Augmented and virtual reality (AR/VR) technology makes use of sensory devices to modify a user’s surroundings, creating an immersive, simulated environment. In 2019, it’s forecasted that the market size worldwide for AR/VR will be $16.8 billion, with forecasts for 2023 reaching $160 billion. Given the anticipated growth in the market, companies have begun to allocate significant R&D budgets to AR/VR, including big tech companies like Facebook, Sony, and Microsoft.

Source: IDC