date overview of research performed in the Virtual Reality (VR) environment ranging from definitions, its presence in the various fields, and existing market players and their projects in the VR technology. Further an attempt is made to gain an insight on the psychological mechanism underlying experience in using VR device. Methods: Our literature survey is based on the research articles, analysis of the projects of various companies and their findings for different areas of interest. Findings: In our literature survey we observed that the recent advances in virtual reality enabling technologies have led to variety of virtual devices that facilitate people to interact with the digital world. In fact in the past two decades researchers have tried to integrate reality and VR in the form of intuitive computer interface. Improvements: This has led to variety of potential benefits of VR in many applications such as News, Healthcare, Entertainment, Tourism, Military and Defence etc. However despite the extensive research efforts in creating virtual system environments it is yet to become apparent in normal daily life.
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