And it pretty much hit a brick wall. As John Carmack said himself in regard to realistic VR (RT being a part of it) - we need at least 50x speed increase to makes these things look actually real. But we can't get that, as Moor's Law is dead and we are already at the edge of what we can achieve on silicon. We can get few times faster at most and that's it. New tech will have to come and possibly not based on silicon - such tech doesn't even exist yet and it will take at least a decade to push something into mass production. Possibly longer. This is one of the reasons NVIDIA pushes DLSS 3 so hard - they see it as the only way forward to increase FPS because they can't do it with brute force (pure hardware solution) anymore.
In what way? In terms of hardware advancement yes that is true, as you said, hence the need for machine learning/alternatives such as upscaling and now frame generation.
From an adoption POV, the ball is rolling and picking up speed, we have seen a great deal of not only the current RT effects being used more often in both new and old games getting RT added in but a ton of new RT graphical effects have just been announced/released with nvidias announcement of the 40xx and cp overdrive RT mode and portal RTX, like BF 5 RT reflections, those will eventually trickle down into other games (and be better and more widely implemented) as well including optimisations for the 40xx hardware of supposedly being a 40% improvement in efficiency of RT workloads, time will tell how that goes and if those improvements happen to also be beneficial/applicable to other hardware than just 40xx hardware.
AMD are also improving their RT performance too:
RADV Radeon Vulkan Driver Continues To Improve Ray Tracing Performance For AMD GPUs
Sony and microsoft are pushing for it in their consoles/games as well.
The main problem/brick wall we still have is lots of people with non-rt capable hardware and primarily games still being made for ps 4/xbox one, once the latter stops and most of the market have RT capable hardware, there is no reason we couldn't move to having more titles like metro ee.
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