The use of augmented reality and virtual reality is expected to increase in sales from current levels of less than $10 billion annually to $150 billion over the next five years, according to a recent Digi Capital report.

Against this backdrop, the future of augmented and virtual reality technologies will be discussed and showcased at the ARVR Innovate conference and expo, taking place in Croke Park this week.

Samsung will showcase some of its VR technologies at the Dublin conference, including a pre-launch demonstration of its new 360 camera headset.

This conference will put the spotlight on the practical and commercial applications of augmented reality and virtual reality that brands and consumers are experiencing right now.

There will be a particular focus on AR and VR applications for digital communications in the retail, tourism and construction/real estate sectors.

Conference organiser and DIT lecturer Alex Gibson said this year’s event is all about the business of delivering effective applications, based around augmented and virtual reality technologies that add real value across multiple industry sectors.

"With visionaries such as Facebook's Mark Zuckerberg predicting AR and VR to be the next major technology platform to come along within the next decade, the time to experiment and experience the potential for this amazing technology is now."

James Dearsely, founder of the UK based consultancy firm Digital Marketing Bureau, said it is important for all businesses to understand what’s on the horizon.

“Consumer adoption of these technologies will dramatically increase in coming years and we have to be prepared for it all.”

Speakers at the conference, which is taking place in Croke Park, include Smith Brook Farm founder Don Levy, Bandwidth head of innovation Dean Johnson, DAQRI director of marketing Regan Wynne and Suzanne Delaney, head of digital at Ogilvy & Mather.