In a new report released by MarketsandMarkets, the Augmented and Virtual Reality market is expected to reach $1.06 billion by 2018. Rapid growth in the Augmented Reality is a large factor in the growth of the overall AR/VR market. By 2018, the Augmented Reality market is expected to reach $659.98 million and the Virtual Reality market is estimated to total $407.51 million. EON Reality is identified as a key market player and is one of the 22 VR/AR companies profiled in the report.

“Major key players in the augmented reality and virtual reality market are Total Immersion (U.S.), Qualcomm Inc. (U.S.), Metaio GmbH (Germany), Oculus VR, Inc. (U.S.), Vuzix Corporation (U.S.), and EON Reality, Inc. (U.S.),” stated MarketandMarkets.

Their reports state that by 2015 Augmented Reality will be widely used in education for “advanced learning and for teaching technologies.” The rapid growth of the Virtual and Augmented Reality market, according to MarketsandMarkets, is based in large part on computer hardware advances and improvements in internet connectivity. Key growth areas are Healthcare applications, consumer m-commerce, and markerless Augmented Reality.