Augmented and Virtual Reality Market to Exceed $114 Billion by 2027 – Last Minute Economy News

Undoubtedly, augmented reality (AR) and virtual reality (VR) have emerged as one of the technologies the world has been talking about the most in recent years. The demand for augmented reality technologies has increased with the proliferation of the concept of metaverse, which defines the new version of the internet and brings together digital experiences where users can shop, socialize and work from the comfort of their homes.

While the market for augmented and virtual reality technologies, abbreviated as AR/VR in English, is known to have ended 2022 with a global size of $37 billion, estimates showed that the industry will exceed $114 billion with a combined growth of 25% every year until 2027. Founder of Metayıldız, an informatics, technology and R&D company based in Izmir and focused on areas such as metaverse, AR/VR and drone manufacturing, Sedat Ocakcı shared his evaluations on the areas of use of these technologies .


One of the most important factors in the proliferation of augmented and virtual reality technologies has been the AR/VR glasses that enable these experiences to be lived in the comfort of the home and produced for the end user. While global inflationary pressures have changed the way users buy high-tech equipment, 8.8 million AR/VR glasses were sold in 2022, according to International Data Corporation (IDC).

Today, AR/VR technology, which is known to be used in the gaming industry, is actively used in areas such as health and education. For example, a university in Turkey, with a project supported by TÜBİTAK, enables psychology graduates to have their first customer experiences with the AR software developed by the Turkish company.


Augmented reality technology offers the opportunity to enhance real life experiences with the power of technology and enhance them with computer software. The areas of use of AR technology are listed in terms of sector and application form as follows:

Health: For example, in surgery, surgeons can use AR to examine the current status of patients. In this way, patients can visualize the muscles, bones and internal organs and avoid possible risks during surgery. Imperial College London and St. Doctors at hospitals like Mary’s Hospital are known to have started using Microsoft’s HoloLens AR devices.

Education: AR, one of the prominent trends in educational technologies, can make the learning process effective and efficient by bringing the educational experience to a dimension that intersects with 3D reality. People who learn by experience forget what they learned later.

Sedat Ocakci

Production: Augmented reality technology offers the opportunity to experience a lifelike version of prototypes of various products and spare parts in industries such as drones, white goods, ready-to-wear, footwear, automobiles. Engineers, who experience product prototyping with AR, gain efficiency by spotting errors before going into production.

Human Resources: With the simulation capabilities developed by augmented reality, companies can prepare their employees who perform dangerous tasks more easily and safely for the main tasks. A study by PwC shows that employees trained according to this method have 2.75 times more self-confidence. In addition, human resources departments can also offer new candidates opportunities such as remote office tours using VR technology.

What is a Metaster?

Founded by Sedat Ocakcı in 2022, Metayıldız is an R&D, technology and IT company focusing on drone, metaverse, AR/VR technologies. It is known that Metayıldız, operating in İzmir, has completed R&D studies of the domestic drone, which is expected to be used for purposes such as agriculture and defense industry in its new office, where it has settled with an investment of 250 million TL, and has started export negotiations with countries such as Kenya, Azerbaijan and Montenegro. The company works with the aim of being the first company in Turkey in the metaverse sector to be offered to the public.

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