Even though it hasn’t reached the “big time” yet on the consumer market, the potential for both augmented and virtual reality is growing, between a number of big investments, including Oculus Rift by Facebook for $2 billion and Google’s $542 million investment in Magic Leap.

That said, a new report from Digi-Capital, indicates that once the market does take off, it’ll grow immensely — and stands a good chance to overtake the mobile market in just a few years’ time.

Both augmented and virtual reality have the possibility of impacting the market with their use of technology, even if they are vastly different. Between the creation of enveloping virtual worlds and being able to implement items in a real-world environment (augmented), there’s a lot of appeal for the general market.

In addition, Digi-Capital also broke down how these items could be used outside of gaming, whether it’s watching a movie in full interactive 3D with virtual reality, or using augmented reality in a whole new light for voice calls, web browsing, film and TV streaming and much more.

The site broke down the numbers in the chart above, indicating that the augmented and virtual reality market combined could reach $150 billion in just five years. That would give it enough strength to overtake the mobile software market, which is considered one of the biggest growth technologies of the past few years.

Digi-Capital was quick to point out that virtual reality could amass an audience of millions of users, with hardware that would be priced similarly with popular game consoles, around the $300-$500 range. Consumer software would increase greatly with these devices, including the introduction of interactive films, theme park simulations and other means of involvement.

However, Digi-Capital also mentioned the benefits of augmented reality, seeing its similarities to smartphones and tablets. It could see “hundreds of millions of users”, according to the report, with a more reasonable price range that would be in competition with smartphones and tablets. As a result, hardware revenues would quickly be generated for those who made the devices, as well as those who develop for them.

This secondary chart breaks down where profits would generate from both markets. On the augmented reality front, hardware would lead the charge, followed by eCommerce, leading to a very healthy $120 billion sales front by 2020. Meanwhile, virtual reality, far behind with $30 billion, would see a boost from involving games, with hardware and film following closely behind. Notably, Digi-Capital’s prediction shows VR games to be a substantially bigger market than AR games, at roughly twice the size.

That’s not to say the technologies would be flawless, as Digi-Capital did point out that certain applications could cause motion sickness with users, and privacy would also be a major issue, similar to when Google Glass was initially launched. But these issues could be resolved as the augmented/virtual reality market comes to fruition.

The full analysis behind this report can be found here.