AR and VR will be a source of innovation in how we interface with technology in both consumer and business contexts. These technologies are now included and supported on mobile platforms. This is likely to further change gaming (building on the success of Pokemon Go), eCommerce (e.g. by allowing 3D images of furniture to be shown to scale in your home), in-store retail, transport and navigation, and other industries.
While AR (an overlay of content on the real world) and VR (an immersive computer-simulated reality) have similarities, they could evolve in completely different ways as they become adopted by a diverse range of industries such as communications, entertainment, gaming, healthcare, media, retail, and others. It will be interesting to see how these develop and if the use and approach of one industry dominates, setting industry standards for others.