VR and AR have the potential to disrupt massive existing industries, while building new businesses and enabling new business models we haven’t yet conceived. VR will change the landscape of the living room and provide new compelling immersive experiences for games, movies, TV and other home entertainment experiences. AR may eventually be a successor to the ubiquitous mobile phone, and possibly replace the multitude of screens that pervade our daily lives. By 2020, the size of the AR and VR markets will grow to $120B and $30B, respectively. This report examines some of the key players, trends and challenges within this evolving landscape.