As with many new technologies, virtual reality (VR) adoption started slowly. But that's changing now, with the market value predicted to reach $44.7 billion by 2024 worldwide-a compound annual growth rate (CAGR) of 33.5% since 2018. The market for head-mounted displays is forecast to grow at a CAGR of nearly 23% during that same time period.

What's behind the surge? For that we turned to Eric Hope, a longtime product designer at Valve. Valve is a Bellevue, Wash.-based entertainment software and technology company that, among other offerings, has in market a platform for the creation and distribution of leading-edge VR products. The conversation with Hope also included where VR is headed, brands leading the charge, and how the technology will change entertainment and advertising as we know it.