Augmented reality (AR) is a live direct or indirect view of a physical, real-world environment whose elements are augmented (or supplemented) by computer-generated sensory input such as sound, video, graphics or GPS data. It is related to a more general concept called mediated reality, in which a view of reality is modified (possibly even diminished rather than augmented) by a computer. As a result, the technology functions by enhancing one’s current perception of reality. By contrast, virtual reality replaces the real world with a simulated one. Augmentation is conventionally in real time and in semantic context with environmental elements, such as sports scores on TV during a match. With the help of advanced AR technology (e.g. adding computer vision and object recognition) the information about the surrounding real world of the user becomes interactive and digitally manipulable.

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"According to the new report "Augmented Reality and Virtual Reality Market by Device Type (HMD, HUD, Handheld Device, Gesture Tracking, Projector and Display Wall), Component (Sensor, Display, Camera, and Software), Vertical, and Geography - Global Forecast to 2022", the global augmented reality market is expected to reach USD 117.40 Billion by 2022, at a CAGR of 75.72% between 2016 and 2022. The augmented reality market would increase dynamically in the near future owing to the high penetration of HMDs in the market. The global virtual reality market is expected to reach USD 33.90 Billion by 2022, at a CAGR of 57.84% between 2016 and 2022. The increasing demand for AR and VR technology-based products in various verticals such as consumer, aerospace & defense, commercial, and medical is responsible for the market growth."

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