What happens if you send bitcoin to the wrong wallet address?

Could you elaborate on the potential consequences of sending bitcoin to an incorrect wallet address? I'm particularly interested in understanding the implications for the sender and the recipient in such a scenario. Do the funds get lost forever? Is there any way to retrieve them or reverse the transaction? I'm also curious about the security measures that should be taken to prevent such errors from occurring, especially for novice cryptocurrency users. Thank you for your insight on this topic.