Why Augmented and Virtual Reality (AR/VR) Markets are Projected to Exceed $18 Billion This Year

The augmented and virtual reality market is projected to reach 18.8 billion U.S. dollars in 2020 and is expected to expand drastically in the coming years. Consumer spending made up the single largest portion of the market worldwide, followed by the discrete manufacturing segment, both of which accounted for billions of U.S. dollars in sales. The report from Statista defines augmented/virtual reality technology (AR/VR) as a technology that makes use of sensory devices to either virtually modify a user's environment or completely immerse them in a simulated environment. Specially designed headsets and glasses can be used for visual immersion, while handhelds and wearables and Body Worn Cameras offer tactile immersion.