More augmented reality (AR) and virtual reality (VR) applications are cropping up in multiple industries including hospitality, healthcare, retail and education—and the market for these technologies is expected to see dramatic growth in the coming years.

According to the new Worldwide Semiannual Augmented and Virtual Reality Spending Guide from International Data Corp. (IDC), worldwide revenues for the market will grow from $5.2 billion in 2016 to more than $162 billion in 2020. This represents a compound annual growth rate (CAGR) of 181 percent over the 2015-2020 forecast period.

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